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Important things to keep in mind before buying Foreign currency

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There are many things one needs to manage while traveling to a foreign country. Starting from getting a visa to making a list and packing everything you need. It can be a very challenging task. However, the most important thing about an overseas trip, one needs to keep in mind is arranging the foreign currency of the country one is traveling too. The smart way to handle in this situation is to visit a renowned and reliable foreign currency exchange company in advance to the day of travel.

Given below are few tips one needs to keep in mind before availing the service of a forex company.

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1. Advance buying of foreign currency.

It is a well-known fact that currency rates fluctuate a lot. Thus it is advisable to exchange currency in advance of the journey date. The best option is to buy the currency a week before, in this way if the rates are high one can wait for 2 or 3 days to see if there is any decline in rates. If not, you can buy it. By this avoid the last-minute rush.

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2. Always compare exchange rates

Currency exchange rates differ from seller to seller. Thus, it is advisable to compare the rates from at least 3 different forex vendors before finalizing the purchase of currency. Nowadays, comparing exchange rates is very easy as everything is available online. Every vendor has their own websites where all the rates can be seen. Many companies also offer online rate booking service. This allows one to book the current lower rate from their homes. They also provide home delivery service which makes things much easier.

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3. Avoid Debit or Credit card while traveling

t is best to avoid debit or credit cards in foreign countries. This is because the cards issued will carry currency from the home country. For example, if a debit or credit card is issued in India it will contain Indian currency INR. Swiping the card out of India means the transaction will not happen in Indian currency. It will consider as foreign currency transaction and will be charged up to 5 % as a conversation charge. Travel cards or forex cards are a better option as it carries the local currency of the country you are visiting and on swiping no conversation charge will be applicable.

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4. Keep away from foreign exchange vendors in airports

It can be an expensive alternative to exchange your currency with foreign currency at the airport. You will not get the best rate available at the market, this is because at the airport the vendors almost always take an extra 10 to 15 % of commission on your exchange. However, if you haven’t exchanged your currency in advance, changing currency at the airport will be your last option. One thing you can keep in mind that you can always bargain in from the vendors, still you will end up losing a significant amount of money which may affect your plans. Thus, it is advisable to carry destination currency, if available, while travelling to unknown places.

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5. Avoid Traveller's Cheque

Traveller’s cheques are not used frequently like it was used in the past. Nowadays, instead of traveller's cheques, people use travel cards as they are easily acceptable everywhere. Still, if you are keen to use it, prepare yourself to pay at least 4 to 6 % extra as commission while cashing it.

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