Exchange rate of US/Indian Rupee keep changing all the time. All the money transfer services to India take atleast 1 week and you know about the exchange rate used for your transaction only when money reaches to your account in India. Most of the banks uses this time to give you worst possible rate and provide no explanation for the rate they provided. I think there is need for lots of reform in this area. I would love for someone to offer a service where I can select minimum floor price for my transfer. This is similar to limit price you can set for stock sale. So once you have set the exchange rate for your transaction, bank will only do the transaction when it can provide that rate. It can mean that your transaction may not happen for some time or may never happen. In that case you will need to cancel the order and enter new order.
What do you think? Will you use such service?
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115 comments:
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