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This post was originally published on July 21, This is an updated version. So which one is the best Forex rate for you? Each one of these is different, which often can lead to confusion for the holiday traveler while purchasing their foreign exchange.
This confusion is deliberately created by some Forex dealers, as it allows them to slip in a higher margin for themselves. There is only one Forex rate that a traveler needs to determine for foreign currency exchange in India, and that is the Inter-bank rate IBR. If on 7th July at 3: It is not for the public, and changes minutely every moment — but generally not by much. This is very important to keep in mind — since very often dealers lure you in by quoting Buying rates which are obviously lower , and then make you transact at the Selling rate!
Coming back to the IBR rate , banks do not share this with the general public, so one has to resort to online rate-aggregators for an indicative IBR, at any given point of time. This rate feed is updated hourly. This is also what banks do, hence the correlation — but in addition, banks have a slight bias in trading volumes of INR in the Indian market, hence a small variance again, in paise only.
However, any variances will be quickly adjusted through arbitrage. Back again to the IBR — once determined, the traveler must understand that this rate is set for electronic money, and that any physical currency that they buy carries other costs involved in reaching it to the consumer. These costs include transportation, storage, a profit margin for the dealer, and allowances for rate fluctuations — since the selling rate for the traveler is set only once a day for their convenience.
Beware though, anything less offered, should raise alarm bells, as even one counterfeit currency note slipped into your bundle, so as to bring down the overall rate, can lead to drastic consequences. A good alternative for those who want a better rate and be safe from such counterfeiting would be to purchase Prepaid Forex cards , which are available in most popular destination currencies at the best Forex rates.
And if you are lucky, these Forex cards can sometimes come for a little less too! Currency notes, should you need them, can be withdrawn from any ATM abroad at a very nominal cost. Having said this, absolutely do not swipe your Credit Card or Debit Card abroad. Missed to post the link at the end of this though. And we really appreciate your help. We have corrected the error and the link we wanted to point out to is https: Your email address will not be published.
So stay informed, stay safe, and have a great trip! This article has 2 comments.