10 things to know before you do a currency exchange in India | Alankit.com
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10 things to know before you do a currency exchange in India

May 06, 2019 Alankit

10 things to know before you do a currency exchange in India

Going on frequent international trips is not a distant dream anymore, thanks to the increase in disposable incomes and affordable air tickets, which is why the number of outbound tourists in India is growing steadily. Getting the best currency exchange is the primary requirement for any overseas traveller. Buying foreign currency has now become a matter of few mouse clicks with the emergence of online Forex services from reputed agencies offering foreign exchange in India.

A subsidiary company of Alankit Group, Alankit Forex India Limited is a recognized service provider for various Forex products & services. Catering to millions of individuals & professional entities, Alankit delivers instant and reliable Forex solutions encompassing secure foreign exchange in India across Mumbai, Delhi, Kolkata, Chennai and other prominent cities at prevalent conversion rates, prepaid forex travel cards, travellers cheques, wire transfers and travel insurance plans.

As a smart traveller, there is a list of points one should remember before buying foreign exchange in India. Read below to know more:

Buy foreign exchange in advance

It is in the best interest of a traveller to buy the best exchange currency he or she requires at least a week prior to departure. In the worst scenario, foreign exchange in India is best done at least three days before one’s travel date. This is essential as currency rates fluctuate drastically. Hence, if the rates are higher, there is sometime available to see if they fall.

Avoid debit/credit card

An individual using debit/credit card abroad will be required to make payment in the currency of that country and for this a conversion fee will be charged. Plus, there are other charges levied which is why one should refrain from using a debit or credit card abroad.

Avoid travellers cheques

There are some disadvantages of using travellers cheques for foreign exchange in India. Firstly, it may not be accepted everywhere while there might be charges between 3-5% at some places. Moreover, if a travellers cheque is lost or stolen, the replacement process is quite complicated.

Choose an authorized dealer

It is essential to do foreign exchange in India or anywhere in India through a RBI authorized agent. Otherwise, it could lead to serious trouble if one receives fake currency or if the forex card stops functioning. Alankit Forex has tie-ups with all recognised banks & forex companies, and ensures transparency in the conversion process and displays real-time currency rates.

Compare exchange rates

The best currency exchange rates offered by one dealer could be different from the rates offered by another dealer. It is advisable that the customer should compare the rates of at least three dealers.

Follow the 20/80 practice

Before starting for the trip, decide how much money you would require for the trip. Carry 20 percent of the required currency in cash for immediate expenditure and the rest preferably in a forex card.

Get a spare Forex travel card

Having a spare Forex travel card will ensure safety. In a situation where the original Forex card stops functioning, a spare card will come to the rescue.

Choose wire transfer over cash payments

It is better to avoid carrying large amounts of cash when travelling overseas as it could leave a traveller vulnerable to threats like robbery. Wire transfer, on the other hand, is safer and quick. Through fund transfer, one can directly make payment via NEFT/RTGS to the money changers bank account.

Encash leftover currency

Since it is illegal to hold large amounts of foreign currency (worth more than USD 2000) after six months from the date of return of your last overseas trip, it is advised to sell or encash leftover currency or the money remaining in forex card.

Avoid currency exchange at airports

Unless extremely necessary, it is better to avoid availing currency exchange services at foreign exchange outlets at airports that usually charge between 5 to 10 percent.

The dedicated customer support from Alankit, which ensures the best foreign currency exchange in India and sound knowledge of the do’s and don’ts about the best currency exchange process would go a long way in ensuring a hassle-free travel experience.

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