How and Where to Exchange Foreign Currency

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.

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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.

 

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Travelling abroad for the first time: All you need to know

Travelling to abroad for the first time is often exciting. But this life event of yours calls for extreme care and responsibility before you embark on your journey. Here is a quick list of tips for the first-time international travelers.

  1. Get your medical checkup done: Before you leave your home country, make sure you are properly vaccinated as per the laws of the new country. Also discuss your existing medical prescriptions with your doctor. Check with your medical insurance provider if your policy covers you oversees. In case if it doesn’t, you will need international travel health insurance cover.

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  1. Make passport copies: Undoubtedly, the most important thing is to keep your passport safe. But you must also carry with you copies of your passport to ensure that if your passport is stolen or lost, you can still return to your country and prove your citizenship. Also leave a passport copy at home with a trustworthy person. You may also save a copy of it online in your mail account.
  2. Take an international credit card: Get in touch with your bank to get a new international credit card. Your bank will levy heavy fees on the card’s international usage but it can come handy in situations of emergency in an unknown city or country.

  3. Avoid carrying huge amount of local cash: Safeguard yourself against the risk of losing money abroad. Ask your travel agent for international prepaid travel card. You can recharge this card for any amount of money in a foreign currency. You can carry multiple currencies in this card. Your travel agent will give you a replacement of this card in case of its loss or theft.
  4. Have clear travel plans: Look up to the cities, places, museums and exhibitions that you wish to see there. You may buy the tickets online to skip standing in long queues. Also you can avail deals and packages for international travelers.
  5. Activate your phone’s international capabilities: Speak to your network’s customer care and know the charges for international roaming.
  6. Buy guidebooks: After landing in a new country, ask their help desks at airport for guidebooks to easily cruise through your new surroundings. The guidebooks have local maps, phrases, timings of the nearby markets, train schedules and local police helpline number. Always keep a guidebook handy.
  7. Register with your embassy: If travelling to a country facing political or military turbulence, register yourself with your country’s embassy there.

Download a travel app in your smartphone to find detailed information on the new country’s local transportation system, restaurants, sightseeing places and entertainment hubs.

Currencykart is India’s online marketplace for currency exchange, Multi-currency travel card, Travel Insurance, and remittances (wire transfer). Just login @www.currencykart.com or call @9599074001/2to book your order.