Tracking Currency Exchange Rates to Save Money on Foreign Travel

Tracking Currency Exchange Rates to Save Money on Foreign Travel

For the savvy traveler who is traveling on a budget, getting the best currency rates should before leaving on a trip abroad should be a priority. Often times getting the a great deal on currency exchange can save you the most amount of money out of all of your travel expenses combined. Don’t believe me? Well take a look at the math for yourself.

Let’s say you’re traveling from India to Europe. A typical plane ticket will run you between Rs. 40,000 to Rs. 45,000 per person depending on where you’re going. Let’s say u do a bit of deal hunting. You browse through a bunch of travel websites, talk to your travel agent and finally you’re able to get yourself a 5% discount. That amounts savings of Rs. 2000 or so. Similarly let’s take the case of hotels. Let’s say you’re traveling for 2 weeks and you find yourself hotels that run around 100 euros a night and after a spending great deal of time and effort you’re able to save yourself another 5%. This time around you would’ve saved yourself Rs. 4900.

Now take the case of foreign currency. Given that you’re going to be more than hotel bound for most of the day, your daily expenses would probably run around 200 euros a day at the very least. Saving 5% on those 200 euros times 14 days would amount to savings of Rs. 9800! And these are savings that most people miss out on. Trust me when I say that most travelers indeed do end up spending 5% or even more on currency margins. Using your international credit or debit cards, exchanging money at the airport, exchanging money at hotel abroad or getting your foreign exchange through your travel agent will all carry a surcharge from 5 – 10%. Surcharges that you can avoid if you spend just a fraction of the time that you would searching for air tickets or hotels abroad

Now say you were a resident of Delhi and you did indeed approach a currency exchange in Delhi, the surcharge between different money changers too can vary from 0.5% to 7%. It is therefore very important to approach the right currency exchange company as you the amount you save (or consequently don’t), depends entirely upon that. BookMyForex.com, an online currency exchange company displays live and transparent currency exchange rates 24×7. You should use these rates as a benchmark as you get quotes from other money changers through the city

About Author:

The author have great experience in finance industry.In this article the author has discussed about currency exchange in Delhi. For more information about best currency rates , you can contact us.

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