In order to exchange foreign currency you need to be well aware of the exchange procedure to save maximum time and money. The better you are aware, the simpler it gets. The idea is to identify a currency exchange vendor that converts currency without having to go through lengthy queues and offers a quick and reasonable service. In this article, we will learn about from where and how to exchange foreign currency.
Forex Exchange Centers:
You can get your money exchanged at the banks, post office, airport and private centers. But the easiest option out all would be to go to your bank. The best part is, most of the banks charge a minimal fee in exchange for the currency conversion. But, this might take a little longer, depending upon the availability of the currency you want to exchange to. Therefore, it’s highly advisable to plan at least a week or two prior to your travel.
Forex Exchange Dealers:
You may also take assistance of private agents and forex dealers to help you exchange foreign currency. Though, it will cost you higher than what your bank would charge, but considering the amount of time and efforts saved, this option is totally worth the price. Please ensure that the vendor has a money changing license issued by the RBI. Also, make sure to get your bills on every transaction.
Foreign Exchange Websites:
There are several foreign currency exchange services available online to help you convert the currency without rushing to your bank or a forex exchange center. Some of the reliable and popular ones are, Currency Kart, Book My Forex, and PayPal.
Forex Travel Cards:
Another convenient and smarter way to get your currency exchanged is a Forex card. Just like a debit card, there are forex cards where transaction would be debited from your account balance. Forex cards are pre-loaded with a number of currency options making it easier for you to travel around the globe.
Things to remember
Compare currency rates:
Well, it is highly recommended to check the currency rate before exchanging your money so that you get maximum out of the conversion. The rates are keep on fluctuating time to time and the exchange rate also vary from vendor to vendor. Therefore, be sure to check the conversion rate from at least 3 vendors to avoid losing money upon conversion. You can also check the conversion rate online, just type on the Google search and it will show you links to various conversion sites available online as well as the latest conversion rate.
Avoid airport outlets
Exchanging money at the airport outlets could be an expensive option. They tend to charge about 10 to 15 percent of your conversion amount. Therefore, if you have time consider other options discussed above in the article.