How you can save money on currency exchange

Traveling to another country is always a worthwhile experience. However, like everywhere else, there are several costs involved that you need to take care of. Currency exchange, in particular, is something you should research beforehand and find the best way to do it. We have compiled some tips to help you explore the cheapest foreign destinations from India and save money when using currency exchange services.

Cheapest foreign destinations to visit from India

Here are some foreign countries you can visit from India without spending too much.

• Sri Lanka

A country of rich and diverse culture, Sri Lanka is a delightful destination for every tourist. The beaches are beautiful and clean, making them an excellent place to hang out when you visit from India. The people of Sri Lanka are also warm and welcoming, making it an ideal place for travelers who want to experience the culture of another country. The food is delicious, and you will get spoilt for choices with many different dishes.

• Nepal

Nepal is a popular destination that has always been on the bucket list of most Indian tourists. A trip to Nepal will allow you to get a rich and diverse look at the culture and architecture of this country. The country has many attractions to offer its visitors, including beautiful mountain ranges and valleys, rivers, lakes and waterfalls, monasteries, temples, and palaces.

• Bhutan

The country is full of natural beauty and wonders that will leave you amazed for a lifetime. Moreover, as an Indian citizen, you can visit Bhutan without a passport. Besides mountains and valleys, there are also several monasteries and fortresses to explore here. 

• Vietnam

This famous tourist destination in Southeast Asia attracts people from all around the world. It’s a cheap destination that will be worth every rupee you spend. You can go on wildlife and island tours, visit local markets, explore Buddhist pagodas, and do much more.

Tips to save money on currency exchange

Whenever you visit a foreign country, the exchange rates between the two currencies will often hit your budget. Here are some practical tips to overcome that problem.

• Always use the local currency

It is always best to pay in local currency whenever you have an option. Even when you use a credit card or ATM card, choose the option of paying in local currency. You will not end up spending more than you should when you pay in foreign currency.

• Do not leave your banking network

Ensure that the ATM you use to withdraw money in a foreign country is a part of your bank’s network. If not, there can be a high amount of transaction charges that will hurt your finances. A multi-currency account also helps in this aspect.

With a multi-currency bank account, you can hold the local currency of the country you visit. You will practically get charged zero fees and can use your card for all transactions.

• Avoid credit cards

A credit card can be very convenient to transact within a foreign country. You can use it to pay hotel bills and meet any other expenses. However, you will not always get the best foreign exchange rates from your service provider. You can instead use ATM cards or forex cards to transact.

• Watch out for hidden fees

It is advisable to research well when exchanging currency. Look for markups and transaction fees that can increase the overall cost of the transaction. Also, look out for rates and if there are any terms and conditions involved. Being mindful will help you avoid getting duped.

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