In this section you can find out about the cheapest and simplest way to transfer large amounts of currency all over the world. For smaller transfer amounts (of less than $3,000) see the Money Transfer section.


Below you can view information and FAQs on Foreign Exchange.

What is Foreign Exchange?

Foreign exchange, also known as currency exchange, is the exchange of any two global currencies at any one time. The exchange can take place between two entities, such as:

  • Currency brokers
  • Foreign exchange traders
  • Travel money agents
  • Remittance companies
  • Individual investors or traders
  • Corporate investors or traders

In order to carry out an exchange of currencies or derivatives, they must first access the foreign exchange market, sometimes known as the Forex or FX market. The forex market does not have a central exchange, which means that trading takes place all over the world, 24 hours a day. Most trading takes place electronically, online or via the telephone. The world is not regulated itself, but those companies (traders, banks, financial institutions) that use the market must comply with financial regulations within their own countries / regions. Trade takes place between currency pairs, that is any two global currencies (such as the US dollar and the Euro the USD/EUR pair).

Currently the daily turnover of the forex market is around US$4 trillion each day.

What is a Foreign Exchange Service?

The foreign exchange services listed on Which Way To Pay India are specialists in the field of foreign exchange. They deal with large volumes of currency each day, and are therefore able to access the best rates available to their customers. Whether you need to set up a regular overseas payment on a private or corporate scale, they can transfer large amounts of currencies to and from almost any global location, via bank-to-bank transfers. They can also offer direct trading facilities and other high-tech currency options.

Typical Reasons for using a Private Foreign Exchange Service

Many people now use currency exchange specialists to carry out their international currency transactions, thanks to the personal one-to-one service, excellent exchange rates, high level of safety, speed of transfer and cost-effective methods.

Here are some typical reasons why you might use a private foreign exchange service:

  • Buying or selling property abroad
  • Emigrating or immigrating
  • One-off or regular overseas payments
  • Payment of overseas educational fees

Can I use my regular Bank for Foreign Exchange?

Of course you can use your regular bank to carry out global transfers, as most banks do offer foreign exchange services. However, in most cases a normal bank will charge additional fees on top of the transfer, including commission. They may also be unable to offer the best exchange rates, because they have much larger overheads than specialist brokers. Overall, the transfer becomes more expensive and in many cases can take longer to carry out.

A foreign exchange specialist can offer a more cost-effective and straightforward service for international currency transfers, whether you are emigrating, investing in overseas property, require international business services or simply want to carry out a one-off global exchange.

What is the Interbank Rate?

The interbank rate is the interest rate made on loans between large banks. Banks can borrow and lend money on the interbank market. In India the interbank market uses MIBOR (Mumbai Interbank Offered Rate) and this is calculated each day on the National Stock Exchange of India (NSEIL). Other countries and regions have their interbank rates, such as the LIBOR in the United Kingdom.

The interbank rate is only ever accessed by big banks when they conduct business between themselves. It can never be accessed by regular customers, but the closer you can get, the better. Foreign exchange brokers can offer rates much closer to the market rate due to their lower overheads and large currency transactions each day.

Is a Foreign Exchange Specialist Regulated?

The foreign exchange services you find listed on Which Way To Pay India are all regulated by the financial regulating authority relevant to the country in which they are based. For example, if the company is based in the United Kingdom, they will be regulated by the Financial Services Authority (FSA). They are also likely to display their company credit rating so that you can be sure they are a trusted service in the field of financial services.

If you plan to transfer money overseas, it is essential to be sure that the service you use is fully regulated and compliant with all anti money-laundering regulations. These ensure that your money is being treated safely and will arrive from A to B without being intercepted by criminal / fraudulent means.

Corporate Foreign Exchange

Corporate clients require a high quality service just as private clients do, when carrying out international payments and transactions. No matter what size your company, a foreign exchange specialist can offer a tailor-made corporate account for your business foreign exchange requirements. They can offer the best exchange rates available, zero commission and no additional fees.

You can use a foreign exchange specialist for some of the following corporate requirements:

  • International payments
  • Import / export of goods and services
  • Foreign exchange dealing
  • Currency options / hedging strategies

Each account is handled by an expert broker, who can be reached via the telephone or email any time of the day.

Foreign exchange specialists use segregated accounts to store money on behalf of their clients, so that their business accounts and yours are entirely separate from one another.


Please Note: is not authorised to give advice under Indian financial regulations.

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