TEI FOREX

There are several foreign currency exchange companies in India, but many of them scam their customers by either misguiding them or cheating them. In order to avoid dealing with such companies, one should do a bit of research to know whether the company is genuine, trustworthy, and reliable or out there just to cheat its customers.

For my recent trip to Indonesia, I did my research as to which foreign exchange company should I deal with. There are many out there, but I had to make sure that the one I choose not only provides me with the best deals but is also reliable. Thankfully, it was not a troublesome task to choose the best one; it was quite easy. It was Tei Forex India.

Following are the parameters based on which I chose Tei Forex:

RBI Authorisation –

One of the most essential parameters for selecting a foreign currency exchange company is to check whether it is authorized by the Reserve Bank of India (RBI) or not. Tei Forex is authorized by the RBI.

Customer Support –

There is nothing as annoying as encountering some problem related to your prepaid Forex card in a foreign country. In such a scenario, if your foreign currency exchange company cannot be reached or is unable to help you out, then you can be helpless. Tei Forex promises 24×7 customer support, no matter where you are. In addition to that, Tei Forex offers a helpline number and dedicated agents who can be reached promptly.

Services Offered –

Tei Forex offers a handful of services, viz:

Prepaid Forex Card – A prepaid Forex card is a perfect combination of a debit card and cash. It carries the advantages of both – a debit card and cash. It is safe and secure and is available for negligible margin rates.

Foreign Exchange in Cash – Buy Foreign Online understands the importance of carrying some liquid money outside India. Hence, you should also purchase some cash along with loading your prepaid Forex card.

Wire Transfer – Whether you want to send money to another country for your studies or to your loved one, Tei Forex Money Transfer Service makes it a simple task. Not only does Tei Forex offer the cheapest exchange rates, but also waives off the sending charges.

Commission Rate –

Most of the foreign exchange companies charge some commission rate. Their rates are always higher than the live market rate. Tei Forex offers zero margin rates. The exchange rates are updated at regular intervals of ten minutes.

Replacement Card –

In case if your card gets stolen or even if you lose it, your card can be immediately blocked to avoid any unwarranted transaction. Not just that, you will also get a replacement card at no additional fee.

Global Acceptance –

A prepaid Forex card is globally accepted. Tei Forex offers a single-currency or a multi-currency Forex card which is accepted all over the world. You can use the card for withdrawing money from an ATM as well as to make online payments.

Convenience –

This may not be a prerequisite for selecting a foreign exchange company, but it should be considered. In a world where pretty much everything can be purchased from the comfort of home, why should buying a prepaid Forex card involve any hassling? Tei Forex offers free home delivery in 15 different locations across the country.

Currencies Offered –

A prepaid Forex card which is issued by Tei Forex comes in either of the two forms – a multi-currency card or a single-currency card. While a single-currency Forex card allows the holder to carry just one foreign currency on it, a multi-currency card allows the holder to carry more than one foreign currency on it. Tei Forex offers you the option to carry the card of your choice. The currencies offered by Tei Forex are Australian Dollar, Denmark Kroner, Canadian Dollar, China Yuan Renminbi, Euro, Hong Kong Dollars, Japanese Yen, New Zealand Dollars, Norway Kroner, Oman Rials, Pound Sterling, Russia Rubles, Saudi Arabia Riyals, Singapore Dollar, South Africa Rand, Sweden Kronor, Swiss Franc, Thai Baht, UAE Dirham, and US Dollar in exchange of Indian Rupee

In a nutshell, why you should opt for Tei Forex :

One of my cousins recently received an acceptance letter from her dream university in England. As elated as she was, she immediately knew that she would face a problem with respect to paying her tuition and hostel fees apart from the other costs that she will incur.

She considered carrying a few Traveller’s Cheques which she could en-cash as per her needs, but Traveller’s Cheque is not hassle-free. She also considered making the payments via Wire Transfer, but she would have to pay 1+1 percent of the total amount as interest (1% as a sender and 1% for the receiver). She even considered carrying money in Cash, but there is a limit on the amount of cash you can carry out of India and it is also not too safe. That is when I suggested her to carry money in a prepaid Forex card which she can buy from Tei Forex.

Following are the reasons why to choose student Forex card:

Excellent Exchange Rates –

Debit card and credit card companies charge up to 7% interest rate in exchanging foreign currencies. In comparison, a prepaid Forex card purchased from Tei Forex offers foreign currencies for an almost negligible interest rate. The rates offered by Tei Forex are not just competitive, but also the best. In addition to that, Tei Forex update its rates once in every 10 minutes.

Safe and Reliable –

There is no doubt about the fact that a prepaid Forex card bought from Tei Forex India is extremely safe and reliable. It comes with a pre-enabled chip. Your Student Forex Card purchased from Tei Forex is also clone proof, protected with a four-digit Pin (which can be changed by the owner), and is accepted around the globe.

Replacement Card –

There is nothing as worrisome as losing your Student Forex Card in a foreign country. In such a scenario, Tei Forex assures to provide its customers with a replacement card for free. All that you will have to do is to inform the customer service about the loss of your card. Tei Forex will make sure that the replacement card reaches your location within two to seven working days.

Round-the-clock Customer Service –

For Tei Forex , providing optimum customer satisfaction is of utmost importance. If you have any question or query, Tei Forex assures 24×7 customer support. With its dedicated customer service agents, customers can expect shorter wait times and ideal resolutions.

Convenience –

You can purchase your Student Travel Card from the comfort of your home. From loading your Student Forex Card to checking the balance, everything can be done online. You can even make online payments from your Student Forex Card. In addition to that, a Student Forex Card has free ATM withdrawals. When you buy a Student travel Card from Tei Forex , the card will be delivered within 24 to 48 hours (excluding Sundays and National Holidays). If you want to reload your card, it can also be done from the comfort of your room and the entire process will be completed within 24 hours of making the payment.

Free Insurance Cover –

The prepaid Forex card that you buy from Buy Forex Online comes with a free insurance cover of up to INR 3,00,000. In an unfortunate case of an ATM robbery or assault, a cover of up to INR 60,000 will be provided.

Easy Encashment –

We suggest our customers to load their prepaid Forex card with a little extra money that they think they would require. The reason is that even if you are left with the unused balance on your card, you can encash it. Once you are back home and you no longer need your Student Forex Card, you can encash whatever balance is left on your card. The process is completely hassle-free and can be done online, from the comfort of your home, using Tei Forex simple user interface.

Load Multiple Currencies on One Card –

Tei forex gives you the option of loading a single Student Forex Card with more than one currency. In the case of my cousin, it was a great offer since she knew she would travel around Southwest Europe during her Summer Vacation. Therefore, a Multi-currency Forex card would allow her to carry Pound Sterling (for England) as well as Euro (for Southwest Europe).

It has the benefits of carrying cash and a debit card –

If you combine the benefits of carrying cash and a debit card, the result you will get would be a prepaid Forex card. A prepaid Forex card purchased from Tei Forex is as safe and secure as a debit card and the exchange rate is as good as that of cash (zero margin rates). Additionally, a Tei Forex prepaid Forex card cuts down the heavy interest rate that you have to pay for using your debit card outside India and eliminates the risk and danger of carrying cash.

Tips:

As much as possible, avoid using your prepaid Forex card to withdraw money from a local bank’s ATM installed inside an airport.

No matter what, never share your card details with any stranger (even if they ask for it).

An increasing number of overseas travelers, who have been using cash or traveler’s cheques, are now opting for prepaid Forex cards. The reason is simple – they are a lot safer to carry and they also protect you from rate depreciation. Prepaid cards are not limited to offering advantages just over cash but over credit cards as well. Here are the top 5 reasons why a prepaid travel card is your best travel companion while abroad.

Reason#1: Safer than carrying cash

What would you rather carry in your wallet? A wad of cash or a card that lets you withdraw the right amount of money each time you require it? The answer is simple, especially considering how cash is that much more vulnerable to theft. Is it not a better option then, to opt for a Forex prepaid card that is not just safe but convenient to carry as well? To get the best Forex card in India, visit teiforex.com.

Reason# 2: Low conversion charges

The conversion charges while loading a prepaid Forex card are much lower than what some of the foreign exchange houses charge. Prepaid forex cards are much cheaper than credit cards, which have a loading of 2.5-3.5% on the conversion charge. In addition, with prepaid forex cards, there are no extra conversion fees, surcharges, or convenience fees, as applicable in case of conventional credit/debit cards, giving you further savings. In a nutshell, a Forex card offers negligible or no transaction fee versus high Credit/Debit card transaction rates which can go up to 11% per transaction!

Reason#3: Handy Spare Cards

You cannot enjoy your travel if you are constantly worried about theft. Say goodbye to these nagging worries and turn to prepaid Forex cards – your key to complete peace of mind during foreign travel. In case you lose your primary Forex travel card, all you need to do is turn to your spare card that comes with the original kit, and activate it. Also, the card includes PIN security and can be easily blocked if lost or stolen. So, don’t lose your mind, if you lose your card. Simply turn to the handy spare.

Reason #4: Always Available

Unlike foreign cash and traveler’s cheques, which are heavily subject to availability, prepaid cards can be loaded with any amount of foreign currency at any time.

Reason #5: Additional benefits

Good Foreign exchange companies offer prepaid Forex cards that come equipped with additional features such as travel insurance, emergency assistance & advanced account management. What’s more, companies like Tei Forex  Pvt Limited which offer a convenient online platform to obtain Forex in India, offer a Free International SIM card with pre-paid Talktime and data with every Forex order.

The United Kingdom (or the UK) is one of the best places on the planet to visit. Whether you are a foodie, backpacker, sports enthusiast, adventure seeker, or a typical tourist, the UK is for diverse types of travelers. All the four nations – England, Scotland, Wales, and Northern Ireland – make the United Kingdom, a dream destination for visitors. Although March to June is considered to be the best times to visit the UK, you can find great deals if you visit in the colder months of the year.

The official Pound to Indian Rupee exchange rate today is Rs. 90.05 (at time of writing this blog). There are several ways to exchange INR for Pound Sterling, but how can you get the best Pound exchange rate when traveling to the UK? Read on to find that out.

Before revealing how to get the best Pound exchange rate when traveling to the UK, the following is a list to compare the British Pound rate today:

Debit or Credit Card –

Using your international debit or credit card to withdraw cash or to make a payment in the UK is extremely convenient. But it is not really a smart option. If you swipe your international debit or credit card in the UK, you will have to pay a currency conversion charge for every transaction/withdrawal. That is because your international debit or credit card carries the Indian currency. How much will be the currency conversion charge? Good question; it can go from 6.5% to 11.5% depending on your card-issuing company.

Recommended – No

Wire Transfer –

Wire transfers can be made from India to the UK through banks and non-bank vendors. However, these options can sometimes be quite expensive. To complete a Wire Transfer, the receiver, as well as the sender, has to locate and visit the agency along with the documents necessary to validate the transfer. For an international Wire Transfer, the time taken for the entire process can take up to 48 hours.

Recommended – No

Traveler’s Cheque –

A Traveller’s Cheque is an old school way to carry out a transaction in a foreign country like the UK. The commission charged on Traveller’s Cheques ranges between 5 to 7%. Although it is still used, its usage has fallen drastically as it is not widely accepted. Hence, carrying Travellers Cheques to the UK is not at all recommended.

Recommended – No

PayPal –

PayPal and similar wallets are quite easy to use and extremely convenient, but the charges make them really expensive. There will be currency conversion charges in addition to Paypal’s own charge. That, however, is not the only drawback. Although Paypal is fairly popular, it can only be used for online transactions and not to withdraw cash.

Recommended – No

Prepaid Forex Card –

A prepaid Forex card issued by Tei Forex will get you the best Pound exchange rate when traveling to the UK. At the time of writing this blog, the British Pound rate offered by Tei Forex was Rs. 89.98 (live official exchange rate was Rs. 90.05). Tei Forex is the only Forex company to offer GBP which is lower than the live official exchange rate. Apart from that, here’s what makes a prepaid Forex card issued by Tei Forex your best option to buy GBP:

The Forex card gets delivered at your doorstep within 24 to 48 hours. You get instant support 24/7. You get three ATM withdrawals per month for free. There is no transaction fee whatsoever. The money on your Forex card stays secure at all times. You can reload it from anywhere using the internet. You get a free replacement Forex card in case if the original one gets stolen or lost. It is easy to use and is widely accepted. You can easily en-cash the leftover the amount on your Forex card. Recommended – Yes, highly

Cash (special mention) –

The biggest issue with carrying only cash to the UK (or any foreign country for that matter) is safety. Carrying only cash is never safe and it also robs the peace of mind. Having said that, keeping GBP in cash is also important for you will need it after landing and before you can use your prepaid Forex card.

Recommended – Yes

Conclusion –

We suggest our customers to load money on a prepaid Forex card and carry some cash along with it. Tei Forex offers Pound on a prepaid Forex card and in cash at the same exchange rate (which is lower than the live official exchange rate). A question arises – how much cash should you carry? Ideally, carrying 80% of the total amount on your prepaid travel card and the remaining 20% in cash is what we would recommend.

Before talking about the factors that influence exchange rates and how a prepaid Forex card is your best option when it comes to exchanging rates, let’s understand what Forex Exchange Rates is.

Foreign Exchange Rate, more commonly known as Forex Rate, is calculated to determine the economic condition of a country. Forex Rate of a country talks about its economic stability. That is why it is regularly analyzed.

In layman’s term, the exchange rate is the rate at which the currency of one country can be converted into the currency of another country.

Now let’s see what are the factors that influence exchange rates:

Supply and Demand –

Supply and demand is the biggest factor that influences exchange rates. When the supply of something is more than its demand, then its value decreases. On the other hand, if the demand for something is more than its supply, its value increases. It is easy to understand, but difficult to predict.

Inflation Rate –

Inflation is the rate at which the cost of goods and services rise over a period of time. In usual cases, a country with a high inflation rate tends to have a low exchange rate. The frequent change in the inflation rate of a country affects the value of its currency. When the inflation rate of a country is less, the cost of the good and services produced within the country rise at a slower rate. If we compare the inflation rates of two countries, the country with the lower inflation rate will have a better value of its currency. A country which exhibits a low inflation rate on a consistent basis has a high currency value. In the past five years, India’s average inflation rate has been less than 5% compared to less than 2% of the US.

Interest Rates –

Like inflation rates, interest rates affect the value of the currency. Interest rates exhibit the earnings made by individuals or entities from the bank in the form of interest as well as the interest charged by the banks from the borrowers. If the interest rate provided by the bank to their account holders is increased, the local currency can become stronger.

Export and Import –

When a country buys more than what it sells, then its trade is in deficit. Likewise, when a country sells more than what it buys, then its trade is in surplus. The ratio of a country’s export prices and import prices influence the country’s exchange rate. This is known as Balance of Payments. If the country has a trade surplus, the value of its currency increases.

Bottom Line –

Frequent changes in the exchange rate can be troublesome if you are studying in a foreign university, travel abroad often, frequently sending money to a foreign destination, etc. Keeping a tab on the market can give you an idea regarding the best time to exchange currencies.

Therefore, it is advisable to opt for a prepaid Forex Card when exchanging currencies. Tei Forex, for instance, provides a lock-in rate which allows you to lock the exchange rate and not let the market’s instability affect your rate. A prepaid Forex card purchased from Tei Forex also provides you with the best possible exchange rate in the market. In addition to that Tei Forex promises easy to load and reload facility, two free ATM withdrawals, and extremely quick service at negligible cost in the form of fee.

Traveling without insurance is not advisable, especially if you are planning to go long distances. However, it is better to opt for customized travel insurance coverage than to pay extra for redundant coverage that you may not even need. Since a travel insurance policy is not mandatory, most people tend to skip it. However, to keep yourself protected from unforeseen circumstances, it is better to stay covered against lost baggage, canceled flights, medical emergencies and so on. The following pointers can guide you about how to find the best travel insurance protection for yourself.

Tips to choose the best travel insurance coverage 1. Compare before you buy – With many providers offering travel insurance online, getting the best rates is easy. You can compare the rates on the Internet and check for the protection offered by insurers before you sign up for a policy yourself. A comparative analysis of companies and their offerings — like online services, claims process, toll-free number, payment options and network of hospitals — is, therefore, a must before you buy travel protection. 2. Choose your coverage according to the duration of stay – Your policy premium will depend on the travel insurance coverage you opt for. Whether it is a one-time trip or a multi-trip, your premium will be determined accordingly. The time of your stay is also considered when the pricing for the travel insurance coverage is fixed. 3. Choose your coverage according to the place of visit – Coverage for international trips might cost more than the domestic ones. As policies are often set by the area of travel, you need to customize the insurance policy according to the place you visit. 4. Choose coverage in accordance with the planned activities – If you are planning to do horse riding, scuba diving or rock climbing during your trip, the insurance policy would also need to offer extended coverage for such adventurous activities. Some insurers may, however, refuse to cover for hazardous activities if they deem it too risky. While an individual going to study abroad would need student insurance, coverage for the laptop is more essential for someone going for a business trip.