Travel Money

The implementation of GST (Goods And Service Tax) on July 1, 2017 has revised the tax structure of transactions on several goods and services, including forex services in India. The revised rates for forex services come as a welcome move as the taxes often lie between 0.05% to 0.18% of the total forex transaction. When partaking in any kind of foreign exchange services like currency exchange, money transfer , or buying a forex card , one is only expected to pay the GST; and as per the directive from the Government of India, one is expected to pay 18% on the forex transactions that comes under the taxable value bracket. So what is “taxable value”? Taxable value is the set portion of the transaction upon which tax is levied. This reduces the amount of tax one has to pay on forex services greatly. Currently the government has set up 3 slabs of taxable value, based on the amounts of transactions. Slab 1: Up To Rs. 1 Lakh: On forex transactions up to Rs. 1 lakh,...

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...

Travelling is all about experiencing something new. It’s about discovering something magical. And it’s about cherishing every moment. If not planned well, travelling can take a toll on you and end up as bitter memories. Speaking of planning, one of the key things to consider for a safe, happy and stress-free journey is to plan your finances. Among the most important, after your documents, financial planning (includes multi currency travel card, foreign exchange, dollar exchange , etc) can either make your holiday or break it. Simply because a trivial error can lead to a massive inconvenience. Here are a few common finance mistakes to avoid when travelling abroad: Carrying cash: Carrying cash is good, when it is limited. Stuffing your wallet or backpack with the entire trip’s budget is simply unsafe and stressful. Which is why using a multi-currency travel card can help. You can load as much money as you wish and use it whenever and wherever the need arises, ...

If you are headed to foreign city, whether on a holiday or work, you are making your budget plans, and doing some number crunching, for sure. You are sure to be calculating your expenses for the trip, and wondering how much money to carry. Have you considered forex money exchange options? A multi currency forex card can be a great option to help you stay within your budget and work out your expenditure. If you have a forex card you may not have to look for money exchange locations as often as when you carry currency from your home country. Budgeting is the first step toward making your money last longer. It also helps you understand what to prioritise and what not to, depending on your interests. You get an opportunity to focus on what you really want to do, and allocate funds for the same, and cut down on unnecessary expenditure. Once you have charted out your budget plans, you should decide how much cash you are going to carry. Y...