Currency Conversion - Important Read ⚠️
Please read this carefully before you start using the portal
⚠️Before booking a conversion (converting a currency to another), make sure you have sufficient funds available in the currency that you are selling.
Why is this important?
The portal allows you to convert currencies without a balance, in good faith that you will deposit the required funds before the settlement date. If you are transferring funds from India, this is not always feasible. It is thus important to avoid it.
What does this mean?
For example, if you need to convert USD to INR you should always make sure that you have a sufficient USD balance in your USD account.
What happens if you don't have any funds on the settlement date?
Let's continue with the example above. If you don't have any USD balance on the settlement date, we will cancel the conversion and you will be charged $5, or the trade cost (FX Spread + losses from currency movement), whichever is higher. This is usually around 2% of the conversion amount for INR pairs.
What should you do in case you book a conversion by mistake?
You should email us to cancel the conversion as soon as possible so that you are charged the minimum cost and are not exposed to currency movement.
Please also make sure you select the right currency in Buy/Sell dropdown to avoid creating incorrect conversion amount: