EXOTIC CURRENCIES IN FOREIGN EXCHANGE
It is better to know about exotic currencies before you embark on exchanging currency for your upcoming international travel. Foreign Exchange market has divided currencies in three groups across world.
- Major currencies
- Minor currencies
- Exotic currencies
Exotic is most unusual and exciting. Exotic currencies are those which trade less or low volumes. They are illiquid and lack market depth. These currencies are not traded often in market. Important to know that less trading does not mean weak currency or devalued currency. For example, Kuwaiti Dinar (KWD) is the highest valued currency in world but it is called as Exotic currency because of less trading in the market.
- USD, EUR, GBP, JPY, CHF, AUD, CAD, NZD
Minor currencies are
- Danish Kroner (DKK)
- Norwegian Kroner (NOK)
- Swedish Kroner (SEK)
Most commonly traded Exotic currencies are:
- Chinese Yuan (CNY)
- Singapore Dollar (SGD)
- Hong Kong dollar (HKD)
- South African Rand (ZAR)
- Mexican Peso (MXN)
- South Korean Won (KRW)
Travel Destinations where exotics currencies are needed
The exotic or destination countries travelling is habit for people now a days. International Travel is more thrill, delight and importantly a lot of myth. Many beautiful destinations/exotic countries are visited by Indians where Rupee is stronger than the currency of those countries.
Important that how you can afford travelling foreign countries. Travelling abroad is expensive. You need to know the cheapest destination countries and currencies to take from India. Keeping destination currencies will help in reducing the exchange losses and harassment travellers faces while exchanging odd currencies at the foreign locations.
Some of the most demanded exotic currencies are mentioned below. All foreign exchange dealers do not keep stock of these currencies for the reasons discussed above and you may need to visit importer of these currencies to get the best deal.
THB: Thailand - INR TO THB
Famous for Tropical beaches, royal palaces, ancient ruins and ornate temples, Thailand is one of the most visited international destination by Indians. Thai Bhat currency is used in Thailand and widely available in India. Forex cards are available but charges are levied for ATM withdrawals.
MYR: Malaysia-INR TO MYR
The best place to visit Malaysia are picture perfect beaches and plenty of water activities. It is favorite destination to travel with friends. Carry Malaysian Ringgit for smooth travelling.
IDR : Indonesia INR TO IDR
World all travelers love to visit Indonesia. This is south Asia’s and world largest “ISLAND”. Indonesia is popular for blue waters, tropical climate and lovely beaches. Indian are offered to travel without pre-approved Visa. Before the travel, buy IDR currency, which is again not stocked by many forex dealers.
VND: Vietnamese Dong – INR TO VND
Vietnam is a southeast Asia country & world ‘s most spectacular sea views and a UNESCO world heritage site. In Vietnam oldest town you must see i.e Hue. The Hue town or city is along the banks of the gorgeous Perfume River. Vietnamese Dong is not readily available and should be bought beforehand.
LKR : Sri Lanka
Sri Lanka is look similar like India might not see like foreign countries. Sri Lanka is famous for lovely beaches, mountains, lush greenery and historical monuments.E visa offered for Indians. Most of Indians loves to visit Srilanka because of cheap flights and affordable hotel expenses. Currency of Sir Lanka is SriLankan Rupee and sparsely available in India.
Philippines is having beautiful beaches and unexplored natural beauty and is catching up among travel enthusiasts at lighting speed. One of the cheapest countries to visit from India, it attracts many Indian students to study medicine there. Philippines Peso is the currency one should carry while visiting Philippines.