Getting ready to travel abroad? Wondering where the best place is for you to exchange currency? Because currency exchange rates are going to vary, understanding where you can exchange your currencies so you can get the best rate is a smart idea. Carefully choosing a place where you can exchange your currency for another can save you lots of money, as you’ll be avoiding both poor exchange rates and potential high fees.
Where is the Best Place to go to Exchange Currency for Travel?
In order to make sure travelers are not taken advantage of when traveling to another country, it’s best for them to exchange their currencies before they take their trip at a well-known bank or hotel.
- Before Leaving Home: there are many banks in the United States that will allow their customers to purchase foreign currencies before taking a trip outside the country. All someone needs to do is contact their bank and ask if they offer this service. If they do, they need to also ask what their exchange rate is and whether or not they charge any fees for this service. Comparing the bank’s exchange rate to the global exchange rate will let people know if they’re indeed getting a good deal by using their bank to exchange their currency for travel.
- Using a Known Hotel for Currency Exchange: many hotels in other countries will allow their guests to exchange their currencies at the front desk. Be sure to understand their buy and sell exchange rates. And know if they charge you 10% or less to do the transaction, that this is a fair fee.
- Using a Credit Card to Exchange Currency: while using a credit card to exchange currency is often an option, understand that the exchange rates when using most credit cards are going to be high. Using a credit card that doesn’t charge any foreign transaction fees is therefore recommended.
Travelers who happen to have any foreign currency left over after their trip should exchange it before leaving the country, as this will allow them the best rates.
A few currency exchange tips:
- Don’t let a foreign merchant charge your credit card in dollars
- Don’t use your credit card to get cash advances in foreign countries
- While using a currency converter website may seem convenient, the exchange rates will not only be higher, you also have to pay for the delivery charges
Elite Travel Management Group, Inc
