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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. Compare rates from at least a couple of vendors when you set out to buy foreign exchange in India.
  • Avoid exchanging currency at airports or other travel-related kiosks. Airports charge a high exchange rate as they try to cash in on travellers looking for exchange at the last minute. It is also best to avoid buying forex from local bazaars or markets where there are many unauthorised dealers.
  • Buying from an online exchange is also one option. You can check latest forex rates and buy foreign exchange when the rates are most favourable for you.
  • Use the 80-20 rule when you carry foreign exchange. You can carry 80 per cent of the funds by way of a multi currency travel money card and the remaining 20 per cent in cash. Carrying heavy cash means constantly being worried about safety. So, when you carry a majority of your spending on a travel card, you cut down on your anxiety and enjoy the holiday.
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Source : https://yourexpertguide.wordpress.com/2018/09/10/things-to-consider-when-choosing-a-currency-exchange-provider/


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