Do you want to go on a trip to a foreign country?
Do you want to end up spending your time in the airport, fighting over money with the locals, and missing out on all the fun?
If you are planning to explore a new country, then a currency exchange is necessary. Currency exchange is one of the first things that you must consider when you plan to travel. Before you go abroad, you might want to know the foreign exchange rates of major currencies.
If you’re looking for a solution that can help you from all of this, then you’ve come to the right place. In this article, we will list down some tips for you to save time during your currency exchange process. These tips will ensure that you get your money exchanged as soon as possible.
Always keep a few things in mind before you get your Currency Exchange:
1. Daily check on exchange rates:
Traveling to a new country no longer involves running from one place to another to confirm the currency exchange value. Many apps and websites allow users to keep track of the latest currency value. The sites and apps are also updated in real-time. From these websites, you can find out the best exchange rate that is running on any given day.
2. Avoid Exchanging Money at Airports
Foreign exchange offices at airports charge the highest rates and conversion fees. They charge you a higher margin than banks or money changers. It is best to use RemitX’s services when buying or selling currencies at airports to avoid paying hefty fees
3. Shop around and Compare Currency Rates
As you know Currency exchange rates change every 3 seconds and fluctuate which affects the charges. Due to this, it’s a good idea to do research and compare prices. You can purchase or exchange currency when the price drops. Furthermore, Customers can freeze a rate for three days using RemitX. They allow their user to set up rate alerts.
4. Use the 20-80 rule
It is suggested to Always carry 20% of your currency in cash and the remaining in a forex card. Any urgent expenses, including cab fare, trolley money, tips, or lunch, will be fulfilled by the cash in hand. A Forex also card prevents overspending and can be recharged at any moment of time.
5. Avoid transacting directly from credit/debit cards
When you pay with your credit or debit card in a foreign country, you will pay a high transaction fee. Your credit card may also be blocked by the bank in case of suspicion. In reality, you’ll pay more in transaction fees than on the entire trip. To avoid this, use a forex card. Furthermore, inform your bank about your trip so that they don’t block your cards based on mere suspicions and cause you inconvenience.
6. Approved Dealer
Take advantage of RBI-approved service providers like RemitX when exchanging currency in India. If not, you might fall victim to fraud. The consequences of choosing the unauthorized currency exchanger are many. Ideally, you should convert your currency to a place where you are asked to pay a small transaction fee but receive a valuable return.
Final Thoughts!
Before traveling abroad, it is a good idea to make sure all things are in order. In addition, keep all necessary aspects in mind throughout the exchange process. To stay on schedule, you must perform some tasks in advance. Share this article with your family & friends to learn more about factors to look for before you exchange your currency.