Should i exchange currency at airport or bank

On an average, travelers tend to lose a minimum of 6 to 8 percent and a maximum of 12 to 15 percent of the amount while you exchange foreign currency in various forms. For example:. There are many ways in which travelers lose money and ways that are still unknown to them. Chances are also high that travelers may be aware of the ways of losing extra amount while they exchange foreign currency but the margin is so little that it often gets unnoticed or ignored. Hence, below mentioned are some of the ways in which you might lose your money on exchanging currency in India and other countries as well:.

If at all there is a worst place in the world to exchange foreign currency , it has to be the airports. Not only do the money exchange in airport make use of your helplessness, but they plan well in advance to charge you more as the number of travelers who end up doing last-minute transactions is pretty high. The exchange rates touch the sky and there is no point comparing the different kiosks as they all will be offering similar exchange rates.

Hence, make sure you exchange your currency well in advance before hitting the airport and keep this option as a last resort. Where to exchange currency in the U. Back to top. A smart way to monitor your money. Track your cash, cards, and bank accounts all at the same time. Where to get foreign currency outside the U.

The best place to exchange currency in the U. A savings account is a place where you can store money securely while earning interest. Learn More. LendingClub High-Yield Savings. APY 0. Discover Bank Online Savings. Cash management accounts are typically offered by non-bank financial institutions.

Wealthfront Cash Account. CDs certificate of deposit are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts. Capital One CD. APY 1. Chime Spending Account. One Spend. These cards mostly have a currency withdraw charge depending on the bank.

Money exchange companies are also an option. However, the cost factor is a hurdle here too. You can also buy forex online. On each order goods and services tax GST is also applicable while buying and selling the currency.

The basic precaution you can take is to do a careful assessment of your needs. Most countries will have a minimum forex requirement for the visa forms. It is better if you carry some of your forex in cash and some in a travel card.

You can even withdraw cash using the travel card," said Ajmani. In case of no back up, should you depend on money exchanges in another country? When it comes to a foreign country, only if you know the place really well can you rely on the exchanges," said Motwani.

Using your domestic credit or debit card might also not be the wisest option. The exchange rate differs on a daily basis and you would not know the charges applied. Never miss a story!