Banks are now offering online portal to book rates. Shall I accept the portals and any things to watch out?
These portals bring lot of convenience. However, you need to know that for same bank, the portal could display different exchange rate to different customer. The rate could also vary from bank to bank.
Therefore, it is better to understand things like source of exchange rate on these portals, better to take a written confirmation that bank would maintain the agreed margin on portal etc is important. In absence of these cautions, portals give a sense that you are transacting on live rates while the reality might be different.
