A great way to bring about a change in your routine lives is to travel to a new destination that will make you feel refreshed and learn about new things. You will be able to relax and get rid of all the worries when you go on a sweet vacation for a while. You will be able to explore new areas, traditional cuisine, culture, etc.
While it is a great idea to travel to a different country if you wish to get a completely new experience of almost everything, it still does involve many things that need to be taken care of. To explore the beauty, culture, heritage, and history of a completely new country, the most important thing that you would need to do is to buy Forex (Foreign Exchange).
Starting right from restaurants to hotels and exciting destinations, every single one of these places would charge you money in the form of the local currency of the country that you’re visiting. To make sure that you can spend money in these places, you will have to purchase foreign currency. Without this, you will not be able to do a thing.
Also read: Tips To Save Money On Foreign Currency Exchange
There are several things that you need to know before you buy foreign exchange.
Channels
There exist various channels of purchasing foreign currency like Airports, banks, agencies, and moneylenders as well. While you can choose any of these sources, it is important to confirm whether they have been verified by RBI or not. It is important to exchange money from a source that is verified to avoid falling prey to fraud.
Exchanging currency through traveling agencies is a good idea as they charge a minimal exchange fee (commission) whereas, airports should be the least preferred alternative for this since they charge a high exchange fee.
Cards:
Mostly, you can use your regular credit or debit card in any country but will have to pay extra charges on every transaction. A better way to save money, in this case, would make an application for a borderless card.
Buy Early:
Sometimes buying a currency earlier could be a good idea since rupee to dollar rates keep fluctuating (mostly rising) and if you buy currency at the end moment, you might have to pay more due to a rise in the exchange rate.
30-70:
It is advisable to keep 30% of your money in the form of cash and the rest as digital money. With this, you will not run out of cash during emergencies and at the same time, you are safe from losing all your money in a theft.
Get your money back:
Once you return from the trip, if you still have some of the money left as Forex then you should convert it again and get your money back unless you have planned another trip in the same country during the same year.
Now that you know all about Foreign Exchange, its time to get ready to enjoy your vacation!
There are 4 comments