Currency Exchange Rates

Travel Currency Exchange Rates

Travel Currency Exchange Rates - Getting The Best Foreign Exchange Rates

Travel Currency Exchange Rates

So you have planned a bid trip overseas. You have all your accommodation and flights booked and you can't wait to go. You spent hours researching the best destinations, booking cheap accommodation and flights and working out the sightseeing places to visit. Have you, however, given any thought or consideration to travel currency exchange rates and ensuring that you have your monetary requirements taken care of? There are several things that you need to be aware of and consider if you want to be better prepared and save costs on travel currency exchange rates.

Usually, you can get a better rate at your local bank since they will only impose a minimal spread from the inter-bank rates. You should have some immediate cash to carry and meet expenses that you encounter upon arrival. This will save you the need to use an airport money exchanger. The rates at airports are usually dismal and you will lose purchasing power if you have to resort to using these services. You can also arrange traveller's cheques prior to departure. Taking traveller's cheques is also a great security precaution. If you lose them or they are stolen you can report this and have the cheques immediately cancelled. You will also be taking advantage of superior foreign money exchange rates offered by the bank.

Travel Currency Exchange Rates

Once you reach your destination, if you need to locate the best foreign exchange rates, there are several factors that you need to be aware of. You can perform foreign currency conversion at a local hotel, bank, or through a currency exchange service. If you plan to do a lot of sightseeing and traveling to remote places, it is best to carry adequate cash reserves. You can shop around through the local banks and services to see which place offers the best rates, Usually, the best international currency exchange rates are offered by banks. Other services usually impose an additional buffer between the rates they are quoted through organized business channels. This is how they earn the transaction fee. If you constantly use hotel desks or a local currency exchange converter, you will lose purchasing power.

If you are traveling in less westernized countries you also need to be aware of local culture and custom. Some places can be less than friendly and like to try and exploit travel currency exchange rate opportunities from naieve foreigners. On one occasion during my travels, I can across a money exchanger that appeared to be offering an attractive rate. I did a manual calculation in my head and worked out the amount I would receive. I then proceeded to check using the provided calculator. The amount using this device differed from my manual calculation. After being perplexed for a short period of time and arguing with the teller, it dawned on me that the calculator buttons had been manipulated to produce a favorable result for the currency exchange converter. This was a quick wake up call. Hopefully, you will not encounter the same situation but you need to be of this potential.

You can also use credit cards and rely on your banks travel currency exchange rates. You should be aware that banks will use a standard rate but will also impose a foreign currency conversion charge. If you do frequent transactions, international currency conversion charges can really start to add up. You should also consider this if you plan to use your cards frequently.

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