A trip abroad is an exciting experience. However, it can be somewhat overwhelming when it comes to purchasing foreign currency. Where do you buy it from? How much do you buy? How do you carry it? If you’re heading off to a nation that uses another currency, its critical to know the most ideal ways for money exchange in India without getting bogged down by additional fees or losing big bucks in the process. Here are the possible ways you can exchange currency for traveling abroad, along with some useful tips.
Utilizing an ATM may give you the best exchange rate which is around 2 to 7 percent better than the rates you’ll get by any other currency exchange method. But the charges or fees you’ll pay will rely on upon your bank. You can end up paying foreign ATM expenses and foreign transaction charges. Another issue you can face that your bank may freeze your account because of suspicious foreign transactions or put a maximum on the amount you can withdraw.
Exchanging at foreign banks could be better than exchanging at airports or train stations. According to a recent study transactions fess in foreign banks are generally more than at other currency exchange businesses, so look at those first and investigate the area before you head into the bank.
You can purchase foreign currency at the airport, order online and pick it up at the airport, and this may be a quick exchange method, but it is also the most expensive, with the highest exchange rates. The same goes for train stations and probably any other major transportation hubs which are the ports of entry into a country.
Hotels are not financial service providers & money exchange rates vary too much from hotel to hotel and from country to country. So as to secure themselves against significant currency fluctuations, they load their rates to cover this risk. It is standard practice for a hotel to elevate their rates by up to ten percent.
Online Currency Exchange
The advantage of online money exchange and having foreign currency on hand, is that you have complete security. In case you misplace your prepaid forex card or if it gets stolen, you can immediately block it and ask for a replacement. Whats more, by loading funds onto a prepaid card, you will not be forced to carry large amounts of Foreign currency on you, and therefore will be secure from theft. Forex cards are accepted at over 2.4M ATMs globally.
Select the most secure place to exchange your funds such as reputable banks, or order your forex online much before you travel. Avoid train stations, airports, and other high tourist areas which will often have higher fees or rates. Have a look at Buyforexonline.com for the best money exchange rates and also for a convenient platform to order and top-up your foreign exchange online.