Thanks to websites that compare travel prices and send alerts, planning a trip is super easy gotten really good at finding great deals for international tour packages. But when it comes to handling money in foreign countries, we sometimes mess up and end up with bad exchange rates because we forget or don’t plan well. Don’t spend more money than you need to – here are the common mistakes to avoid while exchanging/buying foreign currency in India.

Getting your money exchanged at the airport

people at the airport
Getting your money exchanged at the airport can cost you a lot
Photo by Phil Mosley on Unsplash

This is a common mistake that people do when buying foreign currency in India. Getting cheap international flight tickets online is easy but getting your money exchanged at the airport can cost you a lot because they charge high fees. It’s not a good idea because you have limited choices there, and you’ll probably get a bad deal. Instead, it’s better to plan ahead and exchange your money before you leave home or order it online. Many places let you reserve currency in advance at a better rate and then pick it up at the airport.

Overlooking bank fees

a person at the bank
Don’t ignore your bank’s fees
Photo by Eduardo Soares on Unsplash

Ignoring your bank’s foreign fees while buying forex in India could end up costing you a lot during your holiday. Give your bank a quick call to find out how much they charge for withdrawals and international transfers. If the fees are high, try withdrawing larger amounts of money at once to save on fees. Many big banks have agreements with international ATMs that let their customers use them for free, so make sure you know your bank’s policy on this.

Picking the wrong debit card

a hand holding several debit cards
Don’t pick the wrong debit card
Photo by Avery Evans on Unsplash

Another mistake when buying foreign currency in India is picking the wrong debit card. If you need cash, using your debit card at an ATM usually gives you the best exchange rate for the least amount of money. But not all debit cards are equal—some have high fees for online hotel bookings, currency conversion and yearly charges. So, make sure to look for cheaper options if needed.

Counting on traveller’s cheques

many cheques on the table
Don’t only count on traveller’s cheques
Photo by Brands&People on Unsplash

Using traveler’s checks is becoming less important nowadays as compared to using forex online. The process to get a traveller’s cheque is time consuming and not many places accept them. Plus, when you compare the fees for exchanging currency, credit cards usually give better rates. So, next time, don’t bother bringing traveler’s checks with you while buying foreign exchange in India.

Also read:  The Do’s & Don’ts for buying Foreign Currency in India

Forgetting to check the exchange rate

foreign exchange rates
Checking the forex exchange rates makes sure you’re getting a fair deal
Photo by Ishant Mishra on Unsplash

This is one of the best tips for currency exchange in India. Checking the forex exchange rates before you travel is really important to make sure you’re getting a fair deal, but most people don’t bother. Instead, they trust the place where they exchange their money. But how can you know if it’s a good time to buy currency if you don’t know the exchange rate? It’s easy to find out – just search on Google for the exchange rate and use an online currency converter to see how much you’ll get for your money.

Putting all your travel money in one spot

money in an envelope
It’s not safe to keep all your travel money together in one place
Photo by micheile henderson on Unsplash

This is another mistake that travellers do while buying foreign currency in India. It’s not smart to keep all your travel money together in one place, like your wallet or bag. Thieves often target tourists who carry lots of cash, and luggage can get lost or delayed. Instead, divide your money among you and your co-travellers. Use hidden money belts when you can and stay alert. Once you arrive, use the safe in your hotel room to save the money. Generally, hotels provide safes to keep personal items save and secure.

Forgetting to check your insurance policy

a person signing travel insurance papers
Invest in a travel insurance
Photo by Scott Graham on Unsplash

This is another mistake that travellers do while buying forex for foreign travel. You might not think your travel insurance has anything to do with your foreign money, but it’s not just for flight cancellations or delays. If you lose your cash due to theft or baggage problems, your insurance might cover some or all of it. Sometimes, they might only cover a small amount, like £50. So, check if your insurance gives you enough cover for you and your family. Use the insurance limit to decide how much cash to keep safe.

Finally, there’s a lot to learn about forex card, foreign exchange limit, foreign currency exchange in India and how to get the best forex exchange rate. Akbar Forex is currency exchange platform that can help people exchange their money from one currency to another, often providing rates and services for travelers or businesses dealing with international transactions. That’s not all! We also help you to apply visa online for 170+ countries.

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