Dos and Don’ts While Exchanging Foreign Currency In Delhi

Delhi being the capital of India, the city witnesses a heavy influx of tourists from around the world who exchange foreign currencies for both leisure and business purposes. However, finding a reliable platform for currency exchange in Delhi may prove to be a difficult task, especially for people who lack basic forex knowledge.

Given below are some dos and don’ts that must be followed while exchanging currency in Delhi.

Dos

  • Choose an online forex marketplace for maximum convenience and guaranteed best rates

In today’s world when everything is available at the click of a button, online forex marketplaces are the best bet to get the most lucrative rates for money exchange in Delhi as well as maximum convenience since you can place your order online and also get doorstep delivery. Online forex platforms compare the rates offered by all the vendors in a particular area and provide customers with the best rate. Remember to choose an authorised currency exchange vendor

 

  • Buy/sell forex at live and real-time rates rates

Most banks and currency exchangers offer fixed rates for buying and selling forex. However, this means high hidden margins. On the other hand, if you choose a currency exchanger who offers live rates, you can transact at the real-time market rates. To make things easier, some online forex platforms also have a Rate Alert option, wherein you get notified when your desired rate goes live, so you can save big.

 

  • Choose a vendor that offers the entire gamut of forex products

When it comes to currency exchange, it’s likely that you will need more than just foreign currency since carrying large amounts of cash is not safe. You are therefore likely to need other modes of forex like forex card or do a wire transfer etc. A one-stop-forex-shop can therefore make things much easier for you and you are likely to find yourself some great deals too!

 

  • Buy a prepaid forex card

A forex card is simply a prepaid card that is loaded with a foreign currency and it can be used abroad for making hassle-free payments. Without a doubt, carrying cash in a forex card is the safest thing to do while travelling in the country’s capital. Unlike hard cash, prepaid forex cards feature a fraud prevention mechanism to protect against theft. What’s more, forex cards are accepted across the globe and they can be loaded with up to 16 foreign currencies at the same time. People can even use forex cards to exchange foreign currency at exact interbank rates. In fact, forex cards can help customers save between 3.5% to 6% over international debit/credit cards.

 

  • Exchange currency in advance

Exchanging currency in advance is the smartest thing that people can do before embarking on travel. It has usually been seen that customers who opt for money exchange early get access to the best deals easily. Therefore, people must exchange currency at least 1 week before their departure to keep last-minute issues at bay.

 

Don’ts

  • Avoid exchanging currency at the airport

Airports have a bad reputation of overcharging people who seek currency exchange services. Customers are required to pay anywhere between 5% to 10% of the total amount as service fees while exchanging foreign currency at the airport. So avoid exchanging currency at the airport unless it is an absolute emergency.

 

  • Avoid choosing an unauthorised vendor

Choosing a credible vendor is the first step when narrowing down on a currency exchanger. Currency exchange in Delhi from an unauthorised vendor is fraught with risks and can land you in legal trouble. So always check if your forex vendor is RBI authorised. By using the currency exchange services of a government approved forex platform, customers can save up to 6.5% over local money changers.

 

  • Avoid carrying traveller’s cheques

Deemed an outdated method of exchanging foreign currency, traveller’s cheques are losing utility in modern times as prepaid travel cards have gained a lot of popularity amongst the common masses. Since traveller’s cheques are not accepted at every location, customers should avoid carrying them. Nonetheless, people who use their traveler’s cheques to exchange foreign currency might have to pay up to 5% as service charges.

 

  • Avoid using international debit and credit cards

Using an international debit or credit card in a foreign land is not a good idea as it can prove costly. But people who make use of their debit/credit cards abroad may have to pay the conversion fee along with up to 3.5% of various other transactional charges.

 

  • Avoid carrying large amounts of cash

People should never carry big amount of cash, especially while travelling in a large city like Delhi. Carrying too much cash is not safe as it can make people vulnerable to theft. Instead, customers should utilise the wire transfer facility to ensure a safe and fast experience.

 

All thanks to rapid advancements in technology, online forex platforms have become significantly advanced and people can now get currency exchange without any hassle. However, people who exchange currency from nearby banks and local money changers often end up bearing heavy fees. This is the prime reason why selecting a well-established and reliable forex vendor is a matter of paramount importance. So,  make sure that you consider the aforementioned do’s and don’ts for money exchange in Delhi for a hassle-free experience.

Also Read: What are the Mistakes you should Avoid as a Cryptocurrency Investor?

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