In this article, we will discuss the different ways through which an employee can get foreign cash or forex conversion such as either Dollars or Pounds without much struggle to move on freely in the USA and UK.
This is a piece of real-time information receives from my friend, who is working in an MNC and travelling frequently to the United States and the United Kingdom. So do check and this may surely help for every overseas employee, who want to move.
If you are someone who is working as an employee either in United States or else in United Kingdom or else has got an opportunity to move to one of the foreign nations. This guide will find you surreal because it is really important that you have cash at hand so that you can pay for your fares such as taxi, cab, food and living while you settle down for your work as an employee.
Forex Conversion for Employee in UK & USA
Basically if you have already move out of one of the prominent countries like the United States or the United Kingdom then you will have to ensure that money exchanged beforehand, such that the money may used for the necessities that require an employee.
Airport Forex Exchange
So before you onboard your flight either to the UK or the USA, you will be able to convert your available and preferred amount of money into the currency that you are traveling to. Yes, the money that you have convert right now at the exchange center at the Airport will allow to taken with you since this is part of your necessities for living there.
This is the most basic and prominent method that everyone uses either for the UK or the USA. The only catch is that the employee can submit both Credit, Debit or cash to convert into the currency of your choice. But ensure to convert only the allow amount mentioned at the forex conversion center.
ATM Machines for Cash Conversion in Pounds & Dollars
This is a very simple and yet underrated process because if you have any National bank account such as ICICI, SBI, HDFC or others then you will be happy to know that in countries like the UK and the USA you can find their ATM Machines.
So, all you eventually have to ensure is that before you travel to these countries you need to have enough money in your bank account. Then as per your needs you can reach out to the nearest ATM machine of your bank and take the cash out.
The good thing about this is that it will give you value for your money since ATM machines work on the present-day cash forex conversion rates between your home country or working country for an employee and the UK or the USA.
Visit Banks or the Central Forex Conversion Centers
You can visit either your own registered bank and then ask the bank conversion department to convert your cash into the currency of your choice depending on the country you are in right now.
This is simply because if you have an ICICI account, then you can visit the ICICI bank branch in the US or the UK. From there you can give them a receipt of a token for the amount withdrawn from your account in the form of cash.
So, in this way, an employee may visit to the bank near to you and convert the cash, while each country has its central forex conversion centers located in each city. You can either visit the centers or else go to the bank to get the currency convert to your preference.
Visit a Post Office
Many people are unaware of the fact that the post offices in the foreign countries are not just limit to delivering posts but also deal with a lot of monetary management and transactions daily.
Both in the United States and the United Kingdom you can easily go to one of your nearest post offices where you will have to provide them with citizenship or temporary citizenship since you are working as an employee in their country.
Then you may handed a slide of a token, where you have to enter the amount you want to receive in cash and the form payment you want to make such as cash to cash, online credit to cash or debit to cash as well.
In this way, you can get your post office to help you with your forex money conversion easily. They will charge as high as 2 – 5% over the whole transaction.
Travel Agency or Travel Agent
One of the less chosen options on the list in order to convert your cash through forex conversion is using a third party such as a travel agent or a travel agency.
It is simply because they sometimes charge higher transaction rates up to 4 – 6% which people steadily keep away from. But there are a lot of agents and agencies that done below 3 – 5% as well which you seek help from since the charge rate is either similar to getting convert from a bank, ATM, or a post office as well.
- Does the current rate of Dollars or Pounds impact my cash value online?
This is a basic question that arises when you want to convert your online cash at some forex conversion, and yes, you will have to depend on the conversion rate from INR to Dollar or Pounds.
So, I would suggest you to go to online and then search for the amount in INR to convert in Dollars and Pounds, such that you have a basic idea of how much cash you will receive.
- Do ATMs charge any rate for withdrawing cash in dollars and pounds?
Yes, most of the ATMs charge a minimal rate but it is in the lower bracket of less than 2 – 3 % only which is mostly acceptable since you are trying to convert INR cash to either the dollar or pounds.
- Can I withdraw cash from another bank using another bank in the US or the UK?
Well, yes all the banks allow this feature for their account holders only but for non account holders who want to convert their cash can visit their forex conversion department that can help them to withdraw the cash using forms of online payment such as Debit or Credit card.