Planning an international trip? Make sure to check out our Travellers’ Guide To Overseas Money Exchange before you go. Learn all about currency exchange rates, fees, and the best ways to exchange your money to ensure a smooth and hassle-free travel experience.
Travelling overseas involves a lot of planning, especially when exchanging currency. However, people make common mistakes that can cost them significant money. This article will explore the top 5 mistakes to avoid during money exchange in India.
We will also discuss the top 3 options for foreign money exchange and what to do with excess foreign currency when returning home.
Read on to learn how to make the most of your currency exchange and have a stress-free trip overseas.
Top 5 Mistakes That We Should Avoid While Exchanging Currency
Considering To Exchange From Airport Outlets
When it comes to money exchange, using airport foreign exchange counters can be an expensive choice. Such outlets often charge a high fee of 10% to 15%, leaving you with fewer funds for your trip.
Unfortunately, you may not be able to negotiate a better rate since no other options are available. This can be particularly frustrating if your plans change before you start your journey.
Not Purchasing Your Foreign Currency Well In Advance
It is best to have your foreign currency available at least a week before your departure date if not three days. Currency rates can differ vastly. If interest rates are high, you can wait two or three days to see whether they are falling. Therefore, why rush at the last minute?
Not Comparing Exchange Rates
Compare the exchange rates given by at least three dealers before purchasing. Several dealers enable you to compare exchange rates offered by authorised money changers in the area. It is very important to compare exchange rates during money exchange.
Not Complying With 30/70 Practice
Procure a rough sense of how much money you’ll need for the trip. Bring 30% cash currency that you may use to pay for your journey and the rest 70% on your Foreign exchange travel card. A Forex travel card is usually preferable since it offers better rates than cash currency. You may now obtain a prepaid card for online FX trading.
Not Carrying An Additional Currency Travel Card
You may get a spare Forex card along with your original one. Most money changers do not impose a fee for the additional one. Even though it is costly, paying the nominal fee and getting a spare to be safe when travelling in another country is preferable.
Top 3 Foreign Money Exchange Options While Going Overseas From India
Forex Prepaid Card Forex
Prepaid Cards are an efficient, simple, and safe way to carry foreign cash while travelling overseas. A Borderless Prepaid Travel Card or Multi-Currency Forex Card, such as the one offered by Thomas Cook, is one of the best and safest ways to conduct seamless transactions when travelling to several countries at appropriate foreign currency conversion rates.
Debit And Credit Cards
Debit and credit cards are widely accepted by merchants and ATMs worldwide. However, you must check with your bank about any applicable foreign transaction fees.
Additionally, it’s crucial to inform your bank about your travel plans to avoid any issues with card usage. Some banks offer travel-friendly cards that waive foreign transaction fees and offer perks such as travel insurance and concierge services.
Travellers Cheques offer added security compared to carrying cash, and they can be easily replaced if lost or stolen. They are widely accepted at most major hotels, shops, and restaurants. Use Travellers Cheque to make secure, seamless, and simple transactions in distant countries.
What Can You Do With Excess Foreign Currency?
Travellers who have returned to India must forfeit any foreign currency in the form of traveller’s cheques or currency notes within 180 days of their arrival.
You may, however, store up to 2,000 USD in US money exchange in the form of TCS for future use or foreign currency notes or credit to their Resident Foreign Current Accounts.
If you return to the United States following an international trip, you can visit your credit union or bank to convert any foreign cash to US dollars.
Keep in mind that banks may not purchase back all currencies. If this occurs, the best alternative is to exchange money at an airport kiosk or currency converter counter, even if the conversion rates are unfavourable.
Proper planning and research can go a long way in ensuring a stress-free and cost-effective experience when exchanging currency for international travel.
By avoiding the mistakes discussed in this article and opting for the top foreign money exchange options available in India, travellers can save significant money and have a stress-free trip overseas.
Additionally, understanding what to do with excess foreign currency upon returning home is crucial. By following these tips, you can make the most of your currency exchange and enjoy a worry-free trip abroad. Visit Forex services offered by Thomas cook for hasel-free travel.