The Well Orchestrated Plunder: Banks exorbitant forex rates

1

• The Well Orchestrated Plunder Banks exorbitant
  forex rates

2
Forex cards

• Forex cards, a great alternative to carrying
  around a bundle of cash and too many debit or
  credit cards.
• It can be loaded with the currency of your
  choice, and it is a traveling essential
  especially for those who travel frequently to
  different countries.
• They are two main kinds that can be availed
  Multi-currency forex cards and Single currency
  forex cards.
• Apart from these, there are forex cards that are
  customized for people for different needs such as
  students, frequent flyers, etc.

3
Forex cards

• The cheapest way to carry foreign currency, forex
  cards are gaining popularity and gradually
  becoming the most sought out choice to carry
  foreign currency by travelers.

4
Foreign Currency Exchange

• Banks and authorized foreign currency exchange
  dealers make available these forex cards and can
  be purchased from them.
• There is a prescribed form or application which
  is required to be filled out by the traveler. To
  avail one you do not require an account with the
  bank you are purchasing from, this adds to the
  convenience.
• When purchasing one, you will come across two
  broad costs that you will have to incur, the
  currency rate and the other charges.

5
Foreign Currency Exchange

• The rate of the currency you require in your card
  is the currency rate.
• These other charges include the margin the
  sellers charge on the conversion costs and others
  such as the card cost, transaction costs, etc.

6
Foreign Currency Exchange
7
Foreign Exchange

• While banks are considered safe havens when it
  comes to money, an increasing concern has been
  observed in relation to the margins charged by
  them during foreign exchange conversions.
• Now if you are a frequent flyer, you are likely
  to notice there is a hike in the rates charged by
  the banks.
• Are you one among those who carry out your
  foreign exchange transactions with a bank?
• Then you too may be a victim of this
  well-orchestrated plunder.

8
Foreign Exchange
9
Foreign Exchange

• Banks exchange money with other banks and the
  rate at which these transactions take place is
  called the inter-bank rate.
• This rate is the closest to the accurate exchange
  rate.
• However when this transaction shifts hands and
  take place between a bank and a customer, the
  banks charge a margin over and above the true
  rates for their benefit, and you end up with high
  costs to incur.

10
Foreign Exchange

• Although a report on forex trading, Financial
  Times, on the substantial rates charged, stated,
  A bank typically makes a profit from the spread
  it charges and carries the risk of a lower price
  than expected on the other side of the trade.

11
Overseas Money Transfer

• Its a massive consumer rip-off, Taavet
  Hinrikus, an Estonian tech entrepreneur,
  commented in his interview with The Guardian, on
  the huge profits earned by big banks on overseas
  money transfers.
• If you are planning on a holiday or have a
  business trip scheduled, research and weigh in
  your options to get the most out of what your
  money is worth.

12
Overseas Money Transfer
13
Overseas Money Transfer
14
Contact us

• CONTACT DETAILS
• Address - Marine Lines, Mumbai-400020
• Send your mail -
• support_at_remitout.com
• WEBSITE - https//remitout.com/

15
THANK YOU