How To Start A Currency Exchange Business In India?
Are you planning to start your very own currency exchange business in India? Without any doubt, this is a profitable business and more than that it will help the people of your region.
Although digital currency is heading into the world very fast, paper currency is still alive. After the declaration of demonetization in India, back in 2016, people have taken paper currency more seriously. As it is the reason for the clean flow of currency in India.
All you need to invest is in computers and a suitable place. India is a tourist spot, and I would recommend finding a place that is more tourism-friendly.
These are some of the most visited places in India. Try selecting a location accordingly. It will increase the chances of growing your business more quickly.
The process has changed a bit for someone starting a currency exchange business in India. Business during the old currency exchange in India did not require too much paperwork. However, now you need to get yourself registered as an FFMC.
Before heading into the documental procedure, you need to search for currency exchange near me. It is foremost the most important step. Reserve Bank of India (RBI) does not allow two FFMC (Full Fledged Money Changer) in the same area.
After all the documentation and searching for a proper language, now you need to know about the exchange rate of INR to different currencies.
Indians And The World
Currency exchange in India depends mainly on two factors.
- The number of foreign visitors in India.
- The number of overseas Indians.
According to stats, there are so many visitors coming to India every year. These visitors are from different countries of Europe, America, and mainly Asia.
When we talk about overseas Indians, it is found that so many Indians are working in Asian Countries. This concludes that you need to take proper information on currency exchange rates from Asian countries. Based on our findings, let’s talk about some countries, whose currency will be more valuable for you to keep.
Well, Turkey is a Semi Euro-Asian country, but there are almost 100 Indian families in Turkey. Turkey currency exchange rate in India is 1 TRY for 9.8 to 10 INR.
Indians make about 2.8 percent of the total population of Venezuela. However, it is a South American country, but India receives a good amount in terms of money from this region. The Venezuela currency exchange in India is 1 VEF to 7.3 to 7.5 INR.
Nepal is one of the biggest hubs for Indians. About 14 million Indians live in Nepal, which makes up more than 14 percent of the total population of Nepal. Nepal currency exchange rate India is 1 NPR for 0.63 INR.
Malaysia India currency exchange rate varies from time to time. As of now, the Malaysian currency exchange rate in India is 1 MYR for 18.03 to 18.3 INR. Keeping in mind that more than 2.1 million Indians live in Malaysia, having this currency will grow your business.
Many Indians visit Thailand regularly. And about 65 thousand Indians are currently living in Thailand. So, it is best to be updated with Thailand currency exchange rate in India. It is 1 THB for 2.43 to 2.45 INR.
Peru, another South American country where about 0.13 percent of the population is Indian. But Indians regularly visit the country. Peru currency exchange in India 1 PEN for 20 to 20.4 INR.
Knowing about Vietnam currency exchange rate India is also essential. About 1000 Indians live in this country. India Vietnam currency exchange rate is 1 VND for 0.0032 INR.
Singapore is like a second home for Indians, where they constitute about 8 percent of the population. More than 250,000 Indians are living in Singapore. Singapore currency exchange rate in India is 1 SGD for 55.5 to 54.8 INR.
Brazil, one of the most famous and beautiful countries in South America. Brazil observes a huge number of visitors from India. More than 6000 Indians are currently located in this part of the world. The rate for Brazil currency exchange in India is 1 BRL for 14 to 13.35 INR.
Indians make about 18 percent of Oman’s population. Nearly 1 million Indians are currently located in Oman who frequently sends money to their native country. Oman currency exchange rate in India is 1 OMR for 189 to 191 INR.
About 700,000 Indians are presently living in Kuwait, making up more than 17.5 percent of the total population. Kuwait currency exchange rate in India is 1 KWD for 240 to 242 INR. Keeping in mind that so many Indians are living in Kuwait and the high currency exchange rate, this will be beneficial for you.
Sri Lanka is a beautiful country where many South Indians are currently living due to the similar nature. According to stats 440,000 Indians are currently living in Sri Lanka, and Sri Lanka India currency exchange rate is 1 LKR for 0.37 to 0.39 INR.
China is one of the most populated countries in the world. More than 70,000 Indians are currently living in China, and so many Chinese frequently visit Indian for tourism. China currency exchange rate in India is 1 CNY for 11.2 to 11.4 INR.
New Zealand is part of Oceania. 5 percent of the total population of New Zealand consists of Indians. About 240,000 Indians are living in this region of the world for different purposes. New Zealand currency exchange rate in India is 1 NZD for 52 to 53.5 INR.
Indians, without any doubt, are living in every part of the world. Opening a currency exchange business in India is profitable. Since India is a great tourist spot, and many Overseas Indians frequently send money to their families in India, this business will grow at a rapid pace.