If your New Year’s resolution is to travel the world, chances are that you are already planning your next vacation. And while drawing up your itinerary may be fun, practical aspects can get a little tiring, including sorting out your finances for the trip. That’s why forex markets have divided currencies in three groups: Major, Minor, and Exotic currencies.
The last includes the Hong Kong Dollar, Mexican Peso, Singapore Dollar, South Korean Won, South African Rand and Russian Federation Ruble. Here are some tips a leading online forex transfer site has compiled a few tips to help you out:
Bring USD when visiting to the countries whose currency is called as ‘exotic’. Check with the relevant authorities on the amount of USD you can bring along.
Exchange INR to USD in India. It will be cheap. Converting INR to any exotic currency in India, if it is available, will be very expensive.
Sell all your leftover exotic currency when you leave the country. You will get better rates.
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Don’t buy any exotic currency until you arrive in that particular country.
Don’t carry your exotic currency in your Forex Card. Not every place will accept it.
Don’t carry exotic currency in the form of a Travellers Cheque. They are accepted at limited places.
