What’s the one most important thing you need while on a trip abroad? – Why, some foreign currency, of course. And there is no feeling quite like getting a bargain on the exchange rate. There are many ways of buying your foreign currency – through foreign exchange dealers in India, online portals, banks and at the airport.
Many international travelers prefer to buy their foreign exchange at the very last minute and end up buying it at the airport. say you live in Mumbai and want some forex at the last minute. But little do you realize that foreign exchange in mumbai airport and other large metro airports could burn a huge hole in your pocket! Because of high overhead costs involved, currency exchange kiosks at airports offer exchange rates that are almost 10-15% higher than the rates offered outside. Here are some reasons why exchanging currency at the airport is a bad idea and some tips to avoid this exchange.
Why is exchanging currency at the airport a bad deal?
The main reasons for losing a significant amount of money by exchanging currency at airports are – a dealer’s commission and associated taxes. While exchange rates in general include dealers’ commission, the large difference in rates between exchange counters at the airport and those elsewhere is due to the higher rentals that airport forex dealers have to pay for their facilities at the airport, in combination with other taxes.
How to avoid exchanging currency at airports:
- Buy your Forex early. Make sure you order your foreign exchange at least 3 days before your departure date. This way you know what the historical exchange rates are and get the best deal.
- Carry prepaid Forex cards. The Forex prepaid travel card is a pre-paid foreign currency card that makes your international travel hassle free and convenient. You can load the pre-paid card with foreign currency in your own country and use it to withdraw cash in local currency from networked ATMs, or swipe it at merchant establishments that accept network cards, while abroad. What’s more when you run low on balance, you can easily reload the card online.
- Buy your Forex online. There are several trusted online foreign exchange dealers in India, one of them being BuyforexOnline.com. The company offers the best deals on currency exchange online and provides a convenient platform to purchase forex.
- Carry travelers cheques. A traveler’s cheque is issued by a financial institution so that it can be used as a form of payment in foreign countries.
It is always prudent to carry an extra amount of money regardless of the duration of your international trip, and this is where prepaid forex cards come into the picture. So, next time you are looking for some forex in mumbai, avoid the extra charges incurred on exchange rates at the airport, by ordering your forex cards early on BuyForexOnline.com, a leading online provider of forex services in India.