North Indians prefer local forex dealers to banks

Vijay C Roy

Chandigarh, August 24

There is a glaring north-south divide when it comes to buying foreign currency meant for overseas travel. While the southern region prefers banks and other online modes to purchase it, north people still rely more on local money changers.

The first-time buyers, especially in the north, find the prospect of going to banks or online mode for foreign currency cumbersome. Lack of awareness is also responsible.

“There is a vast proliferation of money changers in the north compared to south. Besides, the awareness level is low compared to south. These are the reasons behind people preferring money changers,” said Sudarshan Motwani, founder and CEO of BookMyForex.com, an online foreign currency exchange services provider.