Mattu & Mittu


Things to Know Before Buying Foreign Currency in India

  • August 21, 2017
  • rootroot

If you are planning to travel to a foreign destination on a vacation or a business trip, you will have to get a lot of things planned out and booked. Once you’ve got the visa and your tickets are booked, the next task to handle is arranging foreign currency. Many travelers make use of their international debit and credit cards as an alternative to converting currency. However, some travelers buy foreign currency notes from banks or other foreign currency exchange centers.

Here are some things that you should remember whenever you buy Forex:

Buy in time

The best practice is to get your foreign currency well before your travel dates. While a week before would be ideal, get it at least three days before your trip Currency rates have very high fluctuations daily, so even if the rates are high, you have the luxury to wait for a couple of days to see if they come down again. Anyway, a last minute rush is never fun.

Airport outlets

You might think that you can just buy foreign currency at the airport; but we’d suggest you avoid that. Exchanging your currency from an airport outlet is going to be very expensive for you compared to other places. The reason behind this is that airport outlets can charge around 10 to 15% as commission. And there will be no possibility for a bargain as this is your last option for currency exchange, before your departure.

The Ratio

Make a budget that gives you a vague idea of how much you will need for your entire trip. Then, get 30% of that amount in cash for the petty expenses (taxi, street food, etc.) and get the rest in a Forex travel card.

International Debit Cards

The debit or credit card that you have is not a travel card. It has money in INR, which when swiped outside India, will be converted to the foreign currency. Your bank might offer you free ATM withdrawals, but some ATM machines deduct a fee of withdrawal when you use international debit cards on them.


Currency rates don’t just vary from day to day, they also vary from vendor to vendor. Visit at least three vendors to check the Forex rates before you decide where to buy from some vendors also offer home delivery services for your convenience. Check your options before you commit.


Most times we aren’t even aware of fake Indian notes; how can we be certain that we are getting genuine foreign currency? That is the reason why you must always be careful when selecting a vendor. Ensure that the vendor has a Money Changing License that has been issued by the Reserve Bank of India; and always insist for a bill for your transactions.

Getting the foreign exchange part done before you leave the country for your vacation is an important part of a hiccup-free trip. Make sure that you are careful with your money, especially if it’s a large amount, which it probably would be.

Share on FacebookTweet about this on TwitterShare on LinkedInPin on PinterestShare on Google+

Leave a Reply

Your email address will not be published. Required fields are marked *


We are India's No.1 - Most Trusted Financial Services Brand, according to the Brand Trusted Report, 2017 & 2016 consecutively. We are also the largest Gold Financing Company in India in terms of loan portfolio, according to the 2015 update to the IMaCS Research & Analytics Industry Reports, Gold Loans Market in India, 2015 ("IMaCS Industry Report, (2015 Update)"). We provide personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time-frame, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements.

  • 25000


  • 4500+

    Branches spread over 21 states and 4 Union Territories

  • 6 million

    Customers in our portfolio

  • 131 year