Purchasing foreign currency can be a costly & confounding activity. The task of changing rupees to Dollar, Pounds or any other foreign currency can be a hectic task because of the wide range of options available for money exchange in India: hard currency, travellers cheques, credit cards, debit cards, and the most recent addition to these options – pre-paid currency cards. But make sure you are saving a good amount when you are exchanging currency. Above all never utilize credit or debit cards to draw money from ATM’s abroad. With high exchange rates & transaction charges it could turn out to be extremely costly option.
Here are some tips to make sure you get the best value for your money!
Get Best Currency Exchange Rates With Deals:
To make use of the best deals, you must plan in advance. Make sure you are getting the best exchange rates, it is always advisable to convert your currency in India at least 3 weeks from date of your travel. Avoid buying foreign currency from Banks, as it is always more expensive than buying from online foreign exchange company or money changers in India.
Do a Little Research About Rates:
A good way to know whether you are getting the best exchange rates is to comprehend what the present rate is. Before you leave for your studies look at the American Dollar to Indian Rupee rate continually. For an idea of what exchange rate to expect.
Carry Currency In Different Forms:
Try to carry your foreign currency in different forms as much as possible for a safer experience, according to experts carry 35 percent cash & rest of the currency in the form of forex card. This will help to reduce impact of theft or loss.
Purchase in a larger amount:
One popular tactic used by frequent travelers and students is to buy large quantities of Forex to get good deals. Some small time money changers might not be able to give you such deals. You usually will not run into this problem at reputed foreign exchange dealers in India.