Things to Keep in Mind When You Buy Foreign Exchange
Author : Vandana Rana | Published On : 30 Jul 2021
If you are a traveller and you are fond of international trips, then you are well aware of the fact that the denomination of every country differs from each other. This makes it necessary for travellers like you to exchange the cash of the home country with that of the foreign country to ensure that you can make purchases or pay bills in the foreign country.
While Forex (Foreign Exchange) used to be a hectic process in the past, the hurdles in the process have somewhat decreased now. You may find several brokers or firms for seeking help in the purchasing of foreign currency. This has made currency exchange in Delhi quite easier and convenient. However, it is of utmost importance that you possess adequate knowledge about the entire currency exchange process so that you can utilize the right service and get value for the money you spend on it.
Read below to learn about the five simple things to keep in mind when you buy Foreign Exchange.
Say No to Last Minute Transactions
The rates of currency in various nations tend to be fluctuating and as such, you should buy your foreign currency in advance. Purchasing the foreign currency before a week of your travel is always a better idea as this may help in preventing the last-minute rush of transactions.
If you are opting for exchanging currency at the airport due to last-minute rush, you may end up making extra expenses from your wallet. This is because currency exchange rates at airports are always higher as compared to other places.
Thoroughly Research and Compare Rates
Apart from fluctuations in currency rates, the exchange rates tend to vary from one vendor to another. If you do not conduct the necessary research to know the exchange rates and find out which vendor costs low, you may fail in retrieving value for your hard-earned cash in the Foreign Exchange.
So, instead of rushing to exchange your currency, it is advised that you conduct some research online as well as offline to find out the most reliable vendors who can offer you with best rates for your currency exchange.
Consider Following the 30-70 Rule
The 30-70 rule implies that you should exchange only 30% of your cash and leave the 70% in your forex debit card. At present, forex debit cards are accepted by most of the international hotels, resorts, shopping malls and restaurants. So, you can easily make transactions with your forex debit card, thereby carrying only a few amounts of cash in your wallet. This may enable you to save a great deal of expenses on foreign exchange.
Do Not Rely on Traveller’s Cheques
Traveller’s cheques have now become outdated with the emergence of travel cards. You may face difficulties in making payments as traveller’s cheques are not accepted in many places. Moreover, if you opt for using traveller’s cheques instead of travel cards, then you are most likely to pay commissions while making transactions through these.
Get Bank Authorization
While currency exchange has become easier due to the availability of large number of vendors, it is quite challenging to differentiate a reliable and authorized vendor from a fraudster. To avoid falling in trap of fraudsters and losing your cash, the best solution is to check if your vendor has been authorized and certified by the bank.
By this time, you are aware of the major things that you need to consider before purchasing foreign currency. Remembering these simple things would always enable you to avoid risks of losing unnecessary money on your foreign trip. So, head towards an authorized vendor and enjoy a convenient and risk-free currency exchange in Delhi.