Buying forex online versus at a branch: what actually differs

Ordering currency online is usually cheaper and always more transparent, but it is not the right answer every time. The honest comparison depends on how much time you have and how much you are buying.

• The rate. Online desks run on lower overheads and quote closer to interbank — typically 0.7 to 1.2% over, against 2 to 3% on a high street.
• The quote is written down. You see the rate, the service charge, the GST and the total before you commit, and you can compare it against another provider without standing in a queue.
• Document upload happens before you travel to a counter, so a missing paper is discovered at home rather than at the desk.
• Delivery. Currency or a card comes to your address, usually against ID at handover.

• Same-day, or a flight tomorrow. Delivery windows are typically one to three working days; a branch can hand you notes today.
• Unusual currencies. Physical stock of less-traded currencies is held at specific branches, not in a central warehouse.
• Complicated cases — a corporate remittance, an unusual purpose code, a document question. A conversation is faster than a form.
• When you want to see the notes counted in front of you, which some people simply prefer, and that is a fair preference.

The documents. PAN, passport, visa, itinerary and the A2 declaration are required regardless of channel — an online order collects them by upload rather than photocopy. The regulatory position does not change because the form is on a screen.

1. 1Check the all-in total, not the headline rate.
2. 2Check the delivery date against your travel date, with a day or two of margin.
3. 3Upload documents in the names exactly as they appear on the passport.
4. 4Keep the encashment certificate that arrives with the order — it is the document you will want later and the one people discard.