The currency exchange has become an inevitable part of our life. More friends and relatives moving abroad has made foreign currency exchange a frequent necessity. Hence it is always handy to have some safety tips for better rates and lucrative transactions. Some simple norms followed can give better rates for our foreign currency exchange in India.
Select an authorized dealer
It is always best to go to a Reserve Bank of India authorized dealer who has the license to exchange foreign currency as prescribed by the regulator body. Such institutions often recommend to inform rates beforehand, ask to check and count the foreign currency notes before leaving the counter for accurate amounts, receipts, and proper KYC for each transaction, etc.
Restrictions on cash mode
The maximum permissible amount in the form of cash is Rs.49,999/-. Hence authorized dealers often recommend to transact amount above Rs.49, 999/- through online modes.
Buy your foreign currency much before your travel
Currency rate fluctuation is a common factor in the forex market, hence the smart way to get better foreign currency rates is to buy them well before the date of travel. Currency exchange can be planned and scheduled specially when the rates are favorable.
Airport currency counters are to be avoided
The last-minute rush for foreign currency from the airport counter is often inadvisable as rates might be well above the expectation. Once inside the airport, you do not have any other resort than relying on these counter. Hence the clever way to exchange foreign currency is to plan in advance.
Study the current market rates
Make a study of the current foreign currency rate through online modes. Compare the currency rates with the authorized dealers before deciding on the purchase.
Have other options to carry foreign currency with you
Take some cash as per your requirement, rest can be taken in the form of a card. During travel rely on travel cards for POS payments and rest in cash so that your cash does not get exhausted much before your needs.