Indians are travelling abroad and are among the highest spenders during their trips. As per the recent research an Indian spends on average 12-15 days in their international trip. Indian’s globe trotters are growing at a break neck rate of 25% YoY growth making it among the bullish industry for quite a long time. Though all this shows the volume of growth, the most ignored and critical part of travelling abroad is Buying Foreign currency in India, a task which not many people think through well. BookMyForex.com brings to you 7 Hacks before Buying Foreign Currency in India October 2017.
7 Hacks before Buying Foreign Currency in India October 2017 BookMyForex.comBuying Foreign Exchange, and getting the Currency for your upcoming Travel is usually a last minute work. The Problem : It not only cost you more, but always leads to a panic situation on whether you will get it on time or not. Here are 7 Hacks from Pro’s you can use before buying Foreign Currency in India
7 Hacks before Buying Foreign Currency in India: October 2017
Hack No. 7: Pareto Principle 80:20 Theory for Buying Currency:
How much money to take for your foreign Trip? This one question is quintessential part of every international travel. As per qualitative research, travellers always tend to take less than required cash and end up using their credit/ debit card thus incurring huge losses. The Solution: Pareto principle works. 80% of your money should be in Forex Card and 20% in cash. Ex: If you are taking 1 Lac INR : then get 20% i. e 20000 Rs. in currency and put rest 80000 Rs in Forex Card. This will be Enough to manage travel expense and will also help you get great rates. Pro Tip: Forex Card comes at Cheaper ex. rates than cash rates. Always enquire about the rates from Forex Vendors.
Hack No. 6: Say GoodBye to Credit Cards: Stop Using those Credit Cards for Rewards
Lets face the music heads on. The so called Reward points you chase, trust us, its not worth getting it on your foreign trips. Credit Cards are not only costly to use on Foreign Trips but Credit Cards kills you like a double edged sword. First and foremost, since Credit cards are credits on Banks money, the exchange rates are considered at the time you swap, that means goodbye to good rates. Second and foremost they charge Usage fee every time you use it in foreign soil, which ranges from 150 Rs per transaction to 350 Rs. depending on country. That means if you use it 10 times in your international trip, you are paying extra 3500 Rs for no reason. The rewards points are never near this value. But a Pro Tip to keep handy: Keep Credit Card for Emergency use only.
Hack No. 5: Travellers Cheque is Outdated. Start using the New Smarter way to Carry Currency
Travellers Cheque are now thing of past, and they are considered the old way to carry currency abroad. Forex Card has almost entirely replaced them because of multiple benefits. For Travellers Cheque Merchants/Banks charge extra 3-5% for encashing it. That means, if you take a Lac of Rs and want to encash it, you will get equivalent of 95-97 thousand only . So stop paying more and start using Forex Card for more economical and smarter way. BookMyForex.com is India’s No. 1 Online Forex Card Seller and has helped customers save more than 6,25,00,000 Rs in less than a year.
Hack No. 4: Check for RBI Authorisation from the Vendor you Exchange to Avoid Future Troubles.
Often missed and a most crucial part of 7 Hacks before Buying Foreign Currency in India is buying foreign exchange from unauthorised agents. Very few, almost negligible set of people check whether the agent they exchange money from is an RBI authorised agent or not. Exchanging money from a Non- RBI authorised agent is a punishable offence and can put you in severe trouble even in future. Be careful while dealing with money changer. The so called near your home, available on call Money changer may not be what Reserve Bank of India approves of. You may never know what went wrong and may put you in trouble. BookMyForex.com is RBI Authorised Retailer with License number : FE.DEL.FFMC/ U070/2013
Hack No. 3: Compare before you buy Foreign Exchange
For most its a last minute thing to do. But Pro’s will tell you that even a small action of comparing Foreign exchange rates at multiple platforms can make a significant difference. Currency rates changes every 3 second, but vendors don’t make the change and that gives them the opportunity to charge you higher. Make sure to search the current price online in search engines and ask for EXACT rates that you see. Super Pro Tip: Call the number +91-9212219191 and ask for Better Rate and be ready to be surprised.
Hack No. 2: Never buy from Airports Foreign Exchange counters.
Airport exchange are situated to earn from your last minute habit. They are placed conveniently so that you make the last minute deal. You may be surprised to know that Airport Exchange charges a whooping 10-13% extra on the prevalent rates. Thats brutal for your hard earned money. Always check with BookMyForex.com which offers you Exchange rate at 0% Margin. So you get exact rates without any charges. Read here what Investopedia wrote about Buying from Airport
Hack No. 1: The Best Time to Buy Foreign Exchange
90% of the people Buy Foreign Exchange last minute and thats when it hurts. The experts suggest that one should buy foreign exchange between 3-7 days before Travel time. What this time in hand allow you is to negotiate the rate well and also get the service at home. Pro Tip: Most online Exchange give FREE Home Delivery. Ask for it. BookMyForex.com provides it at over 5000+ locations and has a delivery time of less than 24 Hours.
You are now just a few steps away to get the best and the live exchange rate. Call us on 9212219191 or visit our website for further details.
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Call us on 9212219191 or visit our website for further details.