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Various Methods of Handling International Currency Exchange Prudently

Overview

Make your traveling convenient when you travel abroad. Load your travel card and use it for making purchases at various merchant outlets and for making payments towards online transactions.

Forex rate is the price of the domestic currency stated in terms of another currency. Individuals are paying a high prices to convert their cash into foreign currency. They end up paying more owing to the online currency exchange rate. Therey are now ways to save on forex rates. When individuals travel abroad, they prefer making purchases through their credit, debit, or travel cards. Travellers can save more if they possess the right travel card.

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You often see a sign at the exchange bureau saying “commission free”, but one needs to be cautious as this sign does not mean they will get a good exchange rate at the bureau. However, there are some firms that do not charge any commission. The second option is to have traveler’s cheque. These are for those who think ahead. Exchange rates and transfer funds have to be observed for a certain time ahead before the cheques are traded. However, the disadvantage about traveler's cheques is that there is probability for an added charge for cashing cheques abroad.

The third option is to carry your credit card while travelling abroad. This allows for the credit card to be paid up fully when it comes to the date of billing. It is recommended that one should not use their credit card to withdraw money while travelling abroad, as there is an extra interest charged on the card. The most crucial element in having credit cards when travelling abroad is security.

To make travelling overseas easier, another option is having prepaid cards. With this people can be stress free of issuing traveler's cheques or dealing with money changers as this card comes with lots of benefits. If the card is used deceitfully online or over the phone, the money will be refunded and there is no risk of debt as the card owner is controlling the funds.

The travel card kit comes with a free replacement card with the primary card. If you happen to lose or damage the primary card, you can easily activate the replacement card. You can simply call up on the bank’s customer care number, or the 24X7 international toll-free numbers to activate and transfer the balance on the secondary card. The ATM/ POS PIN is available in that Kit and if in case you have failed to recall or misplaced your PIN, it can be generated via online portal or by calling customer care. The maximum amount of foreign currency that can be loaded on to the card is according to the existent guidelines of the Reserve Bank of India.

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