3 ways to Save some penny while doing currency exchange in Delhi

The task of exchanging your hard earned money into dollars or some other currency is a tough task. But when you decide a holiday trip to abroad you need to do currency exchange. As everyone knows that there are a variety of options for currency exchange like traveler's cheque, taking cash or using a debit card or credit card. While choosing any of the options keep in mind that there are ways using which you can save big on your earned money during currency exchange process.

Never withdraw money using your debit card or credit card in abroad because every time when you take out money they will charge a high commission. So, not using this process will help you to save lots of money which you can spend somewhere else during your vacation.

Always try to expand your fund. While doing currency exchange in Delhi keep 20 to 30% in the form of cash and for the remaining money ask the bank or foreign exchange company to issue a travel card. This will reduce the risk of getting robbed in another country.

Try to do money exchange in bulk if you are a frequent traveler. In this way, you do not need to exchange money every time and you can also sell currency afterward in Forex market and can get some good amount.

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5 Things You should Focus on While Doing Currency Exchange From Delhi

Exchanging currency for your travel or business trip needs a lot of planning. It is not a let go process. In order to travel another country, it is necessary to exchange your national currency with the currency of the country that you are going to travel. So, it's very important to do some research and find a perfect source who can offer you a favorable deal for currency exchange service.

If you live in Delhi and trying to do money exchange in Delhi then it's necessary to keep certain points in your mind while exchanging money from foreign exchange company.

1. Always ask the currency exchange company in Delhi to issue a Forex Card

Keep in mind that your international Debit card will not work as a forex card for you in foreign countries. This is because when to swipe it outside India the money which will be transacted remain in the foreign currency and due to that currency exchange commission extends up to 5%. While in Forex card you will get the local currency which will not include any extra commission during the transaction.

2. Don’t use the old method of carrying Traveler’s Check

Using Traveler’s check is now an old method. Today forex travel card has taken their place and moreover if you use Traveler’s check the overseas bank will charge a huge commission for encashing the cheque.

3. Keep an Extra Forex Card with you

It is necessary to carry a spare of forex card with you. In case, if you lost your forex card then the spare card will be of great use. Companies charge a very minimal charge for giving a spare of forex card. So, don’t forget to ask for it as it is a very safe option while traveling overseas.

4. Don’t forget to change left over currency after returning from the international trip

Always exchange the leftover currency as it will be of no use after coming back. If you want you can keep it as it is for your next trip but you can do this only for 6 months and there is a limited amount also that you can keep it as balance.

5. Make sure the foreign exchange dealer is having authorization from RBI

Always keep yourself away from fraud dealers. Because nowadays, no of companies are there in the market. So, before moving further always check for the RBI authorization to keep your money safe in the right hand.