How and where to exchange your currency

« « What to do if You Are Facing Foreclosure | Understand Your Bank Charges & Learn How to Get Them Paid Back » »

Friday, March 6th, 2009 Subscribe To Our Feed

When travelling outside your country you might well need to exchange currency.

With currency exchange rates changing from not only place to place but also daily, where and exactly how you decide to exchange your currency can make a big difference to your wallet.
Before you decide to travel, it is always best to do a bit of homework and find out what the foreign currency exchange rate is in the country you are hoping to visit. This can be done by using the Universal Currency Converter which provides you with a fair idea about the latest rate of exchange which are based on the mid point between the buying and selling rates of large value transactions in all the global currency.
Many people, mainly those flying a distance and possibly arriving in a foreign country very early in the morning or even late at night when the banks and currency exchange desks could well be shut, prefer to get a small amount of currency prior to departing on their journey.
In order to find the very best exchange rate, it is best to wait until you arrive at your destination. Whilst most major airports have a currency exchange desk, you are more likely to get a better rate from an ATM machine affliliated with a major bank.
ATM cards are likely to work without any trouble overseas and these are the ones with a four-digit PIN number. Since you may be charged a usage fee by both the local bank and your home one, it is advisable to make one big withdrawal instead of several small ones whenever thats possible. Don’t forget to keep your cash in a place of safety out of range of pickpockets etc.
So long as you have a valid PIN number, you can use the credit or debit card to get cash overseas.
Having a credit card is really very invaluable when travelling. With one, it is not necessary to carry large amounts of money. It is best to use a credit card rather than cash to pay for larger expenses, such as hotel bills and big purchases, then you can get a receipt for the transactions. Then if you are unfortunate enough to have a bill disputed, the credit card company should be able to help you settle the matter when you arrive back home.
Do bear in mind that credit card companies may possibly levy additional fees for overseas usage. If you’re not sure about this then it might be a wise idea to check with your company before you leave home.
Quite often you will find that you have some foreign currency left over on your return home. There are a few ideas as to what you can do with it:
• Treat yourself or friends and family with a few gifts at the duty free shop
• Make a donation to a charity. Find a place to do this at the airport or send it to an organisation which deals specifically with charity currency exchange
• Convert it back to your own currency at the airport
• Exchange it on your return