As much as it is fun to travel, holidaymaking also comes with its own manual of “dos and don’ts”. Maybe that’s what spices things up for vacationers and keeps the journey exciting. Something that’s not so exciting, however, is when you’re left with less money on your overseas trip. Very few people are privy to the fact that exchanging money through currency exchange counters at airports is highly convenient, but only if you don’t consider roughly 13 percent of your vacation money to hold any value. Otherwise, this procedure comes under the “don’t” category of every seasoned traveller’s guide.

Currency Exchange at Airports

The airport terminal is the first place in a new country where people look to exchange their money. Travellers need cash to buy bus tickets, train tickets, book taxis, and even to have a meal to cope with hunger pangs after a long flight. Interestingly, currency exchange counters at airport terminals are aware of this little piece of information. So, they do what they do best – they mint money by offering you, as a blocked-in traveller, the most expensive exchange rate.

Drawing foreign currency with Debit or Credit Card:

The best thing to do while travelling abroad is to get your currency converted in advance. At least, keep enough spare cash to make up for basic expenses after your flight. The second-best thing is to avoid the exchange counter inside the airport. Rather, check out if there’s any in-airport ATM corner and withdraw money using your debit or credit card. But the catch here is that though debit and credit cards are not as discriminatory as currency exchange counters, they levy an additional ATM withdrawal fee of about 2.5 to 3.5 percent on top of 3.5 percent in cross-currency charges.

This also puts you in a very disadvantageous position. You do not have the option to choose your rate of conversion and get charged based on the current market prices. This makes you lose considerable value that could otherwise be utilized during your travel. For instance, this year the USD has varied from Rs 63.675 to Rs 68.18 in comparison to INR. Similarly, Euro has fluctuated from Rs 69.0955 to Rs 77.157. That’s a near seven to eleven percent change that could add to your already unfair conversion rate; or seven to eleven percent worth of activities and experiences burning away from your vacation.

What should you do then?

What if you were able to get a really good exchange rate, giving you about 6.5 percent savings over a bank and up to 13 percent savings on airport exchange counters? What if you were able to lock-in the current price for a specific period before finally booking it? Let’s say you also had a card that enabled you to shop, and withdraw cash as well, without charging you additional money… All of it is being made possible by tech-driven online forex marketplaces. Today, leading online forex marketplaces have well and truly altered the game of foreign exchange. They source the best rates available to customers through their strong national and international network of banks, forex companies, and other authorized moneychangers. Apart from offering premium cashbacks, they also give their customers the ability to lock-in forex prices for as long as three days before purchasing the currency. These digital marketplaces even provide same-day doorstep delivery, of both cash and chip-&-PIN-based cards, so that you do not have to worry about changing bills during your last-minute preparations.

On top of it, some leading players also provide hassle-free emergency cash support to their customers, in case their card gets lost or stolen, across all major international cities through their channel partnerships. Another benefit is that these cards can be used to carry multiple currencies and give users the ability to exchange the remaining balance on their card as soon as they return.

Conclusion

Travelling overseas is one of the greatest experiences that gives you memories to cherish for a lifetime. Explore new places, engage in interesting activities, and experience a totally different culture. Above all, ascertain that you compare all of your options before taking the final call on currency exchange to make the most out of your trip. Happy vacations!

(By Sudarshan Motwani, Founder & CEO, BookMyForex.com)