5 Currency Hacks to Save Big on your Foreign Exchange Spending

5 Currency Hacks to Save Big on your Foreign Exchange Spending

Buying foreign currency can be an expensive and confounding exercise. The task of changing your hard earned rupees to Dollars, Pounds or Euros can be a perplexing task given the wide array of options: cash (currency notes), traveller cheques, credit cards, debit cards and the recent addition to the list; pre-paid currency cards. But there are ways to make your money go further. Most importantly never use credit/debit card to draw cash from ATM's abroad. With high exchange rate and transaction charges it could prove to be very expensive.

Here are five hacks that will get value for every cent or penny that you spend:

To avail of best deals you must plan in advance. When changing Indian Rupees to US Dollars, it is beneficial to do so in India, not in the US for cheaper rates.

Get the best currency exchange

Make sure to get the best currency exchange rate. Take your time to convert INR to USD. To avail of best deals you must plan in advance. When changing Indian Rupees to American Dollars, it is beneficial to do so in India, not in the US for cheaper rates. An exception to this might be if you are convinced that the Indian Rupee is going to rise sharply higher while you are gone and you want to exchange at the revised rate while in the USA. It is however advisable that you buy your dollars in India, months before you travel for best deals. Buying currency from banks is way more expensive than buying it from money changers or online.

Research Your Rate

The only way to know if you are getting the best exchange rate is to know what the current rate is. Before you leave for your education, check out the American Dollar to Indian Rupee rate constantly for an idea of what exchange rate to expect. Check the rate periodically to stay abreast of any major changes and buy the dollars you need when the exchange rate is favourable to you.

Exchange in what form?

Try to diversify your funds as much as possible for a safer experience. This exercise will help reduce the impact of theft or loss. A healthy mix would include: 30 percent cash (currency notes), 70 percent travelling card.

A popular tactic used by frequent travelers is to buy large quantities of currency (thousands or hundreds of thousands of dollars) at a rate that is only available for hefty sums.

Buy forex in bulk

A popular tactic used by frequent travelers is to buy large quantities of currency (thousands or hundreds of thousands of dollars) at a rate that is only available for hefty sums. Some small time money changers might not be able to give you such deals. You usually will not run into this problem at reputed money changers. Since the requirement for money would be big and spread over a period of time it makes sense to buy forex in big quantities to get great deals.

Be very wary of black market exchanges, which can be a source of scams or counterfeit currency.  Make sure to buy your currency from legal and reliable sources.

Always buy from reputed money changers

Be very wary of black market exchanges, which can be a source of scams or counterfeit currency.  Make sure to buy your currency from legal and reliable sources.

For deals on international and domestic travel, visit: www.getaways.groupon.co.in/

Find accommodation options on: www.booking.com

Buy forex at the best rates on DoorstepForex.com! Click here !

29 Apr, 2015
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