Whenever you are planning to go abroad, the need for foreign money exchange often rises up. Be it dollar, yen, dinar or pound, smart way to get the best rates for your foreign currency is through some simple advice.
Get as much money exchange as required
You have a travel destination and the desired currency that you require hence buy foreign currency only as much is required and not in excess. Mainly the money exchange rates fluctuate leading you to pay extra while converting into INR or home currency. It is also risky to carry around lots of cash while traveling
Prepaid Multi-currency Card is the best support in foreign travel
You can load your amount to a Prepaid Multi-currency Card that gives the security of rate locking and safety from theft. Carry the card with ease and make payment through swiping at POS. In case the loaded currency gets exhausted, you can ask your family/ friends to reload from the home country so that you can again start using the card while on the move. Reporting a card loss will lead to card locking, ensuring no misuse of your funds. Hence it is particularly safe and reliable in foreign travels.
Take note of country-specific payment modes
The country that you have decided to visit might have different facilities for making payment, it could be card payment through POS or cash payments. Some countries have widespread acceptance of cards while others rely on cash. Hence it is always best to study a bit about the country and their preferred mode of transactions to be prepared with cash and pre-paid cards as per the country-specific requirement.
Keep a track of current exchange rates
Research and study about the money exchange rates. Try checking the rates by currency converters available in online space and also check with some renowned authorized dealers to get a grip on the rates available in the market.
Money exchange might be expensive at Airports
The airport has the facility to exchange foreign currency on the spot within the premise but the rates often vary and reflect on the higher side. Hence it is advisable to exchange foreign currency well in advance without paying more.
It is always handy to gain a little information about the currency rates and the places to get the best exchange rates.