Cheapest way to get foreign currency
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Friends what is cheapest way to get foreign currency for 80000 inr? Currency needed is us dollars. which organization charge lowest forex and other charge?how to do kyc for same?
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please explain other wise there is tax and GST and foreign exchange markup..
If you’re traveling to US you can take niyo card and just it directly they have 0% charges.
need currency
I think you can get sbi forex card I heard it is good. They also give currency in their main branches
Local money exchange desks are the cheapest, look for popular travel agencies, they generally give better rates. Use 2 passports to get 40k + 40k (more than 50k I think you will need PAN and extra money will be needed).
Forex card from Banks are good, but use them if you need atm withdrawals. I have experience with HDFC’s forexplus regalia card, it was very helpful while travelling.
Local money exchange desks are the cheapest
like western union?
from which website to get price of usd buy and sell for each day?
well there are many international tourist in city specially hotels, try to talk with local taxi operator for reference (not ola, uber) near these places, trust me you will find many tourist which can exchange money for very less commission from you as they also give high conversion rates for exchanging currency, In Delhi this is very common in Pahar ganj, connaught place, Chanakyapuri, Hauz Khaz all tourist hubs…
These worked best for my international travel in the past.
Friends/family who recently returned and have excess currency (thanks to covid, the chances are bleak now)
Social groups, I used Spread The Word and found people in Hyderabad who could help. These were travellers who returned from US and had excess dollars.
BookMyForex – they have the best exchange rate, especially their Axis Forex Card. The last time I got one for Euros they had give two free ATM withdrawals as well per card which was quite handy
During my travels, I have come across only 3 persons willing to exchange traveller cheques and that too at terrible (for me) rates.
These are best avoided now.
Better to go for bookmyforex or similar sites. They provide competitive pricing compared to banks. Also depending on your location, they provide door to door service.
Although getting Indusind Exclusive select debit card would also be a good option with 0% markup.
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@raghupro @rahul2004 @bip100
thanku sirg. how is bookmyforex working on zero commission? how do they earn revenue? suppose one needs to exchange inr to some other currency then do they deliver the currency at home and do kyc at same time?
they are offereing 74.87 buy for usd for today. icici rate is 77.57 https://instantforex.icicibank.com/instantforex... hsbc rate is 75.41 https://www.hsbc.co.in/nri/foreign-exchange-...s/
U need to provide certain documents like passport, visa, offer letter etc while registering for currency conversion online. They do provide door to door service if a local provider exists in your locality. Also, they do charge extra amount in terms of markup charge and all but still their quotation is far better than banks.
@kukdookoo don’t think about commission much, as mostly it will be hidden in dollar rates you get. Bookmyforex is nothing just an aggregator of different local currency merchants + some national ones + banks.
Even banks give better rates for forex cards than currencies. Do some calls to local merchants, compare with Bookmyforex .. you’ll get an idea.
1.00 US Dollar = 74.386321 Indian Rupees
Find friends who have US$ and trade.. other wise there is tax and GST and foreign exchange markup..