Moving abroad, best way to convert currency?

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hungryforcas...
Hi guys,

Considering the new TCS rules and everything else, any idea what is the best way to convert the currency from INR to USD/CAD/Euro?

People have recommended me wise but the conversion fees seem to be too high, and I would be better off just using credit cards with 0 forex fees or something like HDFC regalia which pretty much makes it 0 with the Global Advantage program and at some point the money will pretty much run out.

Any help will be appreciated. Thanks!

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Finance Mentor Finance Mentor
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Use debit/credit cards with 0 forex charges to start with (Rupay cards).

Hdfc transfer had lowest fees in 2018-2020.

 Not sure about the current reward rate of Regalia to make the Fx markup fees actually 0.

Some recommend NiYo Global debit card also though I haven't personally used it. 

Helpful Helpful
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Idfc wow credit card also has 0 forex charges

Commentator Commentator
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Go for IDFC WOW Card

DBS Bank with low transfer fees for savings account

Deal Subedar Deal Subedar
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mini scale hawala 😉

just kidding, please follow this advice at ur own risk, i an not encouraging anyone to do this.

Deal Cadet Deal Cadet
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srp321 wrote:

mini scale hawala 😉

just kidding, please follow this advice at ur own risk, i an not encouraging anyone to do this.

That is generally expensive and a little risky. Better to just convert in India and take $ or some major currency with you if the amount is not too large. Like for US $, today's official rate is around 82.60 and you can buy it in black for around 83.75 but hawala and collection abroad will be around 88 or more.

Deal Subedar Deal Subedar
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Lobogris wrote:

That is generally expensive and a little risky. Better to just convert in India and take $ or some major currency with you if the amount is not too large. Like for US $, today's official rate is around 82.60 and you can buy it in black for around 83.75 but hawala and collection abroad will be around 88 or more.

well, yes, hawala would be risky, but the one i meant was p2p kind, and most people just ask same day rate + maybe .5 or 1 margin so that's still less than the one we get in black.
And, i do really doubt the rates you are quoting to be that high for hawala. 

Converting in India for USD would be at least 85 legally, not sure about illegal.
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