When it comes to traveling overseas for business or leisure purposes, assessing your forex needs becomes a must. An international trip can indeed be fun and memorable given that you fulfill your foreign exchange requirements beforehand.
However, it has often been seen that most people fail to maximize savings while exchanging currency owing to a lack of forex knowledge.
It is important to note that currency exchange rates are subject to fluctuation, so they never remain static. They float against one another following the supply and demand of forex in financial markets. You must use a well-known online forex platform to save big while doing currency exchange in Noida.
Let us discuss the 8 most useful tips for exchanging currency while traveling from Noida to an international destination.
1. Leverage an online forex marketplace
Now that the entire world has gone digital owing to technological advances, availing of the services of a well-established online forex vendor is imperative. Leveraging a leading online foreign exchange platform is a sure-shot way to revolutionize your currency exchange experience.
Known to offer the most favorable rates, notable currency exchange portals allow you to pay for foreign cash online from the comfort of your couch.
Once you have submitted the necessary documents and the order is complete, you can get it delivered to your home for a small fee.
Make sure that you choose an online forex portal that offers the most economical currency exchange deals as well as a whole gamut of forex products.
2. Transact at real-time exchange rates
You must keep an eye out for real-time exchange rates to grab the most lucrative forex deal. For this purpose, you must employ an advanced online forex platform that will provide you with all the currency exchange rate updates in one place.
Prominent forex marketplaces compare live rates across plenty of banks and trustworthy money changers to give you the most economical deal. Above all, you must beware of illegitimate forex providers that offer currency exchange at fixed rates.
3. Lock in the rate of your choice
There are a handful of online forex portals out there that allow customers to lock in the rate of their choice. Since freezing your desired exchange rate is an effective way to boost savings, you cannot miss out on this feature.
By paying a negligible 2% fee, you can lock in your preferred currency exchange rate for as many as 3 days.
4. Sign up for instant rate alerts
When you are unhappy with the prevailing rates, it becomes a little difficult to capture the best currency exchange deals. However, you need not be disheartened as eminent online forex platforms allow customers to sign up for rate alerts.
You just need to select your desired exchange rate and enable rate alerts. Whenever your preferred rate becomes available, you will immediately be notified via email and SMS.
5. Use a prepaid travel forex card
Ensuring maximum savings is always a topmost priority for travelers seeking foreign exchange and this is where a prepaid forex card can come in handy.
Prepaid forex cards have a high acceptance rate worldwide and they can be used for exchanging foreign currency at interbank rates.
Capable of being loaded with multiple foreign currencies, a travel forex card comes with solid PIN protection and an insurance cover that is free of cost
It is a must-have for travelers who are sure that they are going to make plenty of payments abroad at restaurants and online stores. The best thing is that a prepaid forex card can enable you to save up to 6% over your debit/credit cards which are approved for foreign transactions.
6. Stay away from airport exchange booths
Staying away from airport exchange counters is the wisest thing you can do while seeking a foreign exchange. Airports are notoriously known for taking advantage of needy customers who have nowhere else to go.
Being a smart customer, you should be on your guard against airport exchange booths that claim to offer money exchange services at zero commission.
In fact, the margins they charge on exchange rates are sometimes as high as 12%. The worst part about the currency exchange process at airports is that it is complex and time-consuming.
7. Avoid shady forex vendors and private banks
When it comes to exchanging currency for international travel, avoiding shady forex vendors and private banks is a matter of paramount importance. It is so because unauthorized forex vendors try to swindle uninformed travelers by claiming to offer the best exchange rates.
In reality, they set exchange rates as per their desires and add unjustifiably huge markups to make big profits. In the worst-case scenario, shady forex providers may rob you of your hard-earned money by selling counterfeit currency notes.
Similarly, a majority of private banks levy up to 3% conversion charges in an attempt to earn maximum money from customers. Banks normally offer forex to customers via their own network of currency exchange vendors who also gain a portion of the profit.
The good news is that you can save between 2.5% to 6% over private banks and forex vendors simply by choosing a web-based foreign exchange platform that has a notable track record.
8. Do not rely upon traveler’s cheques
Traveler cheques were once a popular medium of exchange across the world. However, their popularity has significantly declined with the emergence of modern forex products such as prepaid travel cards. In today’s age, traveler’s cheques are nothing but an antiquated method of currency exchange.
While it is true that they can be exchanged for foreign currency. The service fees associated with them could be as high as 5%.
Another major drawback is that they are accepted only at a few authorized dealers globally. Therefore, you should avoid relying on traveler’s cheques for currency exchange purposes. Especially if you want to get good value for your money.
Exchanging currency before your trip can go a long way in simplifying your overseas travel experience. No matter the purpose of your visit, you will be needing a specific amount of money during your overseas stay.
You must estimate your daily expenses and carefully figure out your forex needs. With this, you can also prevent last-minute hassles from spoiling your trip. Most importantly, see to it you approach an online forex marketplace to avail currency exchange in Noida.