Buying Forex (foreign currency)
August 28, 2023
DD Planet
We need to buy forex (foreign currency) when we are visiting abroad since Indian Rupees (INR) is not accepted in all the foreign countries. How much currency we should buy and what all we require to know becomes important thus.
Here are the tips and advice to help you buy forex:
- Target a basic minimum that you need to keep as cash and the remaining should come from forex travel cards, ATM withdrawals abroad, online transactions and by using credit and debit cards.
- Do not wait to exchange the currency at the destination. Do it in advance before flying.
- Know the rule regarding the maximum limit of cash you can carry, both in the local currency and the foreign currency.
- If the local currency of the destination country is not available for exchange, buy USD which is accepted everywhere and can be exchanged after you reach your destination.
- Do some online research to get the best money exchange deals. However, target only the licensed money exchange dealers.
- Keep your KYC documents handy before you go for exchange.
- You may also order foreign currency to be delivered at home but it has its own costs. Therefore, choose this option only if you’re short of time.
- Explore the money exchange option at the airport only when you don’t have other choices since money exchange is costly at the airports. Similar is the case if you plan to exchange the currency in the hotel where you would be staying at your destination.
- Keep foreign currency safe and carry the money exchange receipt with you to show it to the authorities if asked for.
