All You Need to Know About Buying Foreign Currency in India
March 29, 2018
When planning a trip abroad, there are many things you need to take care of. For starters, you must have your passport and VISA, flight tickets, hotel bookings, etc. However, one other important thing that should be on your checklist is buying foreign currency.
Although you can always use your credit card to pay for the expenses in the foreign country you are travelling to, it can be expensive. In addition to that, you still need a decent amount of cash in the local currency for situations in which you can’t use your plastic cards.
Now, if you are going to buy foreign exchange, then the following are some of the things you should take into consideration:
Timing is Important
It’s best to buy the currency a week or two in advance. This is because the exchange rates can fluctuate a lot, and if you leave the purchasing for the last few days before you have to travel, it’s possible that you end up paying a high price. On the other hand, when you are buying in advance and the exchange rate is high, then you can wait for a few days until the rates come down again.
It may seem like a good idea to purchase the forex from the airport itself. If anything, it’s convenient. However, this is never a good idea because the exchange outlets at the airports charge a hefty 10% to 15% commission. Plus, since you are already about to get onboard you don’t have the option to go to another outlet outside the airport.
Not only the exchange rates vary from day to day, the service fee also varies from one vendor to another. Thus, it’s a good idea to compare the rates at the top 3-4 of them so that you can get the best deal possible.