What to know before exchanging currency for an international trip?

Whether you're making your way to Thailand or escaping everything and chilling on the beaches of Mauritius, our aim is to take a smart approach at travel and avoid unnecessary fees while travelling. Where to exchange money? Should I carry cash before an international trip? What if my credit card gets blocked on holiday? Is it advisable to use an ATM in an international location? All of this and more on this week's episode of 5 Minute Travel Tips with Neil Patil.

Avoid Airport Exchanges

On the face of it, they may appear super convenient, but let me tell you, they are super expensive. This is clearly a case where the costs outweigh the benefits. Additionally, the entire process comes at an extra cost. To put things in perspective, you must know that the Currency Exchange company is paying huge rents to occupy that space at the airport. Now, where do they offset these costs? It's from you, the traveller.

You might get charges super high transaction fees or a huge markup on the currency exchange rate or at times even both. Additionally, there are many ATMs at the airport too that dish out US Dollars, Euros or the British Pound. But it is often that these exchanges too charge an awful rate. So to sum it, exchanging cash at the airport is going to be a costly affair.

But, hey there's a solution to this. The smart thing to do is to exchange money in the city or town that you are visiting. Find a place that is in a busy area and has many exchanges around. So, the more the competition, the better the rate you are going to get. Over the years, through my travels, I have realized that the hole in the wall exchange places with a queue outside is the best when it comes to exchanging currency. So be sure to keep an eye out for those.

Inform your Bank

Before you travel, it is always good to inform your bank that you are travelling. This ensures that when you travel and swipe your credit or debit card in international locations, the bank doesn't get suspicious and blocks your card. It is also good to find out the fees and charges that the bank will levy when you swipe your card in an international destination.

Should I carry a credit card on my international trip?

It's always good to carry a credit card or multiple credit cards on the trip. This ensures that you do not have to carry a great deal of currency with you, which can also be risky. VISA and MasterCard are accepted in most countries around the world. There are also many FOREX cards that are on offer in India right now, so be sure to check those out too.

Plan Ahead & Order Currency

Along with cards, it's always good to carry cash currency along with you before you travel. You can exchange this before your trip from an authorized money changer like Veena World FOREX who can buy or sell FOREX for you. If you are looking for obscure currencies like Vietnamese Dong or Mexican Peso, kindly make sure that you order these in advance as most money changers don't often have enough stock of these.

Which is the best currency converter app?

My personal favourite is XE currency (it's FREE J). It is always beneficial to have an app that allows you to check exchange rates in real-time. This helps especially when you are shopping or even exchanging money. You set the base currency to your home currency and then add up to 7 currencies on the app.

Can I use an ATM in an international country?

Yes, you can use an ATM in an international country, however, make sure you know how much the fees and charges are for using your local ATM card in an international location. You can find this out by calling the call centre of your local bank. Another point to note is to know how many withdrawals are allowed on your ATM card and if your bank has any partner banks in the countries that you are visiting.

Keeping these tips in mind, Veena World FOREX steps in to ease your travel in every possible way. With our passionate, dynamic and experienced team who have experience of 30+ years in the travel industry, we are all set to bring your travel dreams into reality. And to do that, we cover all possible sets of arenas in travel to help you actually choose a destination by simply throwing a dart on the map and yet having everything about it with ease. Even when it comes to returning the Foreign currency, Veena World is here to assist you.

Have a nice day and see you in the next episode of 5 Minute Travel Tips with Neil Patil.