Three Useful Tips on How to Get the Best Exchange Rate When Going Abroad
Are you traveling to a foreign country soon? If so, one of the important things that you should do your research on is the currency exchange. Depending on which country you are going to, the conversion can significantly dictate the amount of money that you will have to spend on your trip.
For instance, if you are from Canada, and you are planning on having a vacation in the United States, then you need to find the exchange rate from CAD to USD. Once you know that, then you can start budgeting your money.
Here are useful tips on how you can get the best exchange rate before you head to another country:
Find Out the Current Exchange Rate
It is crucial that you know what the current exchange rate is between your local currency and that of the foreign country that you are going to. Once you have this information, then you can easily identify which among the deals in front of you is good enough. This data is actually your best weapon to weed out bad deals.
There are various ways in which you can have an idea of the on-going exchange rate. You can get it from the TV news or even in newspapers. You can also check this out online using currency converter tools.
Ask Your Bank About Foreign Transactions
When you go to a money exchange center, you can expect that the company will get a certain percentage. So as much as possible, you would want to avoid this. The best thing that you can do is to call your bank and ask them what their charges are when it comes to foreign transactions.
Most of the time, it is cheaper to use your credit or debit card in a foreign country because the issuing bank will use the current exchange rate. The only downside is, you might get charged a certain percentage per transaction. This is how banks get you.
Before you leave, it is then essential that you find out all the necessary information from your bank, particularly the amount that they will be charging you for every transaction using your card.
Work on Your Budget
It is not really advisable that you carry a huge amount of money in your back pocket, especially when you are traveling internationally. However, you also do not want to get stuck with a not-so-good deal when it comes to the exchange rate.
What you need to do is to work on your budget. See how much money you would be needing the whole time and weigh things out, whether it is more practical to just carry ready-cash, utilize your card, or exchange your currency when you get to the other country.…
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