How to Save on Currency Exchange – 7 Tips for Indian Travellers

By /
Table Of Contents
  1. 1. Exchange Currency Before Your Travel
  2. 2. Avoid Currency Exchange at Airports
  3. 3. Book Forex Well Before Your Travel Date
  4. 4. Check the Interbank Rate
  5. 5. Check for Additional Fees
  6. 6. Load 70% of Your Travel Budget on a Forex Card
  7. 7. Compare Exchange Rates
An illustration of a person holding a piggy bank and smiling, surrounded by dollar signs with the text "7 TIPS TO SAVE BIG ON CURRENCY EXCHANGE" prominently displayed. The background is blue with the ExTravelMoney logo.

Most travellers unknowingly lose money during currency exchange. But did you know that saving on foreign exchange is easier than you think?

Whether it’s for leisure, study, or business, this blog is packed with 7 expert travel currency exchange tips you need. So read on to save more!

Also Read: How Much Cash Can a Traveller Take In and Out of India?

1. Exchange Currency Before Your Travel

  • Currency exchange centres in international tourist destinations usually do not accept Indian Rupees. Even if they do, since INR is not a global currency, it will be at the cost of a bad exchange rate.
  • At times, exotic foreign currencies shall not be available in India or are charged a high premium. In such cases, purchase US Dollars or Euros and exchange them at the destination country for your required currency. Since USD and EUR are global currencies, they are accepted at all exchange stores at fair exchange rates.

2. Avoid Currency Exchange at Airports

  • Be it Indian or foreign international airports, the currency exchange kiosks charge exorbitant exchange rates. This can be 5 to 7 times higher than the money changers outside the airport.

Also Read: Should I Exchange Currency at Airport When Flying Abroad from India?

3. Book Forex Well Before Your Travel Date

    • It is always best to buy your Forex card and currency one week or at least 3 days before your trip.
    • Exchange rates are unpredictable and can vary due to several global factors. So if you have a buffer of one week, you can observe the rate fluctuations and buy at the dip.

    4. Check the Interbank Rate

      • The interbank rate, also known as the mid-market rate, is the exchange rate shown on Google. It is the average exchange rate between the buy and sell rates of foreign currencies.
      • Banks and money changers usually add a markup as a profit margin to the interbank rate.
      • By checking the interbank rate, you can understand whether the markup charged is reasonable or not.
      Check Today’s Interbank Rates 

      5. Check for Additional Fees

      • Money changers that claim zero markup definitely add a currency conversion or service fee. This fee can add up to more than a markup.
      • Always read the fine print and analyse the final price breakdown to skip surprise charges.

      6. Load 70% of Your Travel Budget on a Forex Card

      • Forex cards are prepaid travel cards in which you can load the required amount of the desired foreign currencies and lock the exchange rate.
      • Forex cards offer better exchange rates than purchasing foreign currency as cash.
      • On arrival, you can use the Forex cards at POS machines and ATMs.
      • The only fee included in a Forex card is the ATM withdrawal fees charged per withdrawal. So it is best to decrease the number of withdrawals and increase the sum withdrawn.
      • Forex cards come with several benefits, such as discounts, coupons, and airport lounge access, similar to debit or credit cards. However, unlike them, forex cards do not have unfavourable exchange rates or currency conversion fees.
      • It is safe to carry in tourist destinations that are usually prone to pick-pocketing as the card is chip and PIN-protected. You can block the card immediately if it is lost and use a spare Forex card.

      Also Read: How to Choose The Best Forex Card for an International Trip

      7. Compare Exchange Rates

      • Evaluating all these factors for each forex card in the Indian forex market can be time-consuming and mentally draining. 

      So here is ExTravelMoney, an online forex aggregator that simplifies this process through our Pan-Indian partnerships. By evaluating and comparing each factor, ExTravelMoney finds the best money changer near you, ensuring that the process is simplified and you get the best value for your money.

      You have a lot more benefits to explore with us:

      1. RBI Authorised Stores: All stores listed on ExTravelMoney are RBI-approved AD II and FFMC money changers, ensuring genuine currency and secure transactions every time. Our leading partners include Thomas Cook, BFC Forex, Muthoot Fincorp, EbixCash, and many more.
      2. Fast Delivery: Guaranteed home delivery within 2 working days. You can also opt for same-day store pickup directly from the chosen store.
      3. Lowest Exchange Rates: Being a Forex marketplace, every exchange house partnered with us tries to outbid each other. So, as a result, you get the best exchange rate in the market.
      4. Flexible Payment Methods: You can pay with cash, UPI, or bank transfer. We accept multiple payment methods for your convenience (depending on the amount).
      1. Zero Hidden Charges: We provide transparent pricing with no service fee beyond the standard markup, ensuring the price you see is the price you pay.

      Now that you know what to look for, don’t waste any time! Head over to ExTravelMoney to book your foreign currency and forex card at unbeatable rates, and start your trip without any worries about your wallet.

      Also Read: TCS & GST for Foreign Travel Remittances from India Explained

      Buy Currency
      Buy Forex Card

      Comments

      Scroll to Top