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How to Get the Best Currency Exchange Rate

Overview

From ATM fees, credit card surcharges to commissions and other expenses, you always have to pay a little extra when exchanging currency. What are the ways to minimise the expenses and ensure that you get the best exchange rate while travelling to foreign locations? Here are a few tips:

1. Research about the currency exchange rates
One of the best ways to ensure that you get the best foreign exchange rate is to talk to your bank and find out the current currency exchange rates.

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2. Use Forex Card
IndusInd Forex card is the quickest and easiest way to get the best currency exchange rates. This is because the value of the foreign currency loaded in your card is determined on the current exchange rate of the day and it remains fixed.

3. Exchange your remaining cash
If you are left with a huge amount of foreign currency at the end of your trip, then it's better to encash them from banks. Most people use the remaining cash at the duty-free stores in the airport. But the best way is to either exchange it in the bank after you come back or use it for cab fares and exit fares. Use the Forex card to pay your hotel bills and at shopping stores.

Planning to travel abroad? Keep these tips in mind -

1. Currency exchange at Airport Outlets
This is very expensive. Exchanging foreign currency at the airport comes with a lofty charge of about 10%-15%. It's, therefore, advisable to exchange it from the bank to get the best exchange rates.

2. Avoid Traveller's cheque
Traveller's cheques are a thing of the past. Instead, use Forex cards. Moreover, traveller's cheques are not accepted everywhere. Use IndusInd Forex card on your trip to overseas locations, as it’s safe to use and comes with an insurance coverage. For more information check here - http://www.indusind.com/personal-banking/products/cards/forex-card/indus-multi-currency-card.html

3. Avoid Using Debit or Credit Cards
Your debit or credit cards are issued in India. When you swipe it in foreign location, the transaction takes place in foreign currency which also includes a charge for conversion. To avoid this, use Forex cards.

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