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How to get the best exchange
rates
Finding the best deal when changing your money may
seem intimidating at first, and many are tempted to just to change
their foreign currency at the first place they see.
Bin this instance,
being hasty can cost you money, and depending on the destination,
foreign exchange rates, as well as commission
can vary in different establishments.
To get the best deal and
make the most out of your travel cash, here are some tips:
Know The Latest Rate of Foreign Exchange
Keeping up to date and knowing
what the current rate of exchange will give you an edge. For
the most reliable and up-to-date
information, check the various news channels on television
or online at websites
like:
http://www.x-rates.com
http://www.bbc.co.uk/holiday/converter
http://www.oanda.com/convert/classic
Checking on these
on the day you change your money can ensure you’re
being offered a rate close to the foreign currency
market rates.
Start Looking At Options On How To Get
Your Foreign Currency
Once you know the rate you’re aiming for, you
can start looking for places change your travel money. Here
are some important hints
to remember.
- Airports, with their numerous “bureaux
de change” (foreign
exchange offices), and other High traffic
tourist areas are often the worst place
to get a good
deal.
- Local banks, post offices and firms
such as American Express are often more
affordable
than
bureaux
de change at airports
or train
stations, and often compete amongst themselves
for the best rate.
- Always check the commission
charge in advance, and ask for clarification
of rates if more
than one is
listed.
- Sometimes a lower charge, or
even a better exchange rate, is given to
business
customers
changing large
amounts, which can
mean a poorer
deal for the tourist traveller.
- Know
your rights and ask questions.
- Know that in many western countries,
or large capital cities , you
are able use your existing
bank card
in cash machines,
so you
may not need to change money
in advance.
- Always check with your bank before
departure to see if you can
use foreign ATMs, and if
so, what
the commission
charge
is.
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