Skip to main content

Best Way to Carry Money Overseas


Finding foreign currency or money exchange locations is simple and easy but choosing the right method could save you a ton of cash. It is no surprise to learn that there are many hidden fees when exchanging money and what used to be a convenient way to get cash is no longer widely used and accepted.
Here are the best currency exchange options for travelers.
1. Credit cards: Credit cards are a must these days either to book a hotel room or make large purchases. Whenever you make a purchase in a foreign currency credit card providers charge more than ATMs by adding 2.5 – 3% on top of the spot rate.
 If you have a travel rewards credit card you get extra benefits that can save you a ton of money. Most of these cards include travel medical insurance and lost/delayed baggage insurance. With any insurance policy, read the T&C print to find out exactly what you’re covered for. Or use a multi-currency forex card for all your payment needs. Once the foreign exchange card is loaded, you can swipe it in the country you are travelling. These cards are visa/mastercards/ multi currency travel card and can easily be topped up.

2. Foreign exchange offices: Foreign exchange offices are located in prime areas and airports. They offer better rates than most of the banks and in some countries, their exchange rates are very competitive, but you cannot ignore any additional fees that they might charge.
If you’re looking to exchange money before you leave, foreign exchange offices will offer good value as long as you are aware of the process. The value is different for every currency so just because it’s a fair rate for one currency, doesn’t mean it’s the same for another.

3. Traveler’s Cheques: Though it is not widely accepted anymore, the traveller’s cheques are still billed as a convenient way to carry money for travel. It is well known that you would be paying a fee twice as it would involve commission on the cheques. They can give you peace of mind and you can consider it to be a safe bet but there are better options available these days.

To know more Best Currency Exchange Options For Travellers, visit source blog.
Source: https://yourexpertguide.wordpress.com/2019/01/11/the-5-best-currency-exchange-options-for-travellers/

Labels:

Comments

Post a Comment

Popular posts from this blog

Factors to Consider When Choosing a Currency Exchange Provider

Planning a foreign trip and wondering where is the ideal place to buy foreign exchange in India? Should you be looking at a multi currency travel money card or buy USD online? Read on for things to consider when you are choosing a currency exchange provider/service: First, you would need to consider your options. Would you want to go to banks or regular currency vendors/dealers? You could even buy USD online or for that matter, most currencies. You can buy from banks or even from national post offices so there are no chances of acquiring counterfeit currency. In case you don’t hold an account in a specific bank, the bank may choose to carry out transactions through cards so you end up paying convenience fees. When you go to private dealers/vendors, you should ensure that they are a credible name, and have the requisite authorisation from RBI, India’s central bank. Don’t exchange from the first vendor you see. Compar...
Post a Comment
Read more

How Currency Swings Can Affect Your Holiday Costs?

Rise and fall, variation or shift in the floating exchange rate system is a norm in the case of most major economies. The currency’s value goes hand in hand in accordance with the foreign-exchange market. International money exchange rates are affected by numerous factors that are usually in a state of perpetual flux. These include interest rate differentials, economic performance, supply and demand of the two currencies, and inflation. If you run a travel business, you’ll directly be impacted by fluctuating currency rates. The relative strength, or lack thereof, of the dollar against other major currencies will dictate your business traffic. Travel Trends: A Lot of people travel for leisure than for business. Travel, just like any other activity, experiences trends that tend to develop based on various forces. Unsurprisingly, trends can be set by the media. Specifically, travel media may establish some trends based on tourism surveys and other professional r...
Post a Comment
Read more

Rbi Guidelines for Foreign Exchange

People travel all around the world and when they land up in a foreign country they require that particular country’s currency in order to buy goods and services. Here foreign exchange comes into the picture, which helps you in exchanging the currency of one country into that of another. The largest and the most liquid financial market in the world is the foreign exchange. Here are some international currency exchange guidelines that are to be followed in India. When going on a leisure trip abroad, the maximum amount of foreign currency that can be taken is USD 25,00,00 per traveller in a single financial year. Out of that, only $3000 can be carried as cash. The remaining balance should be carried around as traveller’s cheques, forex cards and remittances. But when on a trip to Nepal or Bhutan for any purpose, no forex currency exchange will be available. When going on a leisure trip abroad, the maximum amount of foreign currency that can be taken is USD 25,00,00 per t...
Post a Comment
Read more