Whether you’re gearing up for a backpacking adventure across Europe or thinking of a tranquil beach retreat in Thailand, travelling abroad is something that all of us look forward to. However, ensuring buying forex for your journey is an essential step, and doing so with care is crucial.
After all, you’d never want to encounter being burdened with hefty conversion fees or falling prey to unauthorized currency exchange outlets, possibly entangling yourself in legal complications.
Here are six tips to help you should know before buying forex:
Purchase forex before your trip
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This is one of the best tips for buying forex. The Indian rupee does not hold global acceptance, meaning it is not readily exchanged abroad. Safely and reasonably converting it to a foreign currency can only be done within India. Therefore, it is advisable to purchase and check for your foreign exchange rates before departure or at the time of booking your international tour package.
Choose the right channel
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Another thing to know before buying forex is that numerous avenues offer foreign exchange services, including travel agencies, money lenders, banks, and airport kiosks. It’s imperative to verify that the source is an RBI authorized dealer. Generally, travel agencies and money lenders levy minimal fees per dollar and are preferred options for currency exchange.
Don’t purchase foreign exchange from the airport outlet
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Avoid buying forex from airport outlets due to their high rates. Doing so may result in a higher transaction fee of approximately 10 to 15 percent. Such high fees can significantly impact your overall journey, leading to financial constraints. You can mitigate this by obtaining a forex travel card before traveling abroad, as the rates are considerably lower and more reasonable compared to those offered at airport outlets.
Plan well in advance
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Everyone knows that currency rates fluctuate a lot. That is why it is recommended to exchange foreign currency earlier to your travel date. The best time to buy forex is 10 days before so that if the rates are high, once can wait for a few more days to check if there is decline in the rates. Also, with forex it is best to book cheap flight tickets in advance via our portal to avail big discounts on your flight bookings.
Buy your forex in advance
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This is one of the best tips for currency exchange. Forex exchange rates fluctuate throughout the year. We recommend keeping track of the INR to US dollar rates and purchasing your forex for foreign travel in advance before your trip. Last-minute transactions may sometimes offer a comparatively higher rate, which could significantly impact your travel budget. Always buy Forex online in advance.
Keep your required documents handy
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As per RBI regulations, every resident Indian must possess KYC documents to buy foreign currency within India. These documents include an Indian passport, a valid visa (if applicable), a confirmed air ticket (indicating travel within 60 days), a PAN card, and a government-issued photo ID proof such as Aadhaar, voter’s ID, or driving license. To ensure a smooth transaction, ensure you have these documents on hand when buying a foreign travel card.
You can get your foreign currency delivered home
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You can have foreign currencies conveniently delivered to your doorstep, akin to groceries or other shopping items. Opting for doorstep delivery can save you time and streamline your travel preparations. You can also choose Akbar Travels Money Exchange Service for doorstep delivery of foreign exchange.
The 30/70 practice
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It’s advisable to load 70% of the total required amount onto your forex card and carry the remaining 30% in the form of currency notes, as not all places accept digital payments. This strategy helps in effectively managing your travel allowance. Additionally, it saves you from the inconvenience of carrying excessive cash and multiple cards, enhancing the security of your business trip, especially in unfamiliar foreign locations. To save more on your trip planning, you can browse cheap hotel booking options online and even apply visa online.
In conclusion, purchasing forex can be a significant concern when traveling abroad and opting for a forex card is highly advantageous, as it offers more than just shopping convenience. With a forex card, you can withdraw cash from ATMs to cover transportation and incidental expenses during business trips. Additionally, you can use it at restaurants and hotels worldwide, as most countries accept forex cards. This ensures hassle-free travel experiences in foreign countries. A crucial tip for forex beginners is to choose a reliable company for obtaining an effective forex card, with Akbar Travels being a popular choice among travelers for its dependable services. Choosing us for your forex needs guarantees 24*7 customer support for any issues that may arise during your business trip abroad. Furthermore, our forex cards offer enhanced security with CHIP and PIN protection, minimizing potential issues.
Frequently Asked Questions About Buying Forex
How to buy foreign currency online in India?
Acquiring foreign currency in India has become increasingly convenient with online platforms, banks and currency exchange providers offering swift and competitive rates. Depending on individual preferences and requirements, each of these forex outlets present its advantages.
How do you exchange currency while traveling?
Compare the forex rates of online travel platforms, banks or other sites to confirm the availability of the desired currency or their willingness to accept foreign currency and inquire about associated fees. Many travel companies like AkbarTravels.com provide doorstep delivery of foreign exchange.
How can I save on foreign exchange fees when traveling?
You can use a prepaid travel card in the currency of the country you’re going to. This might be a good idea if you don’t want to carry a lot of cash. A lot of these cards won’t charge you extra fees for exchanging currency. But keep in mind, you might have to pay fees when you reload the card. So, it’s a good idea to check out different options before picking a card.
Is forex cheaper at airport?
Exchange rates at airports are renowned for imposing excessively high “service fees.” Airport foreign currency exchange fees are substantially higher and are not the optimal choice for currency exchange.
What is the best way to buy forex in India?
You can visit a forex dealer or travel agent. Also, you can choose to purchase foreign exchange from Akbar Travels. Alternatively, you can get foreign exchange from Reserve Bank of India (RBI)-authorized foreign exchange dealers.
What is the best time to buy forex in India?
The optimal Forex trading time in India falls between 6:00-12:00 GMT and 18:00-0:00 GMT. During these periods, the market experiences peak liquidity, minimizing slippage and offering tight spreads. Days exhibiting relative stability are Tuesday and Wednesday, while heightened trader activity is typically observed on Thursday and Friday.
Which Indian bank offers best forex rates?
HDFC, ICICI Axis, Standard Chartered and Kotak – all these banks do offer good forex rates.
Documents required to buy foreign currency in India?
As per RBI regulations, every resident Indian must possess KYC documents to buy foreign currency in India. Required documents include an Indian passport, a valid visa if applicable, a confirmed air ticket displaying travel within 60 days, a PAN card, and a government-issued photo ID proof such as Aadhaar, voter’s ID, or driving license.
Also Read
- The Do’s & Don’ts for buying Foreign Currency in India
- Tips for Currency exchange for Students while going abroad
- Mistakes to avoid while exchanging/buying foreign currency in India
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