Do’s and Don’ts of Currency Exchange

Before heading for your much awaited trip abroad, you should keep a few things in mind. Currency exchange is one of the most important things among those. This is because of the fact that when you go abroad you would be required to make payments only in their currency and not in your domestic currency. You can get your Currency exchange in Gurgaon at some of the best rates possible.

Why do you need foreign currency abroad?

It is wise to use forex cards for making payments abroad. However, you should follow the 20-80 rule wherein you should keep approximately 20% of the total amount of foreign currency which you would require abroad in cash. This 20% cash would be required to make payments for food, transport, etc. Not all would be ready to accept your forex card or even credit cards or debit cards for the payment. In case someone does agree to accept payment in credit or debit card then also you would be charged 3-5% extra.

When should you get your currency exchanged?

Getting your currency exchanged at the airport would cost you more. This is because of the fact that they charge 5-10% commission on the total amount of currencies exchanged. Instead, you should get your currency exchanged at least a week prior to your trip. This would give you a chance to look around and get the best rates possible for the exchange. If you are thinking of getting your currency exchanged via the ATMs once you land the foreign nation, you should know that even some ATMs charge you for the exchange.

Where should you get your currency exchanged?

You should always go for a domestic currency dealer who is authorised by RBI for making such exchanges. There are high chances that the dealer abroad might charge you much higher than a dealer in India. However, you should completely sure that the dealer is authorised as there are some fake dealers as well.

What to do at the end of your trip?

You should try and exchange only the amount of money you would require. However, it might happen that you are not very sure about the exact amount and so some currency might be leftover. You should sell the leftover currency immediately once you are back as it is not legal to hold huge amounts of foreign currency.

Currencykart provides the best Currency exchange service in Faridabad.

CurrencyKart is a leading online platform for foreign currency exchange. We specialize in providing fast and efficient forex exchange services including Prepaid Forex cards, traveler’s cheques, foreign currencies and demand drafts.