Investment Currency

Discover 8 Tips For Exchange Currency Rates

Introduction

Traveling to a foreign country is expensive since you have to book flights and accommodation as well as pay for various services or entry into the various attractions in the travel destination. However, exchange currency rates can hike up this figure, and in order to reduce the cost of your trip, you may need to have some handy tips.

Step 1

The first tip is to always go to online converters to check the exchange currency rates before actually doing any transactions. An example of a website which supplies this service is XE.com, and there is an application which you can download for your smartphone so that you can get this service whenever and wherever.

Step 2

When dealing with exchange currency rates, the second tip is to always ask the essential questions such as the amount of commission that is being charged as well as any other hidden fees and charges as this could significantly reduce the amount of money that you are making.

Step 3

The third tip is to not purchase at the first exchange currency rates bureau that you find, but to instead shop around for options and to exhaust them in order to ensure that you are getting the best bargain. If you do not like the rate that they are offering, you could always choose to go somewhere else.

Step 4

The fourth tip when dealing with exchange currency rates while in a foreign country is to only exchange your currency in a place that has a physical address. There are some countries in which a traveler will be approached by strangers on the street who could offer to exchange the currency for you, but you are advised to simply walk away from such individuals.

Step 5

When travelling abroad, you are advised to have with you at least two of the major world currencies as this are easier to exchange than other currencies. If your currency is one of those that are less liquid, you could try exchanging it for one of the major currencies before you leave your country. For example, if you are dealing with Ugandan shillings, you may not be able to exchange them, and even if you do, it may cost you a small fortune, so you are better of exchanging it for US dollars in your home country before you travel.

Step 6

The sixth tip is that when dealing with exchange currency rates, you should never exchange a foreign currency for another, but you should instead exchange the foreign currency for the local currency in your travel destination so that you do not end up paying exchange currency rates twice.

Tips

The seventh tip is that when you are withdrawing funds from an ATM, you are better of withdrawing very large sums of money as you are most likely going to pay some withdrawal charges which can be quite high because of exchange currency rates.

 

Sources and Citations

The last tip is to not change money in areas such as airports or train stations as you are less likely to get good exchange currency rates, but to instead go to exchange bureaus or banks or you could even search through the internet for the best places with the best exchange currency rates.

By Vlad Dake, published at 03/23/2012
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