subject: HOW EXCHANGE RATES RESEARCH CAN SAVE YOU MONEY [print this page] A combination of multiple currencies, a massive fluctuation in them and a lack of knowledge is a dangerous combination that could lead to you losing large amounts of money on exchange rates. There are a few simple, common sense steps that you should follow if you want to avoid being just another tourist who was left with empty pockets because they didn't bother to do the research required.
The world can be a confusing place and this is never more apparent then when it comes to the subject of foreign currencies. Although a large number of European countries united with the Euro, there are still major issues facing travelers to and from places like the United States, Japan and the United Kingdom. The exchange rates of these respective nation's currencies change rapidly during the course of a trading day. This makes life difficult even for the most prudent traveler with those who don't pay attention to these rates in danger of getting badly burned.
So when you are going on holiday, there are a variety of ways to avoid getting burned by massively fluctuating exchange rates. First of all comes the issue of the Bureau De Change booths located seemingly everywhere. Yes, even something as innocuous as this can make a large difference to your wallet. Airport booths give notoriously poor rates so avoid these unless you have just arrived with no local currency and need a taxi to your accommodation or some other urgent need. Before you leave home for a foreign location, get whatever currency you need from large financial institutions as they will generally give you a much better exchange rate than anywhere else. Smaller companies need to be avoided as their size doesn't allow them the same slender profit margins of a corporate giant.
Common sense should ensure that you don't take more money than you need with you abroad but so many people fall into this trap. Sit down and try to calculate with a reasonable margin for error how much you will spend on your trip. If you're planning to use your credit card for purchases then that reduces your need though there are separate charges involved in that. It should be obvious that carrying large bundles of cash with you in a foreign country is a bad idea for safety reasons. It is also foolish because if you have a large sum of foreign currency left over you will lose out enormously when it comes to exchange rates.
Also try to avoid foreign post offices and stores when it comes to exchanging currency unless you know the precise rate yourself. It is a sad fact that some unscrupulous individuals will try and take advantage of your ignorance of exchange rates to rip you off. Buying a currency converter will solve this problem and there are dozens of these on the market. So next time you decide to go on a foreign holiday, be sure to enter the world of exchange rates with your eyes wide open in order to stop you needlessly losing money.
HOW EXCHANGE RATES RESEARCH CAN SAVE YOU MONEY
By: Maureen Holland
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