The need for foreign exchange is growing exponentially. This can be attributed to the number of Indians breaking stereotypes and traveling the world trying to make it large. Some move abroad in the quest for better education or jobs, some are flying high and across borders for business while some are taking a family vacation to the next level by taking them overseas.
However, what this means is that more and more people, new to currency exchange, are looking for forex solutions. And when you combine urgent forex requirements with first-time or non-seasoned money changers, you get a recipe for mistakes that cost a lot of money! That’s why headline insider will highlight some of the most common forex mistakes so you can stay away from them and sort your currency exchange needs like a pro!
1. Money Exchange Number One Is Not Planning.
Sometimes forex is the last thing people think off! In the excitement of booking hotels, flight tickets, planning an itinerary and thinking of things to do, the need to change money is ignored until the last minute. This is one of the biggest and most common mistakes people make when it comes to currency exchange.
When you leave your forex needs for the last minute, you limit your options and make decisions in haste and as we all know, haste makes waste! Instead, you should start planning your forex needs at least a week or two in advance. This allows you time to get a pulse of currency exchange rates, compare deals from various vendors and time your forex transactions to get the most value for your native currency.
2. Money Exchange Mistake Number Two Is Opting For Airport Forex Vendors.
They seem like a very convenient option; you are anyways at the airport and while you wait for your flight, just exchange your money, right? WRONG! Airport counters are the worst option ever! They have some of the highest commission charges. Exchanging money at an airport counter is like bidding farewell to a large amount of your trip’s budget before you even cross borders or step out of the airport. So no matter what, never change money at airport counters, unless it is an absolute emergency.
3. Mistake Number Three Is Not Going Online.
The internet has embraced the world of money exchange to make your life much easier! Numerous online forex portals provide you the service of currency exchange at minimal commission charges and great exchange rates. So much so that, not considering the internet as an option would be a mistake! You can compare various portals and get your forex needs sorted in minutes without even stepping out of your home.
4. Making Too Many Small Transactions.
This is another very common mistake. Small transactions invite higher commission charges and making them too often will result in you paying higher charges more often. What you should do instead is make fewer large transactions. Because when you exchange large amounts, you get lower commissions and pay them less often.
No that you know what not to do; you can carry out your money exchange transactions like a pro!