Purchasing foreign currency can be an affluent and confusing exercise. The job of exchanging your hard earned money to another currency like in Dollars, Pounds or Euros can be quite perplexing, since there is a wide range of payment modes are available:
- Cash (currency notes),
- Traveller cheques,
- Credit cards,
- Debit cards
- Prepaid currency cards (Recent addition to the list).
But there are several methods to make your money go further, flawlessly, without any hurdle.
Most prominently never use credit/debit card to transact money from ATM’s abroad. With high currency exchange rate and money transaction charges it can prove to be pretty expensive to you.
Here are few effective tricks that will help in getting value for every cent or penny that you will spend:
Get the best currency exchange
First case, confirm to get the best currency exchange rate. Take time and get INR converted to USD. To avail of best deals you must plan in advance.
For example, while exchanging Indian Rupees to American Dollars, it is would be better to buy foreign currency online while staying in India, not in the US for lurking cheaper rates.
Prohibiting to this might be if you are persuaded that the Indian Rupee is going to rise abruptly higher while you are gone and you want to exchange at the revised rate while in the USA.
It is however highly recommended that you buy your dollars in India, at least few months before you travel for best deals. Buying currency from banks is way more expensive than buying it from money changers or online.
Research about your exchange rate online
The only path to learn if you’re getting the best exchange rate is to really know what the existing rate is. Before you leave for your education, browse the American Buck to Indian Rupee rate constantly for a concept of what exchange rate to anticipate.
Can take help of the experts to better understand the market or read blogs online to get through the details, deeply.
Check the rate regularly to stay up to date with any major changes and purchase the dollars you will need when the exchange rate is favorable for you.