You have made rush-rush plans for your trip overseas. In all the frenzy, you were unable to buy the requisite forex for your destination country. Or maybe, you are traveling to many countries during the trip and may not have bought forex for each country. Often people suggest that you buy the amount needed once your reach your destination.
Once you arrive at your destination, you find that the airport/ hotel is an extremely convenient option for buying forex since you need not venture all over the city trying to find a currency exchange. But while it surely maybe hassle-free to buy or sell forex at the airport or your hotel, is it a wise move to buy/sell forex there?
Certainly not! Have you ever given a thought to how much money you stand to lose if you buy/sell forex at these places? Airports/ hotels are amongst the most expensive places for buying or selling forex because they offer poor exchange rates and charge a heavy transaction fee, thereby denting your savings. So compare the rates and other charges offered by other money changers online and offline) and then choose the one offering the best rates. A always helps that you buy from a reliable and known forex dealer.
There are other smarter options too. Even better than cash, buy prepaid travel cards which are available in multi currency options for those traversing multiple countries. What’s more, they are often valid for a few years and can be easily reloaded during the same or subsequent trips!!
Keeping the above in mind, forex could be the least of your worries when you travel!
Read More :
Carry a first aid kit and basic medicines to cut medical expenses during international travel
Pay in Local Currency & Save Big
About the Author
Manik Varshney is the AVP - Processes, Compliance & Product Management at BookMyForex. Manik has been building the product at BookMyForex for around 8 years. Be it any query on the tax rules on foreign money transfers or forex cards, Manik is our usual go-to-guy.
