How and where to exchange your currency
When you are travelling outside your country you may well need to exchange money.
With currency exchange rates varying from not only place to place but also daily, where and exactly how you will decide to exchange your currency can make a big difference to your wallet.
Before you decide to travel, it is always best to do a bit of homework and find out what the foreign currency exchange rate is in the country you are hoping to visit. This can be done by using the Universal Currency Converter which provides you with a fair idea about the latest exchange rates which are based on the mid point between the buying and selling rates of big value transactions in all the global currency.
Many people, mainly those flying a distance and possibly arriving in a foreign country very early in the morning or even late at night when the banks and currency exchange desks could well be shut, prefer to get a small amount of currency prior to departing on their journey.
In order to find the very best exchange rate, it is wise to wait until you arrive at your destination. Whilst most major airports have a currency exchange desk, you are more likely to achieve a better rate from an ATM machine affliliated with a major bank.
ATM cards are most likely to work without trouble overseas and these are the ones with a four-digit PIN number. Since you may be charged a usage fee by both the local bank and your one at home, it is always advisable to make one large withdrawal instead of several small ones whenever possible. Don’t forget to keep your cash in a safe place out of range of pickpockets etc.
So long as you have a valid PIN number, you can use the credit or debit card to get cash abroad.
Having a credit card is very invaluable when travelling. With one, it will not be necessary to carry large sums of money. It is best to use a credit card rather than cash to pay for larger expenses, like hotel bills and big purchases for instance, then you can get a valid receipt for the transactions. Then if you are unfortunate enough to have a bill disputed, your credit card company should be able to help you settle the matter when you arrive back home.
Do bear in mind that credit card companies will possibly levy an additional fee for overseas usage. If you’re not certain about this then it is wise to check with your company before you leave home.
Quite often you will find that you have some foreign currency left over when you return home. These are a few ideas as to what you can do with it:
• Treat yourself or friends and family with a few gifts at the duty free shop
• Give a donation to a charity. Find a place to do this at the airport or send it to an organisation which deals specifically with charity currency exchange
• Change it back to your own currency at the airport
• Exchange your money on your return home
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