Transfers typically take
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BuyForexOnline money transfer review
Send money abroad from India using BuyForexOnline’s money transfer service.
- Great for online transfers to more than 200 countries.
- Not so great if you want to lock in an exchange rate in advance.
BuyForexOnline is an Indian online forex platform that gives its customers the convenience of low exchange rates and the facility to make an international money transfer without physically going to a forex provider or bank branch. The company has partnered with a Reserve Bank of India (RBI) licensed forex provider to execute international money transfers from India. It’s one of the few services where non-Indian nationals can use it subject to validation. However, not all currencies are supported.
Why should I consider BuyForexOnline?
- Online transfer. You can complete the entire transfer process online without physically visiting a foreign exchange provider.
- Country variety. BuyForexOnline enables you to transfer money from India to more than 200 countries.
- Eligibility. Non-Indian nationals can also use BuyForexOnline to remit money overseas subject to validation.
What to be aware of
- Limited currencies. Not all currencies are supported.
- Exchange rates. It is not possible to lock exchange rates for two or three days like some other competitors.
How much are BuyForexOnline’s international transfer fees?
BuyForexOnline charges a flat transfer fee of INR325 for each money transfer. The sender also has to pay Goods and Services Tax (GST) as per Indian tax laws.
How are BuyForexOnline’s exchange rates?
BuyForexOnline operates a marketplace arrangement in order to provide competitive exchange rates. However, unlike some other providers, there is no facility that allows you to lock in an exchange rate in advance.
Keep in mind that banks and money transfer providers usually add a margin on top of the mid-market exchange rate on international transfers. It is best to compare the displayed rate on BuyForexOnline with the current interbank rate to work out the size of this margin.
Available currencies
BuyForexOnline supports money transfers in 14 currencies, including:
- AUD Australian dollar
- AED Emirati dirham
- GBP British pound
- CHF Swiss Franc
- EUR Euro
- HKD Hong Kong Dollar
- CAD Canadian dollar
- USD US dollar
What are the ways I can send money abroad with BuyForexOnline?
BuyForexOnline can help you make a wire transfer (TT/SWIFT Transfer) to beneficiary bank accounts in more than 200 countries across the world.
What payment methods does BuyForexOnline accept?
BuyForexOnline only supports payments made using either NEFT or RTGS transfer.
How long does an international transfer with BuyForexOnline take?
Transfer processing times depend on your destination and the transfer amount. Typically, a wire transfer with BuyForexOnline will reach your beneficiary’s bank account in two working days.
How to make your first international transfer with BuyForexOnline
You need to have an account with BuyForexOnline to make an international transfer.
Making an international money transfer with BuyForexOnline
- Create an account by entering your name, email address, mobile number and password.
- Log in and create your remittance request by selecting the currency and amount you want to transfer. You will also need to select the purpose of the transfer.
- Select the destination country, the currency and enter the amount you are looking to transfer. You will get to see the converted amount in INR along with the beneficiary bank fees.
- Fill in your details, such as name and government-issued ID (passport number/Aadhaar number). You also have to enter your Permanent Account Number (PAN) if you are an Indian national.
- After submitting the form, a BuyForexOnline customer service representative will call you within 24 hours for confirmation. Subsequently, you will receive an email with relevant forms to be filled out and details of the documentation required. You have to fill in the forms and send them back along with soft copies of the documentation by return email.
- After verification of the documentation, you will get a confirmation email that specifies the BuyForexOnline account number to make the payment for the wire transfer amount.
- You can choose to pay the full amount either by National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS) using your bank account, after which you’ll get a payment verification number, which you will need to send to the BuyForexOnline customer service representative.
- The transfer will then be processed and you will receive a confirmation email along with a copy of the invoice.
Is BuyForexOnline safe to use?
- Security and regulation: Government regulated.
- Established 2013
BuyForexOnline is headquartered in Bengaluru and launched its website in later 2013. It has partnered with a Reserve Bank of India (RBI) licensed forex provider to executive international money transfers from India. All of its empanelled money chargers have a valid RBI license.
How does BuyForexOnline compare to other money transfer services?
If you want to see how BuyForexOnline compares to the exchange rates and fees offered by other money transfer services, enter the details of your transaction into the table below.
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