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Reasons Why You Should Buy Foreign Currency Online
Buying foreign currency has always been something that we do in person, across a counter at a currency exchange or in a bank. We hand over our US dollars and in return, we get the Euros or pounds or Singapore dollars.
The only problem with that is that we are never near a currency exchange shop or a bank. Some banks won’t let you change money with them unless you have an account. So that doesn’t leave you with very many choices.
Today, with online currency exchange companies like Xchange of America, they have made buying foreign currency really simple. You can buy online, any time of day or night. You can then choose to get it sent to you or arrange to pick it up at your nearest shop. You do have to remember to do this a few days ahead of traveling.
Don’t get caught without any foreign currency. When you arrive at a new country, having a few dollars in cash help you feel a bit secure. If you get stuck or lost, you can hail a cab and be confident that you have the means to pay.
Having cash in the local currency is great for incidentals like tipping the bell boy or buying a coffee at the local coffee shop. If you only have US dollars when you arrive, you have to waste time finding a currency exchange. This might not be easy, depending on which country you are visiting.
Best exchange rates
When you have time to do some research at home before you leave, you can ensure that you get the best deal. You can compare rates and commissions that different providers offer.
The convenience of doing everything online
Nowadays, we don’t have a lot of time and we are so used to the convenience of online banking. Buying foreign currency online helps you save time as the currency is delivered to you, at a time that is convenient for you.
You don’t have to stand in line and waste a whole lunch break just to buy some currency. Some places like Xchange of America let you order online and pick it up in person too. In those cases, you can decide on the type of denominations received and make sure that you get some small notes that you can spend on small things like tips.
You don’t have to incur high commission rates and exchange rates in airports
When you don’t have time to order currency online, you are left with just a few options, one of which is to buy currency at the airport. The problem with this is that you normally get the worst exchange rates. They usually charge a high commission fee too. You will end up with a lot less currency for your dollars. So plan ahead.
Helps you budget your travels
When you know ahead of time how much your next trip is going to cost, this helps you budget. You can safely predict the expenditures that you need to incur. This way, you won’t be caught out in the middle of a trip.