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

Labels:

Comments

Post a Comment

Popular posts from this blog

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

Know How Exchange Rates Work and What Affects Them?

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...
Post a Comment
Read more