Financial Tips for Your Trip to USA

Deemed a world power, the USA boasts countless picturesque places that possess the potential to mesmerize travelers. It goes without saying that a trip to the USA can pave the way for a fun filled experience. However, the fun of your travel can get spoiled in a flash if your basic forex requirements are not sufficiently met.

Before you plan your overseas trip, you must determine how much foreign exchange you are going to need to pay for various expenses during your stay. If you are looking to exchange currency beforehand, keep an eye out for currency fluctuations to capture the best deal.

Although there are numerous ways to exchange currency in today's age, most people have no clue where to begin from. Here is a list of the top 5 financial tips you should follow to make your international trip hassle-free and convenient. 

1. Transfer money via a forex platform 

When you travel to a foreign country, transferring money in advance is extremely important. For this purpose, you must use the services of a trusted forex platform to transfer money from India to USA to avoid bearing hefty service fees. Relying on unauthorized forex vendors is not a good idea as doing so can make you lose plenty of your hard-earned money.

By utilizing leading online forex services, you can transfer money overseas at the click of a button. Unlike before, you no longer have to visit a bank branch to submit important documents as the remittance process is now fully online. You can book your forex requirements and finalize the order from the comfort of your couch. Take note that you can send money to the USA either via wire transfer or foreign currency demand drafts.

Wire transfer is the easiest and fastest mode to transfer money overseas. If you choose to use the wire transfer facility, the transfer of money will complete within just 12 to 48 hours. On the other hand, demand drafts can take as long as 10 days to complete. Demand drafts are fine if you are not in a hurry to transfer funds. Otherwise, you should straightaway opt for wire transfer to ensure quick remittance. 

2. Never exchange currency at the airport

If you travel on a frequent basis, you are probably aware that exchanging money at airports can prove to be costly. Airport exchange counters are infamous for tricking customers in the name of zero-fee conversions. They offer poor rates with high margins and pocket the difference. The conversion fees they demand could be as high as 12%. People who are unaware of such high markups on the rates get duped and end up paying more than needed. 

This is how airport exchange counters take advantage of needy travelers who are in a rush. The huge influx of last-minute transactions from travelers gives them an opportunity to make profits. There are better currency exchange options out there but unfortunately travelers do not know much about them.

Staying away from airport exchange counters is the wisest thing you can do to keep from getting ripped off on foreign currency exchange. If you are seeking an alternative, you should approach renowned forex platforms that allow you to save up to 13% over airport exchange booths.

3. Avoid banks and shady money changers

If you want to ensure a convenient travel experience, the most financially viable option is to buy foreign currency in advance. However, you should never approach banks as there is no surety whether you will get the best exchange rates or not. Banks usually provide customers with forex through currency exchange merchants, with whom they have tie-ups.

You must keep in mind that the conversion charges levied by most private banks are between 2-3%. Instead, it is best to opt for a trusted online forex marketplace to save up to 6.5% over banks. Local foreign exchange vendors may also help you to get the job done but they often quote unreasonably high rates. You should have exceptional bargaining skills to bring the conversion costs down.

Above all, you should never rely on word of mouth when it comes to exchanging currency. It must be noted that exchange rates are non-static and they are bound to fluctuate from time to time. The main reason behind currency fluctuations is floating exchange rates. So, ensure you always check the rates offered by various forex dealers before finalizing the deal.

4. Make use of an international debit or credit card

The good news is that you can utilize your international debit or credit card for managing your expenses overseas. International cards can come in handy to make quick payments for bills, food, rent etc. There are banks which charge you based on the current exchange rates and waive off foreign transaction fees. 

However, a debit or credit card should never be your first choice, especially if saving money is a big priority for you. It is so because the high service charges associated with international debit cards can further add up to your expenses. An online trusted foreign exchange vendor can help you save as much as 3.5-6% over your debit or credit card which is enabled for international transactions.

5. Invest in a prepaid forex card

Powered by Visa/Mastercard, a prepaid forex card is a must-have when traveling abroad. It can simplify your foreign travel experience by allowing you to make convenient and hassle-free payments. The best part is that a prepaid forex card can be loaded with several currencies at the same time. Furthermore, multi-currency forex cards are pre-loaded with a currency at a fixed rate unlike credit/debit cards.

Since a prepaid forex card is bound to work everywhere, you can use it at stores and online E-commerce sites as well. The card can also be used at ATMs for doing withdrawals at minimal fees. These cards are deemed the safest way to carry foreign currency as they feature an automatic fraud prevention mechanism. Since forex cards are secured by a robust PIN, they are well protected against theft. 

People travel to the USA for both leisure and business purposes. But when you have to transfer money from India to USA at short notice, it is always wiser to select a reputable forex vendor that has a good track record in money remittance. So, make sure you adhere to the aforementioned financial tips to avoid last-minute hassles during your trip.