6 Things to Remember Before Buying Foreign Currency in India

money transfer services in Chandigarh

When traveling abroad there are a plenty of things you need to manage from your passport to visa and your luggage. However, the most important requirement for your trip abroad is the foreign currency of the country you are traveling to. You can contact a reliable money transfer industry in India that can offer you the best travel deal for your holiday. We share with you the most valuable things to remember before purchasing foreign exchange in India.The following tips will definitely get you the best value of the currency you need:

  1. Buy Foreign Currency Well Before Travel Date

As currency rates can fluctuate a lot, it is good to get a foreign exchange at least a week before or in the worst case around 3 days before you are planning to travel. If the rates are higher you can wait for 2 or 3 days to check if the rates are declining any more. Moreover, you can avoid last minute hurry in this case.

  1. Avoid Exchanging from the Counters at Airport

It is not really worth exchanging foreign currency from foreign exchange counters available at the airport as it comes out to be an expensive option. These outlets charge a commission of 10 to 15%. As you are left with no other choice you cannot even bargain. You lose a considerable amount of cash and your plans change even before you begin your travel.

  1. Follow the Best Practice of 30/70

Make a rough estimate of the amount you will need for the entire trip. You can carry up to 30 % in cash that can be used to pay for the taxi and other necessities where cards are not accepted. The remaining 70% can be in the form of Forex travel card. There is better rate available on Forex card and it is safer too. You can order a prepaid card online without any hassles.

money transfer industry in India

  1. Compare the Exchange Rates before the Purchase

Exchange rates vary from vendor to vendor. You must compare the rates offered by at least 3 providers before your final purchase. The exchange rates can easily be compared these days online. Most of the companies offering money transfer services in Chandigarh provide facilities to place the order online. You can also avail home delivery within a day from any preferred provider.

  1. Remember Your International Debit Card is Not a Travel Card

The debit or credit card that is issued in India includes currency in INR. When you swipe it outside India the transaction does not happen in Indian currency. This foreign currency transaction includes a conversion markup ranging up to 5 %. The Forex card is a better option as it carries local currency and is devoid of any such markup.

  1. Avoid TravellersCheques

Travellers cheques are not used frequently these days and have become a thing of the past. They have been replaced by the Forex Travel Card services these days. These cheques are not accepted in several places and most of the overseas merchants or banks that accept them charge nearly 4 to 6 % commission while en-cashing travelers’ cheques.

You can keep a spare Forex travel card with you that can be used in case of any emergency. It is better to consider a RBI authorized Forex dealer. The fund transfer can be used instead of cash payments while buying foreign exchange. The fund transfer makes the transaction transparent and traceable. Just by keeping all these points in mind, you can find better deals on foreign currency.

If you like these points or want to add something else, please let us know by sharing your comments below!

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