Want to exchange one currency for another? Looking for how to minimise the costs and get the best exchange rate? Then you are at the right place. Currency rates may vary from place to place and from day to day. For currency exchange you do need to pay a change over fee; however you can reduce the costs with proper assessment and analysis. Below are some tips which help you to buy currency at a reasonable price that can make a real difference:
- Know the exchange rate. Know the approximate exchange rate before you attempt to exchange the currency; you can easily find the rates on currency conversion sites. Keep in mind that the rates posted are always lower than those listed at the bank or exchanger
- Avoid currency exchange at airports and train stations at popular tourist destinations. They may impose higher rates than banks and bureaus; so calculate whether the rate advertised is good or bad
- Use your credit card to exchange currency. Use credit cards to pay for the larger expenses so that if there is any disputed bill your credit card provider may help you out in settling such matters. Most companies impose additional fees on the exchange, so check with your provider
- For best exchange rates you can approach companies that offer less than the bank rates. You can buy currency from Axia FX which is a FSA regulated and trustworthy source that safeguards your funds and replaces frustrating bank transactions
- Use your ATM card to withdraw money. Some banks allow you to withdraw local currency from international ATM’s. You need to pay the banks for this exchange though, so check your bank’s policies for further information. However, you can minimise the costs by transferring larger amounts less often
- Avoid dynamic currency conversion. If you get an opportunity to purchase things with your currency, decline it. This is called ‘dynamic currency conversion’, which includes lousy exchange rates and hidden costs. This will lead to you to paying more than you are really meant to
- Use travellers’ cheque. There are only a few places in the world that still accept travellers cheques as form payment. You need to change them at banks and you are charged a fee to avail this privilege. It is however a good fall-back as a source of emergency cash
By following the above tips you can save money on your currency exchange. Ensure that you do not make the exchange at the last minute. Also ensure that you are not making your currency conversion at airports as the rates are high.
Author bio: Hi this is Simon John Clark. My passion is to write on Finance, Insurance, Travel, Home Improvement and Home appliances, you can reach me @financeport.