18002099100
Guide on Best Currency Exchange Rates for Travelers Abroad
Table of contents
Managing a different currency while travelling abroad can quickly become an expensive affair, especially if you are unprepared for the same. This brings up the questions of how you can get the best Forex rates and what you must keep in mind while exchanging your currency. There are plenty of ways to carry your money, like cash, traveller’s cheque or Forex card. Also, there are many merchants like banks, Forex exchange providers, airports, local vendors, etc which provide the service of exchanging currency at varying rates. Here is a quick guide to getting the best exchange rates on Forex while travelling abroad.
1. Stay updated with Forex rates
If you have sufficient time before travelling abroad, you can keep a close eye on the exchange rates every day. It is a 2-minute task where you can Google the latest exchange rates and get the best Forex rate when your currency performs strong, giving higher exchange rates. At that time, you can convert your money and freeze the perfect exchange rate by loading the same onto a Forex card.
2. Compare rates with different merchants
Depending on the place you are visiting, various merchants will be providing different rates for the Forex exchange. Compare the Forex rates offered by different vendors and then choose the best one. Remember, the cheapest one is necessarily not the best option. You need to evaluate the various services provided by them, like the delivery speed of Forex cards, how fast your merchant provides exchanged currency, and many more.
3. Avoid Forex exchange at Airports
If at all there is a worst place to exchange your currency, it has to be airports. Please do not wait until the last moment to exchange your money at the airport. They offer very high exchange rates as they take advantage of your last-minute helplessness. You may lose 6-8% of your money by paying high Forex rates at airports. It is highly advisable to convert your money well in advance for the best currency exchanges.
4. Foreign Exchange Institutions
One of the major problems in exchanging currency with banks, whether in India or in abroad is that they might refuse to exchange your money if you don’t hold an account with them. This is a common problem and it can happen with anyone. The best way to exchange currency is to reach out to Forex exchange institutions which work dedicatedly on Forex exchange only. They will provide you with a better service at a convenient fees/rate. Thomas Cook is India’s only AD-II RBI approved Forex institution, so you know where to go!.
5. Carry a Forex card
You should carry both cash and a Forex card to avoid losses (in case of theft or lost bag/wallet) while travelling with 100% cash. A better alternative is to carry 30% cash and the rest 70% loaded in your Forex card. This will allow you to maintain the fluctuating rates and offer better exchange rates than cash.
6. Don’t use your Debit/Credit Cards
Never use your regular domestic debit or credit card unless very urgent. They charge a host of fees, and you will end up paying high Forex exchange rates. It is always better to carry a different Forex card which is accepted globally as it will have significantly fewer charges and will also be accessible easier. Many credit cards can charge up to 3% fees when used abroad.
7. Digital currency
Digital money is the future, research on the local payments apps which are widely accepted in the particular country you are visiting. For example, in India,Paytm is one of the most commonly usedappsto make a transaction, similarly, in USA, PayPal is used. You can directly load money in your digital account with which you will be able to transact easily and are less likely to lose your money anyway. You will also get better currency exchange rates on digital platforms rather than through physical means.
8. Avoid multiple exchanges
Many might think that USD is a globally accepted currency, and thus, it is better to take USD and then get it converted into local currency. This will lead you to pay higher rates in fees or exchange rates. Always insist on exchanging your money directly with the local currency of the country you are travelling to.
9. Opt for an extra Forex card
This is not a very crucial requirement but one should carry an extra card for his/her own safety. Just imagine being stranded in a completely new place without access to your money, it can be nothing less than a nightmare. So, it is better to opt for an extra Forex card as it is extremely easy to book one simply through the Thomas Cook website.
10. Look for authenticity
While you exchange your currency in India, always make sure to deal with a person/institute who is an authorized stakeholder of RBI. Do not fall in the trap of any frauds who offer cheaper rates. Always do your own research before getting in any sort of deal.
Table of contents
Recommended Articles for you
Choosing the Best Forex Card for Your Travel Needs
Reading Time: 9 minutes 0 0 Travelling abroad can be an exciting adventure, but managing your finances while on a trip can sometimes be challenging. When visiting different countries, paying in local currency is essential to avoid the pitfalls of unfavourable exchange rates and […]
Top Zero Markup Credit Cards for Forex Transactions in India in 2025
Reading Time: 9 minutes 0 0 Traveling internationally often comes with various expenses, and one of the most significant is currency conversion. Traditional methods, such as exchanging cash or using credit/debit cards, usually involve hidden charges, hefty conversion fees, and unfavourable exchange rates. Enter […]
Why You Should Consider Trading Forex: 12 Key Insights
Reading Time: 5 minutes 0 0 Foreign exchange trading, commonly known as forex trading, has grown to become one of the most popular forms of trading worldwide. With a daily trading volume exceeding $7 trillion, it represents the largest and most liquid financial market. […]
Key Differences Between Regular Bank Accounts and Overseas Bank Accounts
Reading Time: 5 minutes 0 0 In a globalized world where people frequently travel, migrate, or conduct business across borders, understanding the distinction between regular bank accounts and overseas bank accounts is crucial. While both serve the primary purpose of storing and managing money, […]
Doorstep Forex Delivery and more by Thomas Cook
Reading Time: 2 minutes 0 0 Foreign Exchange today is one of the basic requirements for not only business travellers but tourists as well and getting a Doorstep Forex Delivery when you are really running late is truly a blessing! This is where reputed […]
Hotter Than Hot: Exploring India’s Hottest Destinations
Reading Time: 10 minutes 0 0 Exploring the hottest places in India reveals more than just extreme temperatures; it uncovers a rich tapestry of cultures, intriguing histories, and breathtaking landscapes. From the arid deserts of Rajasthan to the blazing plains of Uttar Pradesh, each […]
10 Best Places To Visit In July In India On A Budget
Reading Time: 11 minutes 0 0 July, with its refreshing monsoon showers, transforms India into a vibrant tapestry of lush greenery and spectacular landscapes. For those who wish to explore the beauty of this transformation without causing a dent in their wallets, there are […]
Top 10 Coldest Places In India You Must Visit This Winter
Reading Time: 8 minutes 0 0 As winter approaches, the quest for crisp air and snow-covered landscapes draws many away from India’s typically mild winters. Embrace the season by venturing into the country’s coldest regions, where each destination offers a unique blend of natural […]
12 Best Places To Visit In November In India In 2025
Reading Time: 8 minutes 0 0 November is a month of vibrant transitions in India, offering an array of travel experiences from the cool Himalayan foothills to the warm beaches of the south. If you’re planning your travel itinerary for November 2024, India presents […]
10 Stunning Places To Visit In October In India To Experience the Autumn
Reading Time: 11 minutes 0 0 10 Stunning Places To Visit In October In India To Experience the Autumn October marks a magical time in India when the monsoon rains have ceased, and the landscape bursts with vibrant colours, making it an outstanding month […]
September Travel Guide – 8 Offbeat Places to Visit in September in India
Reading Time: 4 minutes 0 0 As the monsoon starts to wane, September brings forth the vibrant palette of India with its pleasant climate and colourful festivals, making it an ideal time for offbeat travels. This guide delves into eight unique destinations across India […]
Explore Top Places to Visit in India this August
Reading Time: 11 minutes 0 0 August in India isn’t just about monsoon rains; it’s a month that opens up an array of travel possibilities across the country. From the cool hill stations to the less crowded beaches, the best places to visit in […]
10 Best Places to Visit in November Outside India on a Budget
Reading Time: 8 minutes 0 0 As November rolls in with its mild weather and the promise of new experiences, many Indian travellers start looking for the perfect overseas getaway that doesn’t break the bank. If you’re planning to explore new cultures, cuisines, and […]
Top 10 Best Countries to Visit in October for Stunning Autumn Views
Reading Time: 9 minutes 0 0 Top 10 Best Countries to Visit in October for Stunning Autumn Views As October rolls in, so does the magical palette of autumn, transforming the landscapes of various countries into a vivid mosaic of colours. The crisp air […]
A Simple Explanation of Currency Pairs for Forex Beginners
Reading Time: 4 minutes 0 0 The foreign exchange market, or Forex, is the largest financial market in the world, with trillions of dollars traded daily. For beginners, understanding the basics is crucial to navigating this dynamic market. One of the most fundamental concepts […]
Which Currency is Best to Use in Dubai?
Reading Time: 4 minutes 0 0 Dubai, one of the world’s most vibrant and luxurious destinations, attracts millions of tourists and business travellers each year. Known for its towering skyscrapers, world-class shopping malls, and rich cultural experiences, Dubai’s allure often raises a common question […]
Step-by-Step Guide to Reloading and Unloading Your Forex Card
Reading Time: 5 minutes 0 0 A Forex card is an indispensable tool for international travellers, offering a secure, convenient, and cost-effective way to carry foreign currency. Whether you are a frequent flyer, a student studying abroad, or simply on holiday, a Forex card […]
5 Best Places to Visit in August Outside India in 2025
Reading Time: 9 minutes 1 0 As August approaches, many travellers seek destinations that offer a change of pace from the usual summer heat. Whether you’re escaping the warm Indian climate or looking to experience unique cultural events, August presents the perfect opportunity for […]
What is the Interbank Rate? A Guide to Foreign Exchange Pricing
Reading Time: 4 minutes 0 0 The interbank rate is a cornerstone of global finance, particularly in the foreign exchange (forex) market. It represents the rate at which banks trade currencies with one another, forming the foundation for exchange rates that individuals and businesses […]
8 Best Countries to Visit in July: Top Picks for Your Summer Getaway
Reading Time: 8 minutes 0 0 July is a fantastic month for travel, with the warm embrace of summer casting a golden glow over many of the world’s most captivating destinations. The longer days and vibrant energy make it the perfect time to explore […]