If you are living abroad, then you’ll need the currency of that country for making transactions. However, to exchange currency, you might have to pay huge fees. But there are affordable ways to exchange currency.
Read on to know 6 tips to exchange currency without paying huge fees.
Many Indians living abroad need to exchange currency for making regular transactions or remitting money to their dependants in India. While there are many options for this, they’ll have to pay fees to get their currency exchanged. These fees can have a huge impact on the amount of money they want to convert. But there are ways to transfer money while paying low fees.
Tips to Help You Exchange Currency Without Paying Huge Fees
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Understand the Costs
Before opting for any option to exchange currency, make sure you understand the fees. Generally, you might be charged a flat fee, commission, handling fee, etc. You might also have to pay transfer fees for wire transfers.
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Remit via a Bank
One of the most affordable options to avoid paying huge fees is to get the currency exchanged at a bank. You might have to visit the bank to get the currency exchanged. The bank will inform you about the currency exchange rates. You might have to notify the bank before the date you are going to exchange currency.
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Credit or ATM Card
Another great option is a credit or ATM card. However, you should check the foreign transaction fee. In case the bank levies a foreign transaction fee, then you’ll have to pay an extra amount on the money you want to convert. If you have multiple cards, then find out the one that levies the lowest foreign transaction fee.
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Order Currency Online
There are many online companies that remit money or provide you with foreign currency. You should research the rates these companies levy to find out which one is affordable. You can place an order to remit the money to your dependants with the help of such companies.
Furthermore, you can place an order online to get the currency exchanged. These companies will deliver the money to your home. Therefore, they make exchanging currency convenient. You can also calculate the amount of money your recipient will receive using a currency exchange calculator. For instance, if you want to convert GBP, then you can search for a GBP to INR converter to calculate the amount.
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Net Banking
Net Banking is one of the most common ways to remit money to India. You can remit money to your family in India from your bank account, whether it is GBP to INR or any other currency. Look for banks that offer low fees for exchanging currency while transferring money to India.
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Avoid Making Multiple Small Transactions
As you might have to pay different fees for every currency exchange transaction, it is recommended to make one huge transaction instead of multiple small transactions. This can help you save more money.
