Bags packed and tickets booked? All this excitement can come to an end if you have to spend a lump sum amount of the travel budget on currency conversion. Traveling abroad can be extremely hectic and don’t add more to it. As you plan your itinerary and other nitty-gritty details, you should also take care of the foreign currency well ahead of time. Here are 5 things to remember while buying forex exchange. Have a look!
1. Don’t Wait to Exchange Currency at the Airport
Many travelers waste both time and money trying to use foreign exchange services at the airport. If you want to get the best rates, the airport is never an option for you. Since the airport currency exchange vendors charge a commission, you will not be getting the best deal under any circumstances. In addition, remember to bargain while you are at a currency exchange rates counter. In case of emergency trips, you can always go to the currency exchange counter at the airport.
2. Get the Foreign Currency in Advance
Since the forex rates keep fluctuating on a regular basis, it is always wise to allow yourself to a couple of extra days before locking the deal. If the rate is too high, wait for an additional 3-4 days to observe any decline in the rate. Getting the best value of foreign currency requires a tremendous amount of effort and get yourself the best deal by planning this ahead of departure date using the currency converter.
3. Always Compare the Rates
Many travelers make the mistake of not comparing forex rates. Since exchange rates are not uniform, you should always compare the rates with 3-4 vendors before getting the cash converted. Today you will find a plethora of online services that offer money exchange. You could also avail those services to make the entire process hassle-free.
4. Stay Away from Using Traveler’s Cheque
Gone are those days when you would use travelers cheque. With internet shaping and reshaping the industries across the globe, people now use travel card frequently. In case, you have made up your mind to use traveler’s cheques, please remember that you will have to pay a hefty amount of commission while cashing it. So instead just buy foreign currency travel card.
5. Refrain from Using Debit Cards
Have got an international debit card? If you are thinking that you will use debit card while traveling, please read the terms and conditions laid down by the bank. Most of the banks will not charge transaction in domestic currency. This foreign currency transaction also comes with up to 5% conversion charge. Combined altogether, this will obviously cost you a fortune if you use your debit card for every transaction. Forex or travel cards are the most preferred option as they let you carry local currency with you.
Now that you know what are the precautions you need to take before buying Forex, you are at the top of the game. Consider buying prepaid cards from reputed online portals. These cards function like any other debit or credit card, The only difference is that the transaction happens in local currency. You could also block these cards in case of being stolen.