A trip abroad can be a fun and exciting experience filled with history, new cultures, exotic cuisine, and learning about the world. However, before flying abroad, it is important for you to check where you can get the best exchange rate for your money. Foreign currency can be purchased in several ways, for example, at your local bank branch, through a forex broker or travel agent or online via reputed platforms like BookMyForex.
Worst Places to Exchange Currency
The exchange rate to convert foreign currency varies greatly from place to place, and some businesses take advantage of needy travellers to make a profit. You should avoid exchanging currency at these places:
The first place nearly all travellers visit when they arrive in a new country is the airport terminal, which is where they can exchange currency. However, it’s not always a good idea to exchange currency at the airport. Airport-based currency exchange shops make big profits by charging you the worst exchange rate since they know you may need foreign currency urgently.
Currency Exchange Stores
It is common to find small currency exchange stores in foreign countries. These exchange shops are often located in popular tourist areas where tourists are offered unreasonable rates for currency exchange. There is a good chance that you will be able to obtain better rates on a dedicated currency exchange platform than in these shops.
Options you can consider for currency exchange
If you exchange currency, you should make sure that you don’t get caught converting currency at unfavourable rates with high currency exchange fees. Here are some options you can consider to get the best exchange rates:
Local banks are a convenient and secure option for exchanging currency. Banks may offer better currency exchange rates to you than airports or currency exchange stores located abroad. However, particularly with banks, it is important to realise that each bank may have a different exchange rate to offer and that these rates may not always be live or transparent in nature.
Online Forex Platforms:
With online forex platforms like BookMyForex, you can buy & sell foreign currency at live and transparent exchange rates from the comfort of your home. BookMyForex offers you the best exchange rates for 40+ currencies, compared across hundreds of money changers around you. Moreover, you can book an order online in just 5 minutes & get same-day doorstep delivery of real currency notes.
Get huge savings on currency exchange with Online Forex Platforms
It isn’t convenient to run to a bank or money exchanger every time you want to exchange currency. An online forex platform like BookMyForex makes it easy to buy/sell foreign currency and at the same time, you save big on currency exchange. Placing an order is easy and hassle-free; No long queue, no haggling over rates, no hidden charges, and no lengthy process. BookMyForex is your smartest choice for foreign currency exchange because it offers the following benefits:
- You can buy and sell foreign currency online at live and real-time exchange rates.
- BookMyForex offers the best exchange rates for 40+ currencies without any hidden fees.
- The rates are compared across hundreds of money changers around you.
- Get same-day doorstep delivery of genuine currency notes in 185 cities across India.
- Opt for “Book Now & Pay Later” feature to freeze the rates for up to 3 days by paying a refundable deposit of 2%.
- As part of our distribution network, we have over 5000+ partner branches to make our services widely available.
- BookMyForex goes out of its way to deliver the best customer service support to the customers.
Forex Card – A Good Alternative to Currency Exchange
As Forex cards become increasingly popular, cash is no longer regarded as a preferred payment option. Forex cards are considered to be the safest and most convenient way to carry foreign currency. You can load your forex card with one or more foreign currencies to make payments on your foreign travels without hassle. BookMyForex interbank rate forex cards are powered by Visa, so they work everywhere, where Visa cards work i.e. in stores, online and at ATMs. A forex card can be a great alternative to currency notes because they offer a lot of benefits:
- BookMyForex forex card is available at exact interbank rates with zero added margin. This literally means you get to exchange currencies for free.
- You get a Free International SIM for Unlimited Incoming calls & WhatsApp chats when you buy BookMyForex Forex Card.
- BookMyForex Forex cards can be loaded with 15 different currencies, and the exchange rates on the forex card remain fixed, unlike any INR-based debit or credit cards.
- Since it is a prepaid forex card, once loaded, you do not need to worry about forex volatility as your balance remains intact in the form of foreign currency.
- You can book your order online in 5 minutes and get same-day doorstep delivery.
- You can save up to 5% on debit and credit cards, and up to 1% on Global INR cards with a BookMyForex forex card.
- There is zero issuance, reload, unloading or maintenance charge on the card.
- In comparison with debit/credit cards, which may charge you about 3% for ATM withdrawals, a multi-currency Forex card purchased through BookMyForex has minimal ATM withdrawal fees.
- There are zero rate fluctuations as exchange rates are locked in when the card is loaded.
- Unlike hard cash, our forex card is Chip & Pin secured to protect you against theft and counterfeits.
- You also get emergency cash across all the major international cities in case your card is lost or stolen.
- To help you manage your spending, you will receive email and SMS alerts for every transaction.
- It is possible to freeze the balance of your forex card if it is lost or stolen, as well as to block the card immediately.
- BookMyForex travel card also comes with free insurance cover so in case of an unfortunate mishap, you should not worry at all as we have got you covered.
No matter if you’re travelling on holiday or visiting relatives abroad, foreign trips require a great deal of preparation and planning. At first, travelling with foreign currency notes might seem appealing. However, compared to a forex card, this outdated method of carrying money is not only inconvenient but also costly. With BookMyForex forex cards, you can meet all your monetary needs abroad.
Whether you’re shopping at a local store or withdrawing cash from an ATM, our forex card never disappoints. You don’t have to spend valuable time visiting various banks to get foreign currency notes or forex cards as you can book an order online with BookMyForex. As opposed to banks and other money exchangers, BookMyForex provides the best exchange rates, i.e. live interbank rates. If you are travelling abroad, BookMyForex multi-currency travel card is your best companion and a wallet-friendly option.