Travel Money

Finding foreign currency or money exchange locations is simple and easy but choosing the right method could save you a ton of cash. It is no surprise to learn that there are many hidden fees when exchanging money and what used to be a convenient way to get cash is no longer widely used and accepted. Here are the best currency exchange options for travelers. 1. Credit cards: Credit cards are a must these days either to book a hotel room or make large purchases. Whenever you make a purchase in a foreign currency credit card providers charge more than ATMs by adding 2.5 – 3% on top of the spot rate.  If you have a travel rewards credit card you get extra benefits that can save you a ton of money. Most of these cards include travel medical insurance and lost/delayed baggage insurance. With any insurance policy, read the T&C print to find out exactly what you’re covered for. Or use a multi-currency forex card for all your payment needs. Once the foreign e...

Over the past few years, the value of Indian rupee has been plummeting fast against the US dollar. And the falling value of a rupee means less export/import power in the hands of people as well as the government. Which in turn makes the nation financially weaker, hampering the prospects of international trade and currency exchange rates. Here are a few factors that change the dynamics of the Indian economy. Crude oil: With the fast development and growth of the Indian economy, the demand for petrol and petroleum products has been consistently rising. India produces about 20% crude oil we require, and the rest is imported from Saudi Arabia, Iran, and other Gulf countries. Reputed oil companies of India require millions of dollars every day in order to import crude oil and gas. Thus, the increase in the demand for the dollar leads to its appreciation and decrease in the value of the Indian rupees. Trade Tensions: The policies of the US President have had...

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...

Rise and fall, variation or shift in the floating exchange rate system is a norm in the case of most major economies. The currency’s value goes hand in hand in accordance with the foreign-exchange market. International money exchange rates are affected by numerous factors that are usually in a state of perpetual flux. These include interest rate differentials, economic performance, supply and demand of the two currencies, and inflation. If you run a travel business, you’ll directly be impacted by fluctuating currency rates. The relative strength, or lack thereof, of the dollar against other major currencies will dictate your business traffic. Travel Trends: A Lot of people travel for leisure than for business. Travel, just like any other activity, experiences trends that tend to develop based on various forces. Unsurprisingly, trends can be set by the media. Specifically, travel media may establish some trends based on tourism surveys and other professional r...

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, ...