Forex Card – Getting the best bargain for traveling
by Pooja Late so cutToday, technology has changed how things are done.
We have seen how cash is carried in a single card without stress. This has made
traveling much easier and safer instead
of stashing so much cash to meet up your traveling expenses. Nevertheless, with
forex card, your problem is over. Are you
thinking of traveling this coming
holiday? Here are important things to consider before buying forex in India.
Buy
forex before your travel date
In order not to be in a last minute rush to buy forex,
it is advisable to buy it at least a week before the date. The currency rates
using in buying online forex
fluctuate highly. Peradventure you discover the rates are higher, you have the
luxury of time to wait for days before checking again if the rate has fallen. Moreover, why be in a last minute rush when you can get things done
on time.
Don’t
consider buying from Airport outlets
You may decide to exchange forex at airport
outlets before jetting out of the country. However, you will be at the losing side,
as you will be charged a commission of about 10-15%. You are left with no
option because you don’t have the bargaining power. The effect of this is that
you will lose some amount of money, which will further affect your traveling
plans of what to buy and spend on. The Exchangers at the airport will conclude
that you need to buy forex else,
your travel won’t be possible.
Follow
the 30/70 rule
The idea here is to get an estimate of the amount
of money required for your trip. Then you carry 30% of that money in cash,
which you can spend on taxi and other things. However, the remaining 70% can be
kept in your forex travel card. With this, you always get a better deal than
when carrying cash. Additionally, it is safer than walking with cash everywhere
you go.
Compare
rates before you buy forex
Each currency has its own exchange rates and
varies from one vendor to another. Importantly, you should compare the rate
offered by different vendors before settling to buy from one. You can also
compare the exchange rates of different
verified exchangers before placing your order online.
Avoid
Traveler's cheques
Travelers’ cheques are like black and white
television, which is outdated. Today, forex travel cards have replaced
travelers’ cheques. Most banks or merchants overseas charge almost 4 to 6%
commission on en-cashing traveler's
cheques.
Have
additional Forex Travel Card
Besides having your original forex card, you may
consider keeping a spare in case of emergency. Most exchanges don’t charge any fee for additional forex cards. However,
if there is a cost attached to it, it is preferable to pay the minimal charges
while getting an additional card to stay on a safer side.
Ensure
the Forex dealer is RBI authorized
Today, there are numerous frauds happening online
and it behooves you to be extremely careful. You should be careful when dealing
with forex dealers you aren’t familiar with. Most times, they hang around
tourist centers. Furthermore, ensure such vendor has a license as a forex
exchanger by the Reserve Bank of India.
Author’s
Bio
Jacob Long in this article explores a better approach on how to buy forex online. He further enlightened his audience on getting
the best bargain when buying forex.
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Created on Feb 8th 2019 00:21. Viewed 417 times.