Heading abroad for studies? It’s time to say hello to a new country and currency. Therefore, the primary goal is not to let unfavourable exchange rates eat into your budget. Here are the 7 smart currency exchange tips every international student must know!
1. Exchange Currency Before Flying
Currency exchange centres abroad usually do not accept Indian Rupees. Even if they accept, you will only get a poor exchange rate, as the INR is not a global currency.
Also, most often, exotic currencies are unavailable or are charged a high premium in India.
So in such scenarios, the next best option is to purchase global currencies like the US dollar or the Euro (according to your study destination). Since USD and EUR are accepted worldwide, they can be easily exchanged at fair rates.
If you are confused about which currency to purchase, Chat with our Forex Expert Now!
2. Big No to Currency Exchange at Airports
Be it at Indian or foreign airports, the currency exchange kiosks charge 5 – 7 times higher exchange rates than the money changers outside the airport. So it’s smart not to fall into the trap of last-minute forex.
Also Read: Should I Exchange Currency at Airport When Flying Abroad from India?
3. Book Forex Well Before Your Travel Date
For a stress-free and pocket-friendly journey, it is advisable to purchase your forex card and currency at least 3 days in advance.
Exchange rates are unpredictable and can fluctuate according to global factors. So with a buffer period of one week, you can monitor the rate variations and buy at the dip.
4. Check the Interbank Rate
The interbank or mid-market rate is the average exchange rate between the buy and sell rates of foreign currencies.
Typically, the interbank rate is the exchange rate that is displayed on Google. However, most banks and money changers add a markup as a profit margin to the interbank rate.
So you can cross-check with the interbank rate to understand whether the markup charged is reasonable or not.
5. Look Out for Additional Fees
Always keep in mind that money changers that claim ‘zero markup’ definitely charge a currency conversion or service fee. In most cases, these fees add up to more than the usual markup.
Always read the final bill and fine print to evaluate the final price breakdown.
6. Forex Card is your Best Forex Friend
Forex cards are prepaid travel cards on which you can load the desired amount of foreign currency and lock the exchange rate.
During the initial days of studying overseas, you might not have a bank account available. With a Forex card, you can conveniently withdraw cash in the local currency from ATMs as required.
Your parents can reload the forex card from India during your study period abroad.
Apart from the ATM withdrawal fee, forex cards do not charge any other fees like debit and credit cards when used abroad.
All forex cards come with an app that allows you to manage and block your card, track transactions, and arrange emergency cash assistance if the card is lost or stolen.
Student-friendly forex cards provide exclusive offers and discounts on grocery shopping, study-essentials purchases, and travel payments, helping you save while abroad.
Also Read: How to Choose the Best Forex Card for Students Travelling Abroad
7. Compare Exchange Rates
Compare different money changers and banks to evaluate the exchange rates, charges, proximity, and speed of exchange.
But comparing and contrasting all these factors for each provider can be time-consuming and tiring.
Introducing ExTravelMoney, an online currency exchange aggregator that simplifies this process for students through our Pan-Indian partnerships. By assessing and comparing various factors, ExTravelMoney identifies the nearest money changer who offers the best rates, making the process easier and ensuring you receive the best value for your money.
Also, you have a lot more benefits to explore with us:
RBI Authorised Stores: All stores on ExTravelMoney are RBI-authorised AD II and FFMC money changers, ensuring authentic currency and secure transactions. Our partners include Thomas Cook, BFC Forex, and Muthoot Fincorp.
Fast Delivery: Guaranteed home delivery in 2 working days or same-day store pickup.
Lowest Exchange Rates: Our Forex marketplace drives exchange houses to compete for the best rates, ensuring you get top value.
Flexible Payment Methods: We accept cash, UPI, or bank transfers, depending on the amount.
Zero Hidden Charges: We provide transparent pricing with no additional fees beyond the feasible markup.
When it comes to moving abroad for higher education, every step matters. That is why the right currency exchange strategy is necessary to ensure a stress-free start to your overseas education. So start your journey abroad with ExTravelMoney’s secure, RBI-authorised currency exchange and money transfer at the best rates and easiest exchange experience.
Ann Mariya Job is the Associate Content Writer at ExTravelMoney.com. Holding a Bachelor’s in Journalism, she excels in creating deeply researched, engaging, and crisp content. Her work helps readers understand the complexities of foreign exchange, overseas money transfers, and international travel.