Money is an important part of
your travel. It helps in purchasing stuff, and cope with emergencies. Money can
be taken in different forms such as Credit/Debit Cards, Forex Cards, Travellers
cheques, Mobile wallets, Banking Payment Apps and Physical Cash. Physical Cash
is the most commonly used among people. Majority of the cash is in physical
form. Hence, travellers need to have valid currency bills of the place they are
visiting. Different countries have different currencies. Their exchange rate
changes every second. Also, the Foreign Exchange Bureau charges different
commissions at different places. It is thus, important to get the best rate at
the lowest commission. Many travellers end up paying huge commissions to
Foreign Currency dealers. In this Blog, we will tell you the things you should
remember before purchasing Foreign Currency. The info in this Blog is based on
our experiences, and inputs from other travellers. Let’s get started…….
1. Check Rates: Start checking
exchange rates 15 day prior to departure. This will give you a range where the
price is fluctuating. Negotiation with the dealer will be easy for you, as you
know the price range. It also minimises the risk of getting exploited by the
Forex Dealer. Sometimes people handover the travel arrangements and Forex to an
agent, without keeping a check. This makes them vulnerable to exploitation.
2. Reliable Dealer: Make sure the Forex Dealer is reliable
enough. Consider Banks and Travel Agents for this. These institutions are
registered and reliable dealers. Purchasing currency from a reliable vendor
ensures that you get valid currency bills from legal sources. Private dealers
may be risky, as they may give Fake or illegal Bills. Many smugglers and Fake
Note dealers search for soft targets to get the Notes in circulation.
3. Valid Currency Notes: Before
purchasing, search the internet for images of currency bills which are valid.
Do check the year of printing on them. Compare it with the Bills provided by
the dealer. Purchase only when you are assured of validity. Sometimes dealers
give you old series notes which may/may not be in circulation. Old series of
notes are either not accepted, or accepted only at a few places. Also, check whether the Nation you are
visiting has changed its bills recently. Some countries go through process of
currency change every 10-15 years. These things will help you in getting valid
currency bills for your trip.
4. Purchase from Home Country: Some
people take their local currencies and change at their destination. This is an
expensive option, as you get the Airport or Hotel to change, which charge a
high commission. Purchase the local currency before your departure. This will
enable direct dealing with less commission. If the currency you want is not
available, purchase US Dollars as they are accepted all over the world. Make
sure you purchase US Dollars only when the required currency is unavailable. You
have to get it changed anyway at the destination. For example: If you are
travelling to New Zealand, purchase NZ Dollars from Home country. Purchasing US
Dollar will require change at arrival.
5. Distribute Foreign Currency: If
you are visiting two or more countries accepting different currencies, divide
your budget and purchase separate currencies accordingly. Don’t purchase a single
currency for both places, you will require a currency change. For example: If
you are visiting Australia and New Zealand, purchase AUD and NZD separately.
6. Return the Money Left: After your
trip, if you have some currency left with you, return it immediately. If you
are traveling frequently you can keep it, else return back. Sometimes people
use old bills after a long time, and realise that the bills are no more
accepted. So make sure to return your leftover cash.
These were some important things
you should remember before purchasing Foreign Currency. If you have more to
add, comment down below. You can also share your currency exchange experiences
in the comments. It will help future travellers…….
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