Foreign Currency

Forex Services :

Team SOS provides foreign exchange related services such as money changing (sale and purchase of forex products), private overseas remittances (international money transfers). All of our transactions are fulfilled either through our own locations or through branches of our partnering banks and exchange companies.

Using Forex services, customers can buy sell pre-paid forex (travel) cards, currency notes, traveler’s cheques or send a remittance using either demand drafts or wire transfers. Orders can even be door delivered provided the location servicing your order accepts door delivery requests. All orders are processed at Team SOS rates, which are extremely competitive and better than most banks’ and money changers rates. Our rates are also better than the ones that you’ll get if you were to visit one of our partners directly.

Team SOS for Forex deals in the following currencies at present:

Products

Prepaid travel cards are VISA/ Master Cards similar to credit and debit cards, but with certain additional advantages. You can use prepaid cards at ATM’s worldwide to withdraw cash and at most businesses throughout the world. You can load these cards with the desired amount of foreign currency at a fixed rate. Some of the key benefits of prepaid travel cards are as follows:

Most recommended and safest form of carrying currency nowadays. Prepaid travel cards are pin protected, have configurable spending limits and are fully replaceable in case lost or stolen.

Usually available at better rates than currency notes (cash) and traveler’s cheques.

Better than credit/ debit cards – With Prepaid Travel cards you avoid paying the 2% to 5% transaction fee (Visa/ MasterCard, Issuing bank fees) that is charged when you use your international debit/ credit card. Also unlike credit, debit cards you aren’t susceptible to variable rates as Forex loaded on your prepaid card is loaded at a fixed rate.

Convenient – can be re-loaded anytime. 24×7 customer care service.

Always available – unlike foreign cash and traveler’s cheques, which are subject to availability, prepaid cards can be loaded with any amount of foreign currency at any time

Travel cards (VISA or MasterCard) are accepted at most foreign establishments (hotels, stores etc.) without any charge.

Ability to withdraw cash from ATM’s abroad completely free of charge.Comes with a free insurance cover.

Foreign Currency notes (Cash) :

Currency notes are regular paper cash. Although most popular, their use is declining as carrying cash is the most unsafe. Currency notes are totally unprotected against loss and counterfeits. Smaller amounts of currency notes should however be carried for small and unplanned expenses.

Traveler’s Cheques (Tc’s) :

Traveler’s cheques are pre-printed fixed amount cheques that have to be signed twice, once upon delivery and once at the time of use, to en cash. Traveler’s cheques have been losing popularity and have been mostly replaced with prepaid travel cards. Although safer than currency notes, traveler’s cheques are not as safe as pre-paid travel cards and are also not accepted by most foreign establishments. It is therefore recommended to use prepaid travel cards in place of traveler’s cheques.

Demand Draft (DD) :

Demand drafts are a very popular instrument for sending money overseas. They are issued by a bank in favor of a certain beneficiary (an individual, a company or an establishment). Demand drafts are secured payment instruments and guarantee the availability of funds since a bank issues them. For this reason, certain establishments (such as universities etc.) only accept DDs and not personal cheques. Demand draft transactions require the customer to enter the beneficiary’s personal details.

Wire Transfer (TT) :

Wire Transfers are also a very common method of remitting money overseas. Using this method, funds can be transferred electronically to a foreign bank account. International wire transfers are processed using the SWIFT protocol and require the customer to enter the beneficiary’s personal details and bank details (bank name, routing number and account number)

Sashi's Overseas Consultancy