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So, the first thing everyone will consider will be the cash you can carry with you when you travel abroad and as you have suspected there are some limitations on how much cash you can carry abroad. The maximum amount for which you can buy foreign currency remains the same irrespective of the place. It can be.............open the source link to read more

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Concerns over the safety of students studying abroad have become greater. In the last couple of years, we have experienced events such as uprisings in the Middle East, anti-Japan protests in China, and attacks on the United State Embassies in the Middle East.

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Be aware of Tourist Scams While  Travelling Abroad

Everyone has different reasons for travelling abroad. Some travel to experience the vibe in a new place, some to explore new cities, some want to unravel unexplored locations and others simply want a change from their own location. While enjoying the hospitality in the host destination, it is important to be aware of our surroundings and belongings. It should be ensured that the travellers have safety throughout the trip.

 Caution needs to be exercised right from the beginning of the trip the same way as we do in our own cities. Some people are scammed due to their unfamiliarity with the surroundings, while the others happen due to lapse of concentration. While some scams, such as at unauthorised money exchanges, happen even before the trip. Some of the most common ways of deceiving tourists are:

 Counterfeit Notes

Unauthorized currency exchangers exposes to risks of such counterfeit notes. It is very easy to mistake counterfeit notes for authentic currency notes. This is especially a problem in countries which have a number of denominations such USA, Germany, and China. Unauthorised dealers usually take advantage of the situation and exchange currency for counterfeit notes. It is difficult for tourists to verify counterfeit notes themselves, and the fake notes are consequently accepted.

 Another point of falling victim is while making payments to vendors and taxi drivers, who provide change in counterfeit or fake notes. Tourists who are unaware of the denominations can easily fall prey to such scams. The best way to avoid such scams is to use currency cards, which eliminates the possibility of handling counterfeit notes.

High Exchange Rates

The only solution when a traveller runs out of Forex is to pay local vendors in Indian Rupees. Local vendors take advantage of the situation and only accept payments in Indian Rupees at high exchange rates. There is no choice but to agree with the terms of the vendor and make the payment at their currency exchange rate.

 This is a common problem faced when travellers don’t carry adequate forex for their trip. Having a Forex card in such a situation proves to be handy, as the forex card can be recharged online at the lowest exchange rates. Online currency exchange offers 24 X 7 service, with assistance at all times. Even after detailed planning, there is always a possibility to spend all the local currency, and it is better to have access to more currency than to be short of currency while at a foreign location.

 High Fees and Amounts for Tourists

Particularly in countries such as England, Thailand, and Malaysia street vendors charge high amounts to tourists, as they take advantage of the fact that their products do not have a listed price and then charge high amounts. Locals often demand amounts almost 2 – 3 times of the normal price.

 Some scammers even charge foreign tourists fees for entering malls and attractions, where entry is absolutely free. Famous bridges (such as the London Bridge, Golden Bridge, etc.), monuments (Dubai fountain, British Museum) and malls usually do not have any entry fee/charge, and without proper knowledge of such fees, tourists end up listening to the scammers who are usually very persuasive. The only way to surpass such situations is by finding out the costs and fees for entry at attractions before visiting it.

Lost Wallet Trick

This trick is common in New York, Washington, Texas and San Francisco. It might sound too movie like but many people find themselves stuck in a situation with a lost wallet. How it goes is that a by-stander will alert the tourist about a wallet fallen next to the tourist and will ask if it belongs to him/her. Out of sheer innocence, while the tourists takes a glance to see if the wallet is indeed his/her, another person appears from the background calling the tourist a thief as he/she holds the wallet in his/her hands. All of this happens very fast, without a second to realise what is actually happening.

 At this stage the by-stander and the owner of the wallet collectively start framing the tourist as a thief. The scammers then threaten to hand over the tourist to the police, unless they are given a bribe. The scammers will make the situation very unsafe and uncomfortable, and out of fear anyone is bound to pay money for their own safety to get out of the situation.

 In another version of this scam, the by-stander might offer to split the cash from the unidentified wallet. As soon as the money is split, a few people will emerge on the scene and demand full recovery of the money in the wallet from the tourist. Once again, out of fear the tourist is likely to make the payments for their own safety.

 The best way to avoid this situation is to move around in groups. It becomes difficult for the scamsters to handle large number of people or to fool someone in the presence of others.

 Surveillance of Belongings

In cities such as Prague, Bogotá, Sao Pãulo and Mexico where the streets are narrow and full of performers, there are numerous people who want to snatch money or belongings from tourists and run away. There are many versions of this scam where locals distract the tourist and take away with their belongings.

 Most common versions of these scams take place when a scammer spills coffee or drops ketchup on the clothes of the tourists. The tourist is bound to try and remove the stains, and the scamster will offer his/her “act of kindness” in the form of assistance to look after the belongings as the tourist removes the stains. At this point another scamster or the same scamster will abscond with the belongings, leaving the tourist with dirty clothes behind.

 Once again it is best to move in groups so that even if there is any distraction, there is always someone paying attention to the belongings. Another solution is to leave the belongings in a safe place, so that you do not require to continuously look after it.

 Road side tricks

 Sometimes scammers try to engage tourists on the roadside, such as in London, Mexico, and Cancun. They will try to lure you into simple gambling tricks where they will first let you win the smaller bets. Once you have gained some confidence, they will trick you as you bet higher amounts. The best way to avoid these scams is to leave when you’re winning. Or even better, visit a place which has a casino, so that the gambling and your winnings are both authentic.

 Such information should not discourage traveling, as this scam can happen to people in their own cities as well. But while going abroad, we should always remain safe and self-aware and at times even selfish. We shouldn’t let any incident ruin the experience of the trip. The best way to avoid any scam is to purchase forex online and use a forex card. Buying foreign currency online removes possibility of being cheated or tricked. And even if the card is stolen, the money remains safe.

 Tourists should be careful and not flaunt their money or their belongings to avoid being in situations involving a scamster. A great way to avoid any unwanted attention is by blending in with the local crowd and appearing as a local. Scamsters are attracted to tourists more than to locals, and anyone appearing to be a local is less likely to be scammed.

 While moving around, it is best to carry only the amount of money that is required. If the itinerary for the day includes 3 meals outside, then it is better to leave the excess money safely in the room or in the card and carry only the currency notes for the 3 meals and local transportation. This eliminates the need to handle extra money. Valuables such as jewellery are always at a risk of being lost or stolen, and they should be kept away safely.

 Moving around in big numbers or groups makes it difficult for scammers to trick anyone. So scammers will not be able to make the tourist pick up a lost wallet, or to let go of their own bag. Groups also ensure that at every point there is sufficient attention on the belongings and the scammers are not able to get their hands on someone else’s bag.

 However, in the interest of safety, one must always carry the details of their stay (hotel, hostel, guest house, etc.) so that if they are lost then can get assistance to return to the hotel. Usually local vendors know the whereabouts of famous locations and can guide the tourist back to the hotel. While visiting a foreign country, the Indian embassy should be informed about the visit and preferably the stay. In case of any emergency, the Indian embassy will be extremely helpful for safety.

 In the end, staying safe while you travel abroad isn’t so different from avoiding crime in our very own neighbourhood. Taking precautions will help enjoy the trip without any disturbance or trouble from an outsider.

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Forex reserves have very high opportunity cost

On forex vs money supply.

Theoretically, every dollar or euro or yen that enters India for purposes such as investing in equities or as part of FDI (foreign direct investment) or when the RBI (Reserve Bank of India) buys dollars and which form the forex reserves of the RBI, is represented as the rupee equivalent in the money supply.

 On forex surge and inflation.

A surge in forex reserves can potentially cause inflationary pressures. It needs to be understood that an increase in forex reserves is because of increased foreign inflows. Foreign inflows increase will impact the monetary base and consequently the money supply and since inflation is defined as "too much money chasing too few goods", an inflow can potentially add to inflation or cause inflationary pressure.

 On utilising forex reserves for infrastructure.

Forex reserves have a very high opportunity cost, as the return on them is typically very low as compared to when the money is used for something else. Therefore, many have suggested that the money can be used for infrastructure projects because the government can't afford to pay for them and the RBI's foreign reserves are doing nothing and they could earn some extra money for the RBI.

 On the difference between utilising forex reserves and printing more currency.

It is a huge difference from just printing more money. Printing more money for infrastructure funding is ruinous for a country because it causes inflation on a massive scale. Printing money for infrastructure projects is essentially creating new money whereas foreign reserves are existing monies and already part of the system. In terms of perceptions, printing money for any purpose other than for the normal running of an economy will be viewed a very bad thing and something that is only done by a country in desperation. Buy Forex Online: With Axis Forex online send money in 100+ currencies to any bank account in the world. Buy forex card and go cashless across the globe

  Source : http://www.thehindubusinessline.com/todays-paper/tp-money-banking/forex-reserves-have-very-high-opportunity-cost/article1655400.ece

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A vacation is meant to be a period of joy and fun; it comes with a rewarding and exciting experience, but even a perfectly planned trip can turn into a nightmare for many. This becomes worse when it has to do with an unforeseen medical emergency or complications.

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