Asia Currency

What is Currency and its type?

A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. One can classify currencies into three monetary systems: fiat money, commodity money, and representative money, depending on what guarantees a currency's value (the economy at large vs. the government's physical metal reserves).

What's the Difference Between Money and Currency?

Money is an intangible system of value that provides the means for the ongoing exchange of goods and services in a society. Money has taken many forms since it overtook the system of bartering. Currency is a tangible form of it. So, instead of, say, bartering agricultural produce for the clothing you may need, you can use currency (paper notes and coins) to obtain it. .

Tips to help you conserve funds in all major areas of vacation spending:

Start with Smart Research Work:-

Take some time to do a bit of research on basic expenses at the various locations where you're planning to go. No matter where you go, there are hidden money pits. Sometimes it's not the airfare and hotel bill that get you, it's the failure to monitor small expenses that can turn into big ones in a hurry. That's why smart money management before you travel is so important.

Keep the costs of transportation and use of electonics in mind:-

Paying individual ticket prices for short hops or long journeys can drain your budget. The convenience of cabs or rental cars will likely cost more ‐ and depending where you go, some options might be safer than others ‐ so study options like reloadable city smart cards or continental rail passes. Also, consider traveling at off-peak times of the day to get cheaper rates on train travel. You've probably heard about people getting socked with huge cell phone bills. To avoid this, call your carrier before you leave to make sure your phone will work wherever you're going. If so, check if they offer an affordable international talk and data plan. If not, consider options like an international SIM card ‐ a small chip card that fits inside your phone for specific use within that country ‐ or a prepaid phone. If you're downloading any apps to supply maps, translation or reading material on your phone or computer, do it while you are home to avoid chewing up international data at your destination. Also, be careful with Wi-Fi. Many recognizable global restaurants and fast-food chains offer the service for free, so check before you pay for it. Once you're home, be sure to cancel any international services you've ordered.

Pay & Eat Like Locals:-

Focus on the cheapest and safest ways the locals eat. The Internet and the myriad travel sites it offers make it easy to find good places to eat at all price levels practically anywhere in the world. But eating food out can add up.

Travel insurance can be Smart Money Management:-

Once you have prepared for your travelling, Check your personal home and health insurance to see what they might cover on a trip and back your protection with a leading travel insurance policy. Because Lost luggage, missed connections or a medical emergency won't just ruin your trip ‐ they can potentially wreck your finances. Visit websites that will allow you to compare coverage you need to select the best option for you. Make sure to check any travel insurance policy closely for any exclusions or pre-existing conditions that could void your coverage.

What are the essential Tips For Safe Handling of Your Money?

• 1. It’s best to have a combination of money sources: a small amount of cash and two cards (debit, credit or Forex whatever you chose, but keep two cards in case one is declined or stolen!).
• 2. Make sure you keep a record of your debit and credit card numbers and related customer care numbers on a separate piece of paper at separate place away from your cards. But don’t make your bank account details too obvious or record your pin number!
• 3.Keep records of your traveler’s check numbers. If they get lost or stolen you will need this information to get them replaced. If the worst happens, call to cancel them immediately.
• 4. Sufficient funds to manage your duration of travel. If possible you can, then always keep a few note somewhere deep in your backpack which could not be searched easily. Protect yourself from credit card fraud while you’re travelling. And try to avoid online banking from a public internet café.
• 5. Make sure you get a travel insurance policy as it will not only cover your trip but also provide you with emergency cash assistance in the hours of need. A travel insurance policy is your best buddy while exploring new places overseas. This is when you’ll be glad that you took out a travel insurance. Firstly, report any theft to the local police (and get written documentation if possible). Then, call the 24 hour emergency assistance line of your travel insurance provider. Depending on your insurance, you’ll be covered for the loss of both cash and plastic – including any losses on your account. You’ll also need to notify your bank immediately so they can cancel your cards.
• 6. Store your cash and cards separately to minimise the risk of them all being lost or stolen at once. A money belt is useful for keeping them safe and hidden on your person. If you have an in-room safe, keep one card locked away for emergencies. As for as possible, keep your purse in the front pocket at the crowded places. It may cause some inconveniences, but at last it will save your hard-earned money.
• 7. It's surprisingly easy to overspend when traveling overseas if you don't do your research. Take the time to analyze all possible expenses large and small before you leave. Your travel budget will thank you.

Most Widely Used Asian Currencies in World ?

Asia has been the fastest growing economic territory in the world. The Asian continent is home to some of the large economies that are inclusive of China, India, and Japan. The entire wealth of the continent shows disparities amongst the states as well as the countries. The wealthiest nations of Asia with higher GDP per capita include the Eastern Asian Nations and the nations of western Asia that are oil-rich nations and include the UAE, Kuwait, Iran, Oman, and Saudi Arabia. The most widely spread currencies in Asia are Indian Rupee and the Chinese Yuan as these are circulated in the two largest nations of Asia. Chinese Yuan and the Japanese Yen along with the Singapore dollar and Hong-Kong dollar are the most widely used currencies for trade operations and international banking payments.

How We Get the best exchange rate?

According to an exchange rate study conducted by Card Hub, international travelers can save up to 15 percent by using a credit card. There are three ways to exchange currency: converting cash at a bank before your trip, using a currency exchange service like the ones in airports, or simply using a credit card, in which case your money is converted automatically with a purchase. More specifically, major worldwide credit networks automatically provide the best exchange rates possible — currently 14.7 percent better than the currency exchange companies that operate out of airports and 7.9 percent better than the average major bank.

Withdraw cash before you leave.

If you'd rather not worry about finding an ATM as soon as you arrive in a foreign country, convert some cash at your local bank before you leave. Keep in mind that :

You should compare bank exchange rates to get the best currency conversion.

You should watch out for fees and make sure to inquire about extra charges before agreeing to a conversion rate.

You should convert just the right amount. Get enough cash to comfortably cover your initial expenses but not more than you feel comfortable carrying.

Get a no-foreign-fee credit card-

No-foreign-transaction-fee credit cards are perfectly suited to overseas spending. Follow these guidelines to use no-foreign-fee cards to their full advantage:

Get your card before booking flights, hotels and activities.

Make sure your credit card issuer does not charge these types of international fees before you book your trip to avoid surprises on your statement.

Check to see how much coverage your credit card includes, remembering that most companies do not provide worldwide coverage.

Ways To Carry Money While Travelling Abroad -

You can choose from a variety of choices to carry your money while travelling overseas. Keeping all things in mind, you should not rely on a single mode of payment while travelling to a foreign country. You should have a balanced travel money portfolio, including travellers cheques, debit cards, and credit cards, among others. The primary challenge is selecting the right option while keeping in mind your needs and requirements. Earlier travellers used only cash and travellers cheques. Today's travellers are much more likely to rely on debit and credit cards and ATM withdrawals that offer better exchange rates and lower fees. Here' how you can carry your money efficiently :

Multicurrency Travel Card: Prepaid travel cards are one of the safest and most popular ways by which travellers carry their money abroad. A multi-currency forex card is a smart way to take multiple currencies at once. Also, it offers travellers protection against cross currency transaction charges, currency fluctuations, and minimum transaction charges on pre-paid forex card usage at ATMs overseas.

Cash: You should carry foreign currency within permissible limits while visiting a foreign country. Though traveller cheques and travel cards are the best options, yet you should carry local currency to pay for essentials like food, drinks, tips and taxis. There are times when cards and cheques don't work, at that point in time, cash comes in handy. Moreover, the amount of cash you can carry depends upon the country you are travelling to. There should be a card-to-cash ratio of 75:25.

Debit Cards: You must be using your debit card frequently for every other payment. The moment you step your foot overseas, your debit card becomes a tainted proposition as most banks charge you explicitly on every transaction made. So, try to use in-network ATMs, as some banks have overseas sister banks that will save you at least one fee. Then withdraw huge sums as infrequently as possible, and use the card in stores instead of cash.

Credit Cards: Credit cards are a fantastic mode of carrying money while you are travelling to a foreign country. There are nearly endless variables of credit cards from which you can add the suitable one to your travel wallet. Few questions you should ask yourself while selecting the credit card are- Will my card even be accepted where I'm going? Does it offer complimentary travel insurance? Does it offer you frequent flyer miles? Etc. But you should have this in mind that some places do not accept credit card at all and prefer cash over anything, so you should plan accordingly.

Travellers Cheques: In the present era of ATMs, do travellers cheques even still exist? Well, to our surprise, yes! Honestly, it is quite unlikely that you will use this option, but travellers cheques are useful for places where there are few ATMs and cards are not accepted. Travellers cheques can also restrict a traveller from spending over and above his budget unlike a travel card which gives a traveller more flexibility.

Strongest Currencies of Asia ?

The currency of any of the country refers to the payment mode for the exchange of goods and services and also the repayment of debts to a specific country or is used in its socio-economic context. Currency is identified as the medium of exchange, a store of value, a unit of account and often a standard of deferred payment. It derives its name from the Latin word i.e. currens-entis that symbolizes money in any form. Asia’s economy involves around 4.4. billion people who account for an approximate 60% of the world’s total population. Here are some of the strongest currencies in Asia.

We strongly urge all our Travellers to go through the different requirements of Asian Financial Management before planning of your travel to make your journey and holiday a comfortable one.

Official Website for Asian Currency detail is - http://www.hopinasia.com/asia-currency.html