Travel Money

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...

Planning to travel abroad anytime soon? Then, you would definitely need to brush up on forex currency exchange and currency exchange rates. You would need to know how to buy forex and also look up the best money exchange locations . Before that, it helps to understand what international money exchange is all about. Essentially, foreign exchange rate is the amount or value of one currency vis-a-vis the other. What is the worth of one unit of your currency in another country’s unit of currency? So, if your country’s currency is the rupee, and you are travelling to the US, for example, what is the worth of a rupee in relation to the US dollar, and how many rupees would you need to shell out to convert it into one US dollar? That is what you would need to understand when you head out to buy forex. Foreign exchange is also the world market where currencies trade. The US dollar is still considered the dominant currency across the world, and many a time, currency exchan...