Travelling to Europe can be exciting but expensive. The dip in the value of the Euro can prove to be a bonus when the Euro to INR conversion rates play in favour to the Rupee. Due to Brexit and the slump in the European economy, the cost of travel has reduced significantly. Here are four tips to make you cash in on the Euro to INR exchange rate when you travel abroad:
Buy foreign currency on the day you leave
It is safer not to carry Euros in cash when you depart and smarter to use any of the ATMs to withdraw cash. This is due to the fluctuation in Euro to INR conversion where money changer firms will offer a lower exchange rate to earn on the difference between the buying and selling rate.
Minimise the number of cash exchanges
Without looking into the fine print, you may fail to realise that your money reduces substantially every time you visit the money changer. Every time you exchange Indian Rupees to Euros, you lose money as you are charged for buying and selling, and have to pay a charge for the money changers’ services. Ensure that you carry a minimum amount of Euros on you so that you do not have to keep visiting the money changer.
Understand the change in currency conversions
Use the 30/70 rule and carry only 30% of cash currency on your person and 70% on your Forex card. This helps in giving you a higher sum of cash currency and is a safer way to travel. Always compare exchange rates before buying or selling currency and this will ensure that your Forex dealer is RBI authorized and trustworthy.
Save Euros for your next trip or sell them
Sell your Euros and other foreign cash at any Money Changer and change it to Indian rupees before leaving Europe. This can help you get more for your Euro instead of losing out when you fly home. With this approach, you can cash in on the difference between the exchange rates by selling your Euros immediately.
So when you are planning your next visit to Europe, you stand to gain on the current Euro to INR exchange scenario by understand the current market trends. These 5 tips will allow you to make the best of the foreign exchange and let you spend to your heart’s desire in Europe!