The world is moving faster with advanced technologies. Things are getting more digitalized in all manners. Foreign exchange plays a major role in the growth and development of the nation. Every year industry shows a tremendous increase in demand for foreign currency exchange.
How to exchange foreign currency?
- Try to analyze present currency rates by calling authorized dealers holding a license from RBI
- Get your KYC documents ready before approaching the dealer as KYC is mandatory for such authenticated service providers
- Copy of any personal ID, self-attested with the date is the most essential and remember to put the date to avoid misuse of your KYC document
- It is advisable to count your currency before submitting and count your exchanged currency before leaving the counter
Things to remember while doing currency exchange
- Authorized currency dealers in India have a regular analysis of the market fluctuations and consistently comply with the regulatory norms. Hence it’s essential to check with an authorized foreign currency exchange dealer for better rates.
- These exchange offices provide cheapest and best currency rates
- It is often advisable to avoid currency exchange in airports during the last-minute rushes to catch the flight
- Check online for foreign currency exchange rates to know what are best rates available
- Try carrying 40% of the money required in cash while traveling abroad
- Get a foreign currency card for your travel abroad to swipe at POS or for other overseas payments
- Exchange foreign currency that is leftover with you with the nearest currency exchange dealer at the earliest.
What are the cautionary steps to be taken care of, for forex services?
Various fake currency dealers with no valid license exist in the marketplace and approaching them might lead to mishaps. It is often advisable to rely on the Reserve Bank of India license holders who have standard procedures and fixed offices to cater to your currency exchange requirements.
Buy or sell currency by checking the rates in the marketplace to gain profit through these services.