What You Should Know Before Doing Money Exchange in Delhi

 When it comes to exchanging currency for any personal or professional purpose, the process can be tricky if you have not banked on the right platform. Also, little knowledge about money exchange in India can give you great loss in return. Therefore, in this article, I will talk about the key things that you should know before considering money exchange in India. Especially if you are looking for Foreign Exchange in Delhi or other cities in Delhi, this article will really help you.

So, without further ado, let’s talk about the things to consider before buying forex exchange or money exchange in India.

Arrange Forex Exchange Before Your Travel Date

To avoid last minute hurry, get your money exchange ready a few days before your actual travel date. If you have decided to do this a week before the travel date and the currency rates are quite high at that time, you can wait for one or two days to see whether there is a falling in the rate. Currency rates are dynamic, so if you are lucky you may get the deal at the lowest possible rate before your travel date.

Avoid Airport Outlets To Exchange Money

Airports have foreign exchange outlets to serve people like you. But exchanging currency from airport outlet is certainly a costly option. A particular amount of money will be charged as a commission. If you wait for the last minute to do the money exchange, finally you will be left with no choice except opting for airport outlets. The worst thing is you cannot bargain in such outlets.

Compare Currency Exchange Rates Before Making The Buying Decision

Currency exchange rates may vary, depending on the vendors. You must compare the rates from various vendors and digital platforms before buying. Nowadays there are some organizations that offer the best deal in Money exchange and other places throughout Delhi. They compare the rates from numerous banks and help you get the best possible rate.

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.

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.

3 ways by which you can downplay the risk in Foreign Exchange

Today, everyone tries to expand their business overseas, and for that, they do international money exchange in Delhi or any other city. So, while doing the international transaction, it’s very important to check fluctuated exchange rate and the risk involved in doing money exchange.

Foreign exchange, if not done with proper planning can take your business towards lots of risk and losses. This loss can be in the form of transaction disclosure, economic risk or contingent uncovering. Therefore, below are some ways by which you can play down all this risk and can do a safe foreign exchange for your overseas business.

1. Spot orders - It is the best way to fulfill the current need of giving or receiving international payment. Spot order is a process of buying foreign exchange on the spot. Spot orders are fundamentally the points of interest in a concession to a spot exchange between two gatherings that is settled on a settled upon date – the spot date. A spot exchange is the buy or offer of a remote cash trade, monetary instrument, or ware. Spot orders are helpful when you have to finish a monetary exchange around the same time or inside 48 hours.

2. Market orders - It allows you to name your coveted cost. Not similar to spot arrange, a market arrange does not have a predetermined time to offer. It enables you to select the time span you might want the request to stand.

You select your rate, put in the request and your Currency Specialist will get in touch with you when the market arranges fills to make plans to settle the exchange. In the event that the market does not achieve your picked rate, you are under no commitment and may wipe out.

3. Forward contract - A forward trade contract is the consent to trade monetary standards at a predetermined time later on. A forward contract enables you to secure your future contract and administration responsibilities by securing future installment and cash trade needs at the present rates. By securing your rates, you evacuate the danger of future cash instability in the market.

In future, Whenever you choose foreign exchange dealers in Delhi or anywhere, for foreign exchange don’t forget to discuss with them all the above-mentioned risk and their options to reduce them.