Planning a trip overseas from India later in 2018 – either to Europe, US or somewhere in the Middle East ?
Here is an exclusive deal alert from DesiPassport to grab on to – buy and keep the forex in USD bills now. Why you ask ? Well, just by going through the trend of the dollar vs the INR over the last few months, we found out that it is the lowest value right now over the last 2.5 years !
For every approximate 64000 India Rupees, you would get a 1000 US Dollars. Not bad, considering you would pity me having paid 67000 plus in my recent trips. Sob sob.
Don’t believe me ? Check out the below graph from XE.com , the world’s trusted name in forex authority.
So, how do you take benefit of this deal ? Here are few options to buy your forex and reserve it now :
- Forex in Cash : One easy way is to buy and keep Dollar bills in cash and then use them directly when you travel to the United States. Even if you’re not travelling to the United States and to Europe or the Middle East, you can always convert it just before your travel to the currency of these destinations ( Euro / UK Pound or the AED ). The Dollar is guaranteed to give you better rates that the Indian Rupee anytime, as the rates are more stable and you are sure to benefit. There are several option to buy your Forex – some of the ones that give you best rates and service are Centrum Forex and Thomas Cook . You can buy and reserve online and then get it delivered home ( this will give you even better rates ) or walk into one of their branches in your city.
- USD Forex Card : This is a great option to have a plastic version of your Forex, saves you the hassle of caring and using the Dollar bills all around. It works just as a debit card which can be used for free at most stores, restaurants or hotels. Generally they come in either Mastercard or Visa options – both are great. Avoid any other card types as they are not accepted everywhere. It has become very easy to book a Forex card, I found the ones offered by IndusInd bank . Thomas Cook, HDFC and ICICI to be pretty good. Another tip, is to buy and reserve it online, you will get much better rates. There are various options for you to pay including payment by EMI or credit card.
- Check with your Bank : A good option for you will be to also visit your bank and speak to the branch manager or your relationship manager. They will be able to guide you other options that the bank may have for you to buy and reserve your Forex in US Dollars. Every bank has overseas branches and other financial tie-ups through which you may land up with better rates. They may also be able to offer you travel cheque options to use as a mode of Forex.
You might now have a question ? What if the Dollar rates keep sliding further ? Will you loose out on another deal ?
Well, Forex rates are dependent on a lot of factors and the chances of it fluctuating is always there. So, you will never know for sure. However, since I do travel a lot and keep a track of the rates, I feel this is a good time to buy and keep. The value certainly has caught the eye of the Government and they might do some correction to gain the fall in the Dollar to INR rates. But I am no expert on finance and so I will leave it to them to decide.