How To Get Best Currency Exchange Rates When Travelling Abroad?

  It is important to compare rates from multiple currency exchange platforms and also look into transaction fees and charges

Overseas vacations are truly enjoyable and leave you with fond memories. However, such vacations can also be quite expensive. To reduce the financial burden, you need to look for opportunities to reduce costs wherever possible.

One area where you can do that is currency exchange rates. While digital transactions are preferred, you will still need a good amount of cash. If you are facing a similar situation, let us take a look at how to get the best currency exchange rates when travelling abroad.

Forex Cards - This is probably one of the best options you can consider as an alternative to currency exchange. If you are travelling to multiple locations, you can choose multi-currency prepaid cards. One of the key benefits of forex cards is that you can load currencies at fixed rates. It means the value will be locked and you will not have to worry about currency price fluctuations. Many forex cards are available with almost zero or very low markup fees. You can load and reload funds directly via your bank account. You can get forex cards from companies like BookMyForex, Thomas Cook, Orient Exchange, WSFx Global Pay, etc.

Online currency exchange platforms - If you are looking for real cash, you can consider online currency exchange platforms. Forex card providers like BookMyForex and Orient Exchange also provide real cash exchange services. You can expect better rates in comparison to local money changers or kiosks at airports. You have the convenience of online booking and can order the cash to be delivered at your door. In many cities, same day delivery is available. Another option is ExTravelMoney that allows you to compare rates from multiple RBI-authorized dealers.

Banks - Most of the leading banks offer competitive currency exchange services. The rates are especially lower if the person is already a customer of the bank. Currency exchange services from leading banks are usually cheaper than local forex operators. Moreover, transacting with banks is a lot safer.

ATMs - You can use a forex card or debit card to withdraw cash from an ATM located at an overseas location. The currency exchange rates will be close to the mid-market rate in such cases. However, there may be additional fees applicable in the range of 1-3%. An additional surcharge could be applicable if you use ATMs that are not part of the bank's network. To minimize costs, use your bank's partner ATMs.

Returning to India

When returning to India, the same options, as described above, can be used for converting foreign currency into Indian Rupee. As per RBI rules, you have to convert the foreign currency within 180 days of returning to India. However, you are allowed to retain up to USD 2,000 or equivalent. This rule is to help frequent travelers.

source : newspatrolling.com