As countries are slowly opening up their borders yet again and the advent of pursuing education overseas draws closer, we answer some frequently asked questions regarding Forex during travel.
Just as travel, identifying the right forex partner, the right mode of forex and more requires due diligence and ample research.
Frequently Asked Questions –
What are the various modes of Forex?
There are two main modes of forex that people opt during travel – foreign currency notes and a multi-currency travel card. Wall Street Forex caters to all forms of forex and offers comprehensive forex solutions including travel insurance and series of competitive prepaid forex cards that best suit each purpose.
How many days prior to travel can I buy forex?
The Reserve Bank of India (RBI) allows you to buy forex up to a maximum of 60 days prior to travel. This gives a traveler ample time to compare forex rates and buy forex online at the most competitive price thereby saving money. Toggle the forex rate alert on our website to get notified when the forex rate drops to that particular price.
Why can’t I buy forex at the airport?
Airports world over tend to charge you more for any service or goods that you avail in their premises and the same is true for forex as well. The cost of forex at the airport is 6-10% higher (at approx. Rs.5- 8$). Any savvy traveler will have their forex purchased prior to travel.
How much forex can I buy?
2,50,000 USD is the maximum prescribed amount by RBI for forex in a financial year (April- March). As students, it is wise to buy as little forex as possible and open a local bank account, as soon as you arrive at your destination.
How do I top-up my forex card while abroad?
A prepaid multi-currency forex card can be topped up easily. It operates much like transferring funds, from your existing account to your prepaid multi-currency forex card or you can even send in the amount to your forex partner, and they will reload your account. However, with apps such as the WSFx Smart Fx App, you can top up your forex card via the app directly in any of the 15 currencies you prefer.
Forex is a very important part of international travel and needs to be dealt with utmost importance and diligence in order to save money.
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