Skip to main content

How Buy Foreign Currency in Cheap Way


Increase in population has made international tourism in India a bright industry. However, Indian travelers have forgotten the crucial aspect of foreign exchange. Here are a few hacks one should consider to ensure  best value for their money, while traveling to other countries on business or leisure.
  • Say no to the counters at airports: The foreign exchange counters at airports provide a premium of 10 to 13% over the usual exchange rates, and this will only reduce the amount of currency one has at their disposal during their trip. A foreign exchange counter at airports is simply waiting to exploit a desperate traveler. So be smart and buy foreign currency 3-7 days before the travel, and stay away from the foreign exchange counters at airports.
  • Compare: Forex rates change on a dynamic scale and some agencies will hardly keep up with these variations. Not understanding the dynamics of forex can make one get a bad deal for the exchange, which reduces one’s ability to spend and enjoy the trip.
  • Check for RBI authorization: Not many are aware of the importance of RBI authorization. Exchanging currency at an unauthorized dealer or agent can lead to trouble after the transaction. Since most of the unauthorized dealers are suspected to be involved in scams, it is highly possible for you to get dragged into serious legal issues if you do business with such agencies.
  • Use a smarter way to carry currency: Travelers still carry cheques and it is an antiquated way to carry foreign currency. Switch to forex cards, as these cards have multiple benefits over traveler’s cheques. When encashing a substantial amount, the 3 to 5 % markup can add up to a lot of money. Using forex cards avoids this problem, and is a more secure and easier option.
·      80/20 rule: It is hard for a traveler to accurately estimate how much foreign currency is required. Research has shown that travelers often take less than the required amount of cash and end up using their credit/debit card, incurring large transactional costs. So, carry the required amount and maybe a little extra too.
If you want to know other Tips for Buying Foreign Currency in India, visit source blog.
Source: https://yourexpertguide.wordpress.com/2018/11/20/best-tips-for-buying-foreign-currency-in-india/

Labels:

Comments

Post a Comment

Popular posts from this blog

Why Forex Cards Are Safer Than Cash

How to carry funds while travelling abroad is a common question asked by travellers! You can read articles comparing Forex card, Cash, Traveller’s Cheque, Credit and Debit card, that provide enough understanding on how currency works on an international trip. Some explain in detail with respect to the cost and some with reference to convenience. But again, however you look at it, a Forex Card is the most convenient and safest way to carry money. Planning an international trip involves finding the best airline tickets, hotel bookings and places to visit and see. So, a little heed to the benefits of prepaid forex card or multi-currency card may offer much food for thought. Here are a few reasons why a Forex Card is the most inexpensive way to carry money while travelling abroad.     1.    Forex Cards offer better exchange rates while loading currencies on your account than buying foreign currency as cash. Providing Forex Card...
Post a Comment
Read more

Difference Between Prepaid Forex Travel Cards and an International Debit Card

When travelling abroad, it is necessary to carry the currency of the country that you plan on vacationing in. Some of the ways how you can spend your money abroad is by using an international debit card or a forex card. Using a forex card is more advantageous than using an international debit card. Here are the few differences between a forex card and an international debit card. If you use a forex card, you will be able to carry 16 currencies in just one card, whereas if you use an international debit card, then you can use only one currency and that is Indian. The issuance fee that you need to pay to get an international debit card would be up to Rs. 500, but the issuance fee that you will have to pay to get a forex card would be anywhere between Rs. 100 to 350. If you are planning to buy a forex card online, then it is free. The merchant service fee for an international debit card 3.5 percent, but it is NIL for a forex card. The deduction or annual fee on exp...
Post a Comment
Read more

Benefits of Using a Travel Money Card Over Using Your Own Credit Card

Planning to travel overseas, and wondering what’s a better option, your credit card or a travel money card? You don’t have to keep rushing to money exchange locations for every transaction when you are abroad; instead carry a multi-currency forex card, especially if you are travelling to multiple countries, within Europe, for example. The options are plenty; you could carry a HDFC bank forex card, an ICICI bank forex card or an Axis bank multi-currency card. You don’t have to constantly worry about money exchange , and instead carry a small amount of foreign exchange from India. Read on for more on the benefits of using a travel money card over your credit card. One of the biggest benefits is that by getting a forex/travel card you are safe from the fluctuations in the currency value; the value of currency you are loading on that specific day will remain the same throughout your trip. This means you don’t have to constantly fret over changing...
Post a Comment
Read more