Long summer breaks have just started (for schools & colleges) & it means you’re planning for a lovely summer holiday with your family. This year while you plan your holiday to your favourite international destination, we want you to know “5 things that will help you while buying your Foreign Exchange”.
How much FOREX can you carry?
It is very important for you to know how much money you can carry for your trip abroad. For a leisure trip, you can carry up to $10,000 in one financial year. So if this is your first trip in this financial year you can carry a maximum of $10,000 per person.
Where do you buy the FOREX from?
While you would be tempted to buy your Foreign Exchange from a local jeweller or trader, we want you to know that there is definitely a big risk involved as you might land up in trouble in an unknown place with fake currency notes. So buy your Foreign Exchange from authorised travel operators or institutions like bank to be safe rather than sorry.
What’s the preferred currency?
You should know the currency that you need to buy for the destination you are visiting. As a part of your Foreign Exchange, you should also carry some currency which is universally accepted in that place. E.g. If you are travelling to Singapore, you have to carry Singapore Dollars and carry some US Dollars as well.
What type of FOREX should you carry?
In today’s digital world one should definitely carry 80% of Foreign Exchange through a Prepaid Forex Card. The other 20% can be cash for some local needs that might not support cards. We strongly advise you to carry card instead of a pile of cash mainly because it’s hassle free & safe.
Watch your exchange rates?
Today at the click of a button one can convert your currency online. There are currency convertors available online which help you keep an eye on the current currency trends. You can also set rate alerts and get notified via SMS or email as soon as the currency rate matches your set rate. So keep a close watch on the exchange rate trends and buy it at the best exchange rate for your trip.
Keep the above points in mind while you make the right decision to buy your FOREX. We would also like you to know in today’s mobile age there are Forex app’s available which help you buy and sell your Forex through the app and help you get your Forex at the convenience of your home. You could try these apps as well but make sure the apps are from authorised Forex dealers or recognised banks only.