purchasing foreign currency

[jhanishdev]

We will be travelling abroad and require USD dollars (officially). I know that IOB has the best card rate but is there any other place where we can get a better conversion rate?

Also, I see that many forex cards offer much better rates, how can they offer such better rates? Also, can these forex cards be used to open a bank account abroad? Which forex cards are most reliable?

Any opinions and suggestions are welcome.

 

[percolate]

Forex cards are there for that purpose and they still earn some money per dollar.
To open a bank account in foreign country, you don't need money but if you want to transfer the funds from Forex card to Bank account, it may not be possible. You may withdraw money from Forex card and deposit the cash to the Bank account.
I have personally used BookMyForex and ICICI Forex and they are pretty good.

 

[sunit123]

Open Indusind exclusive account..Load INR....Withdraw from foreign ATM @ official visa rate and ATM withdrawal charges is NIL

If u wish to carry some currency then check orient exchange

 

[jhanishdev]

Orient Forex seems to have good rates. similar to IOB. Any other better options? Orient is charging 50Rs plus GST on the required amount.

 

[gowthamv]

Recently saw that Niyo App is offering Forex Cash and Zero Forex Rates.
Not used it personally as it is not available in my hometown. You can try that.

 

[jhanishdev]

As per discussion above, I prefer to get cash. Orient Forex seems to be the best deal right now unless there is a better option.