Myths & Facts About Forex That You Need to Know – Part 1
Forex, or the FX market, is the Foreign Exchange Market. Banks, organizations, and individual traders all across the world trade forex the whole day, for five days weekly. Unlike other financial systems, Forex does not have a consolidated global market; currencies trade over the counter in whatever market is open.
Forex trading involves purchasing one currency and side-by-side selling another. Forex traders try to make money by buying and selling currencies and actively speculating on currency movements.
Thomas Cook is the leading provider of Forex products that has helped many with their travel abroad, may it be for further studies, work, business, and leisure. Still, many first-timers who travel abroad do not consider forex products as they believe the myths that have been floating around. To clear any misconception, Thomas Cook has provided the following forex facts that can help you to understand the many advantages that a forex product from Thomas Cook can offer.
Forex Myths:
Here are some common myths that have been busted by Thomas Cook with valid forex facts:
- Buying Forex in India is a lengthy process
Do you know Thomas Cook has made it simple to acquire a forex product online from the comfort of your own home?
- International Trips are beyond expensive when transactions are made with Forex products
A foreign tour can easily be accommodated within your budget with smart currency management and planning. When traveling abroad, one variable that raises the trip’s expense is currency exchange. You can save money on foreign conversion by choosing Thomas Cook’s forex products that provide the facility to lock in the conversion rate. That’s right! The exchange rate at the time of loading is only considered.
- Forex transactions can be made only by the Forex Cardholder
If you run out of currency while on a foreign tour, your spouse or a family member in India can reload forex card with your or their account information. The RBI allows your spouse, parents, siblings, child, and in-laws to make payments on your behalf if ever necessary.
Few Fun Forex Facts:
- London, the Center
It is assumed by many people that the United States is the hub since trading occurs the most here. In reality, only around 19% of trade and trade volume takes place in the United States. Instead, London is the trading world’s center. It is estimated that in the United Kingdom 43-45% of all forex trading transactions take place, with London serving as the major hub for Forex trading.
- Crypto versus Forex
An interesting forex fact is that the present market values and trade volume of cryptocurrencies are nothing near those of forex trading. Still, if there is any market that can challenge forex trading, it will be the cryptocurrency market. Currently, transaction volume is in whooping billions now, far behind the currency markets, but there has been a noteworthy rise, and it continues to expand year after year.
- The Bulls and Bears
Another fascinating aspect of Forex is the way traders are classified. Traders are divided into two groups: bulls who are optimistic and believe the market will increase, and bears who are pessimistic and believe the market will fall. The names are derived from how a bull strikes up and a bear thwack down.
Foreign Tour and Forex
Traveling is a part of every individual’s life, nationally or internationally. However, there are certain things to keep in mind during a foreign tour, especially for proper travel money management.
- Compare Exchange Rates before Buying
The exchange rate for each foreign currency would vary from merchant to merchant. Compare the exchange rates of at least three vendors before making a purchase. Several merchants allow you to compare exchange rates offered by authorized money changers in the area. Check out how Thomas Cook can help in this matter by browsing our site further.
- Buy it well beforehand
It is best to have your foreign currency available at least a week, if not three days, before your actual departure date. Currency rates can change dramatically and the facility to lock in the exchange rate and escape the clutches of the fluctuating market should be taken into consideration.
- Do not Exchange from Airport Outlets
Exchanging currencies not at airport foreign exchange counters is an expensive choice. A fee of 10 to 15% will be charged to you. Instead, consider our forex products that offer a nominal change in comparison.
Sending Money Abroad
Many academics and business people have high educational and professional aspirations for themselves in the competitive world of today. They travel far and wide, circling the globe, to pursue their goals of a respectable education and career opportunities available elsewhere. However, it requires proper financial support for at least the first few days. So, you will have to contact your family member back home for a money transfer as and when needed.
Sending money abroad always appears to be risky. The pulse-skipping feeling when sending money overseas, whether for the first time or regularly, can be avoided if you choose a trusted forex platform like Thomas Cook. From the ease to reload forex cards to quick and effective money remittance options, we can help and guide you to ensure your abroad money transferring process goes smoothly and safely.
Thomas Cook services
Thomas Cook offers services such as forex, international and domestic vacations, visa requirements, passports, travel insurance, and MICE. We offer a variety of bargains on India travel packages and worldwide trip packages, flights, and hotels as well. Convert your currency to any other currency hassle-free with us. To buy foreign exchange in a foreign country can indeed be a challenge at times, but Thomas Cook Forex services make it possible for you to buy Forex from the convenience of your home at the ideal exchange rates for any currency of your choice.
Access to our Forex services
To buy Forex online, go to the Thomas Cook website, enter your information, and select the best forex rates based on the day of exchange. Buy currency online and get it delivered to your house, or pick it up from one of our branches, as you see fit. At Thomas Cook, we accept various payment methods, allowing you to buy Forex at your convenience. Obtaining foreign currency has become exceedingly simple, convenient, and time-saving thanks to Thomas Cook’s online FX purchase service.
Types of Travel Forex Cards
Another forex fact worth mentioning is that a forex card is a type of prepaid card that can be loaded with foreign currency. We are offering two types of Forex Cards and they are:
Single Currency Forex Cards:
A specific foreign currency can be placed onto a single currency forex card. It is widely accepted all over the world, and you can use it to make purchases or get cash from an ATM in a foreign currency.
Multi-Currency Forex Card:
As the name implies, this card can be preloaded with several currencies. With our Multi Currency card you can load up to 9 different currencies and the best part is that it will automatically detect the currency you have to use based on your location.
Few important tips for first-timers
Here are some forex tips for beginners:
- If you use a forex card, your chances of receiving a better conversion rate increase. Purchasing or spending with a forex card is less expensive than using standard bank cards.
- When compared to carrying cash, a forex card (also forex currency notes) is much safer. It has a chip and pin security technology making it a safer way to carry your money when abroad.
- When you get home from your trip and your card still has a balance, then you can cash it out using the current exchange rates.
Looking for more forex tips for beginners? Then, contact Thomas Cook for more information now!
