subject: How To Get The Best Foreign Money Exchange Rates [print this page] When traveling, take note that there are many ways you can actually minimize your expenses and get the best foreign money exchange rates whilst avoiding annoying fees. Doing so helps you further stretch your dollar on your next overseas trip.
First things first, you need to research your desired exchanged rate. The most effective way to know if you are acquiring the best foreign money exchange rate is by knowing the prevailing rate. Prior to leaving for your overseas trip, make sure to do proper research. If you will be away for a long while, it is highly advisable for you to check periodically the rates so you can keep track of any major or minor changes.
Also, if you do use credit cards or ATM cards, you will most likely get the excellent interbank exchange rate specially when purchasing foreign currency. Usually, such rates is 2-7% better compared to rates acquired via traveler's checks or cash exchange. When you are making large purchases, do try to make use of credit cards when paying for hotel bills or car rentals. Do note that a lot of credit card companies add in transaction fees for purchases done in foreign currencies.
If there are accessible ATMS in the country you are traveling to, it is highly recommended that you use it for any of your everyday cash needs. Do not forget that you may be charged for an added fee for every transaction.
When you are traveling using cash or traveler's check, the best foreign money exchange rates could be had at post offices, banks and the offices of American Express (specially if you are using their checks). Hotels are also good places. As much as possible, avoid going to change bureaus which could be seen in airports, tourist areas and train stations. Such places usually offer bad rates but there may be times you can get lucky.
When you are shopping overseas, you can also look around for any exchange rates posted. Always ask for the specific net rate after all the commissions. Be aware that certain commissions are demanded per-item on every transaction. In order to entice customers, there may also be money changers who will display the sell rate for USD and not the buying rate (which is what you need if you have plans to exchange USD to the foreign currency of your choice). You will definitely not have this problem when you are dealing with a reputable bank. All in all, the most effective way to get best foreign money exchange rates is by doing your homework, performing the leg work and conducting proper research.
by: Cedric Welsch
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