Today, technology has changed how things are done. We have seen how cash is carried in a single card without stress. This has made traveling much easier and safer instead of stashing so much cash to meet up your traveling expenses. Nevertheless, with forex card, your problem is over. Are you thinking of traveling this coming holiday? Here are important things to consider before buying forex in India.
Buy forex before your travel date
In order not to be in a last minute rush to buy forex, it is advisable to buy it at least a week before the date. The currency rates using in buying online forex fluctuate highly. Peradventure you discover the rates are higher, you have the luxury of time to wait for days before checking again if the rate has fallen. Moreover, why be in a last minute rush when you can get things done on time.
Don’t consider buying from Airport outlets
You may decide to exchange forex at airport outlets before jetting out of the country. However, you will be at the losing side, as you will be charged a commission of about 10-15%. You are left with no option because you don’t have the bargaining power. The effect of this is that you will lose some amount of money, which will further affect your traveling plans of what to buy and spend on. The Exchangers at the airport will conclude that you need to buy forex else, your travel won’t be possible.
Follow the 30/70 rule
The idea here is to get an estimate of the amount of money required for your trip. Then you carry 30% of that money in cash, which you can spend on taxi and other things. However, the remaining 70% can be kept in your forex travel card. With this, you always get a better deal than when carrying cash. Additionally, it is safer than walking with cash everywhere you go.
Compare rates before you buy forex
Each currency has its own exchange rates and varies from one vendor to another. Importantly, you should compare the rate offered by different vendors before settling to buy from one. You can also compare the exchange rates of different verified exchangers before placing your order online.
Avoid Traveler’s cheques
Travelers’ cheques are like black and white television, which is outdated. Today, forex travel cards have replaced travelers’ cheques. Most banks or merchants overseas charge almost 4 to 6% commission on en-cashing traveler’s cheques.
Have additional Forex Travel Card
Besides having your original forex card, you may consider keeping a spare in case of emergency. Most exchanges don’t charge any fee for additional forex cards. However, if there is a cost attached to it, it is preferable to pay the minimal charges while getting an additional card to stay on a safer side.
Ensure the Forex dealer is RBI authorized
Today, there are numerous frauds happening online and it behooves you to be extremely careful. You should be careful when dealing with forex dealers you aren’t familiar with. Most times, they hang around tourist centers. Furthermore, ensure such vendor has a license as a forex exchanger by the Reserve Bank of India.
Jacob Long in this article explores a better approach on how to buy forex online. He further enlightened his audience on getting the best bargain when buying forex.