Skip to main content

Know Best Ways to Save on Currency Exchanges


If you have travel plans to have fun in foreign destinations, then it is extremely important to have foreign currency in your hand, otherwise you will have a tough time even surviving abroad. It is possible to make purchases with a debit or a credit card, but there is a risk of getting your money wasted on foreign fees. One solution to this problem is by getting hard cash through the means of foreign currency exchange. There are many ways how you can save when doing foreign currency exchange. Some of them are by avoiding currency exchange at airports, by avoiding withdrawal of currency, and by buying currency online.

Ways to Save When Exchanging Foreign Currency:
·      One of the best ways to save when exchanging foreign currency is by avoiding exchange at airports.
  • If you have not ordered cash online, then it is better to make last minute withdrawals from a local bank or money exchange stores near you in your home country as they are now known to offer reasonable competitive exchange rates.
  • Do consider buying foreign currency online as you can get them at cheaper rates. At times by ordering large amounts of currency, you might be able to avoid paying a shipping fee.
  • Exchange rates undergo constant fluctuation and so it is always advisable to keep a close watch on what’s happening in the economy so as to capitalize on any favourable situations that may arise.
If you want to know more another Ways to Save When Exchanging Foreign Currency, visit source blog.
Source: https://yourexpertguide.wordpress.com/2019/03/27/ways-to-save-when-exchanging-foreign-currency/


Labels:

Comments

Post a Comment

Popular posts from this blog

Calculation of Tax on Foreign Exchange Conversion

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,...
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

What Are The Best Travel Money Options?

So, you are heading on a foreign trip and wondering what your travel money options are. Should you get a forex card , an ICICI bank travel card or just get enough foreign cash via currency exchange ? Should you opt for debit/credit cards or travellers’ cheques? So many questions keep going round in your head, and the whole thing can be quite daunting right? Not really, if you do some homework. Ideally, you should keep some spare cash but also get one of the forex cards for the bigger expenses. How about a HDFC forex card or an Axis bank forex card? You could pick one of them. A combination of various options is a good way to carry your money. First, let’s look at forex cards. Foreign exchange cards You can use your card to buy stuff at a mall or a market, spend on tickets, pay for your food at restaurants or order food/buy online. You can get in touch with your bank in your home country and load currency on to the card; this could be any of th...
Post a Comment
Read more