Foreign Currency Exchange in India – 7 Things you Should Know

You have been saving for months to go on a vacation abroad, but that getaway may not be as affordable as you think and you may end up spending a lot of your money. Currency exchange (Converting your currency into the foreign currency of the place you are traveling to) can be a complex and potentially costly business, with a lot of fees and charges if you exchange money without proper knowledge and preparation.

Here are few things you should know before you opt for foreign currency exchange in Chandigarh:

  • Exchange Currency Before Your Travel Date
    Currency exchangers advise you to get your foreign currency ready a week before, or in the worst scenario at least three days before your travel date. Currency exchange is recommended before because rates can fluctuate highly. If the rates are on the higher side when you go to the exchange, you can wait two or three days to see if the rate is falling or not. Doing this could save you a lot of money.
  • Don’t Exchange from Airport Outlets
    If you think that you will exchange the currency at the foreign exchange outlets at the airport, then don’t, as it is an expensive option. You will be charged a high commission. And since you do not have any option, you cannot even bargain. You may lose a good amount of money and you would have to change your plans even before you leave.
  • Always Compare Exchange Rates
    Exchange rates for each currency vary from vendor to vendor. Compare the exchange rates offered by at least 4- 5 vendors before exchanging. There are a lot of online tools which easily allows you to compare exchange rates quoted by different money changers in your area.
  • The International Debit Card is Not a Travel Card
    The debit or credit card which you have is issued in India carries currency in INR. When you swipe it somewhere out of India, the transaction takes place in foreign currency which has a currency conversion mark of up to 5 percent. As using debit or credit card will cost you extra money, so always carry a forex card with local currency and it would be good if you have a spare one too.
Foreign currency exchange in Chandigarh
  • Prefer Online Fund Transfer Over Cash
    The cash payment is limited when you buy foreign exchange in India i.e. up to Rs 50,000. The easy way out is to transfer funds via NEFT/RTGS payment directly to the bank account of foreign exchange company in Ambala. This mode of payment would make your transaction more transparent and traceable.
  • RBI Authorized Forex Dealers are Best
    Always be careful when dealing with foreign exchange companies, there may be many fraud outlets especially in tourist centers. You should deal with vendors who have a money changing license issued by Reserve Bank of India. And always ask for a bill on all transactions.
  • Avoid Travelers Cheque
    Traveler’s cheque is no more in use and is the thing of the past. Forex travel cards have now replaced them. Traveler’s cheque is not accepted in most of the places and it would be difficult for you to encash it. Moreover, many merchants or banks overseas charge high commission on enhancing it. This will make you lose a lot of money and your travel will be hampered.

Keep all these above points in mind to save the cash and make your foreign travel affordable. Happy Travelling!

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