Mistakes people make when buying forex (Things Not to do)

An overseas trip is usually met with great excitement and in anticipation of novel experiences. However, let not the fervour sway you from a list of objectives to be met, before you travel, which can ensure a smooth and worry free trip abroad. Most importantly make sufficient financial arrangements for the duration of your trip well in advance. Pay close attention to the basic do’s and don’ts of buying foreign exchange in the major metros of India like Delhi and Bombay and you’ll be breezing through it all.

• Don’t wait to exchange currency at the airport or after arrival in a new country

You will be ripped off by the exorbitant exchange rates at the airport counters and local money changers of your host country. So, getting your currency exchanged beforehand and with the best US Dollar rates in Mumbai should be your prime objective before you travel. The bank, travel agent and money changers may not get you the best US Dollar rates in Delhi, as they offer daily rates with fixed margins. You can try online forex marketplaces like BookMyForex to check out the best dollar rates in Mumbai and Delhi, since they stream in real time best rates from their banking and foreign exchange partners. These are usually better by 2-5-% better than daily rates.

• Don’t buy currency from local money changers who are not RBI authorise

You could get best US Dollar rates in Delhi at local money exchangers but they may skip the paperwork and pass on fake currency. You can be asked for a proper receipt for the foreign currency abroad, and not carrying one can put you in trouble.  So, look out for the best dollar rates in Mumbai  with complete documentation and authorisation from RBI authorised forex companies.

• Avoid carrying too much of cash

RBI has strict guidelines about how much cash you can carry overseas, so know the limit. It is a good idea to split up the rest of the money you need into travellers cheques or   prepaid travel cards as cash can easily get stolen or lost also. Since, traveller’s cheques are obsolete now and are no longer widely accepted, go for prepaid travel cards, which are much like credit cards. These can be loaded before you travel and get you the best US Dollar rates in Delhi as it fixes the exchange rate to the day of purchase and buffers you from any further fluctuations at the time of payment.

• Don’t buy local currency with your dollar when you land

Instead your own currency might give a better value against the foreign currency, if you buy from here. So carry some at the outset of your trip for local shopping , as their dollar exchange at the shops will cost you much more.

With these tips, you’ll have plenty in the pocket and a happy in the heart to make the most of your overseas stay!  

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