Some tips to using leftover foreign currency | Currency converter
There's a good chance you still have some leftover foreign currency in your wallet or money on your forex card after traveling abroad. You have the choice of converting it back to the foreign country or hoping the notes increase their value. Here are some practical tips to help you utilize your leftover money much better.
Retaining foreign currency
When retaining foreign cash, there are a few things you need to be aware of. The most amount of foreign currency that you can bring into the country is US$5000, and you must declare the excess amount at the airport by filling out the Currency Declaration Form. Indian citizens are permitted to store up to USD 2,000 in foreign cash or its equivalent for their future use, according to Reserve Bank of India rules.
Tips to utilize leftover foreign currency
Here are some ways you can use utilize your foreign currency
- Avoid waiting for the currency value to increase: Some tourists play the waiting game to convert when the value of their currency increases. Imagine, for instance, that you travelled to the UK and bought Sterling Pounds. Now that you are back in India, you want the value of the Indian rupee to decrease relative to Sterling Pound so that you can exchange more INR. It is strongly advised against choosing this because the technique can backfire. We shouldn't be making predictions since the majority of us are not knowledgeable about currencies. A currency converter will allow you to precisely calculate the amount you can expect after exchanging the money. An average person may assume that there is not much currency fluctuation during the trip, and you might think there will not be much loss/profit on the currency conversion. If you play this waiting game, there is every possibility that the currency will lose its value.
- Keep it handy for your next trip: It's important to put money aside for the next trip if you frequently travel for work or visit the same nation. If you go to the same nation for business or other purposes, you may not opt for cash in your forex card and utilize currency notes instead. You may keep the money for use on a future trip abroad if you follow the guidelines on holding foreign currency.
- Use the services of a forex card company: A majority of travellers choose the option of exchanging their foreign currency notes into the Indian rupee and encashing the remaining funds from the forex card. By contacting the foreign exchange company that provided the forex card, you can use the encashment option to change the foreign currency that is on the card into Indian rupees. Most of the card issuers start levying inactivity charges in case the forex card is not used for more than 6 months. Non-frequent travellers should encash the left-over balance in forex cards once they are back in India. Forex cards remains active till its validity date and can be re-loaded as and when required in future.
- Use currency notes as souvenirs: It's a good idea to save any leftover cash from an international trip as a souvenir. Many people utilize the coins and keep them as a collectible if they don't have any future travel plans to that nation. Another option is to provide some currency notes to your family and friends as gifts. It will be one of the best gifting options for your family and friends.
- Shop at duty-free stores: If you still have a sizable amount of foreign currency, think about stopping at a duty-free shop. This can be an excellent option if you are purchasing a product, you would typically use or if you still want to purchase a souvenir from the location. Some nations, which remain sensitive to inflation, do not accept foreign currency at duty-free stores. So, ensure your change gets accepted before you go ahead with the shopping at the duty-free store.
How to sell leftover currency notes
If you are looking for a reliable option to sell your leftover currency notes, you can consider utilizing the services of a RBI authorised money changing company. They offer the best exchange rates in the market that will give you the best value for your money. Getting the best rates is especially important if you are carrying a lot of cash.
There are several ways to utilize the leftover money from your foreign trips. However, if you are keen on selling it, you can consider the services of Orient Exchange. We are a leading money transfer and forex services provider agency. Our forex services help you get the desired exchange rates that get the most value for your money. Contact us today to know more details about our services.