Prepaid cards take the lead
According to Deepesh Varma, Executive Vice President – Foreign Exchange, Thomas Cook (India) Limited, Indian travellers are moving beyond basic currency exchange.
“Prepaid forex cards are emerging as the preferred option, offering global access, convenience and security,” he said.
Varma advised loading most funds on a prepaid card and keeping a small amount in cash for local tips or places where cards are not accepted.
He added that timing matters.
“We recommend purchasing foreign exchange at least five to seven days prior to departure, and buying destination currencies in India rather than paying extra for conversions abroad.” he said.
Digital platforms bring transparency
For those looking to optimise rates, Gagan Malhotra, Chief Operating Officer, BookMyForex.com, emphasised the importance of transparency.
“The smartest way to get maximum value on foreign exchange is to use digital platforms that show live rates. Unlike banks or offline changers, our rate comparison engine ensures customers see the lowest possible prices,” he said.
He also urged travellers to stay away from airport counters, calling them the costliest option.
“With tools like rate alerts and instant reloads, customers can lock in favourable rates in advance and avoid paying inflated markups,” Malhotra added.
Hidden costs still a risk
While digitalisation has improved convenience, Amit Talwar, CEO, Niyo Forex, cautioned that hidden costs remain a major issue.
“Traditional money changers and even some banks often add 3–5% markup on top of interbank rates. Travellers should always check the total INR outflow to avoid surprises,” he explained.
Talwar noted that longer stays, such as for students, magnify forex expenses over time, making zero-markup cards and digital remittances especially valuable.
“Buying forex in advance shields customers from expensive airport rates. With our app, users can load forex anytime, withdraw cash when needed, and monitor spends in real time,” he said.
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