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5 tips about foreign exchange for people who are travelling abroad

Overview

When traveling abroad, currency conversion is an understandable requirement. The process most of us follow is going to a bank or a forex service and convert our cash. There are some things we must keep in mind before doing online forex trading in India. Here are some crucial things we must follow.

Buy your Foreign exchange well before your travel date

It is wise to get your foreign exchange ready before a week or in the worst case at last three days in advance before your actual travel date. Currency rates can differ vary exceedingly. If the rates are on the higher side, you can have the luxury of waiting two or three days to see if the rates are decreasing. Additionally, why make a last minute hurry?

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Don’t even think of exchanging from Airport outlets

Exchanging currency from foreign exchange outlets at airport is a costly option. You will be charged a commission of around 10 to 15 percent. Since you are left with no other choice, you cannot bargain either as well. You lose some decent amount of money and your plans change even before you leave!

The 30/70 is superlative practice

Get a vague idea of how much you would require for the whole trip. Carry 30 percent of cash currency which you can use to pay your travel and keep the remaining 70 percent in your forex travel card. Having a forex travel card is always better as you will always get better rate on it than cash currency. Now you can also order a prepaid card online for online forex trading.

Compare exchange rates before you buy

Exchange rates for each currency would be different from merchant to merchant. Before purchasing, compare the exchange rates offered by at least 3 dealers. There are various vendors who allow you to compare exchange rates quoted by authorized money changers in the region. You can also place the order online and can avail in a day home delivery from your chosen salesperson.

Keep an extra Forex Travel Card with you

You can avail a spare Forex card accompanied by your original one. Maximum money changers don’t charge anything extra for the spare one. Even if it costs, it is better to pay the trifling charge and get the spare one so as to be on the safe side while you are in some other country.

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