Author Archives: Xchange Of America

How to Carry Money Abroad

As Americans, we are used to using our credit cards everywhere we go. Carrying cash has become unnecessary in our society, and we’re used to our banks keeping track of everything for us, while we spend with little to no worry at nearly every type of retailer. However, when we decide to hit the road, paying for our expenses becomes slightly trickier. We can’t simply take out our plastic and use it wherever we want, because we then need to consider traveling fees, exchange rates, and much more. When we’re traveling abroad, we literally have to carry cash to avoid trouble with our banks. Paying for our trip depends on where our travels take us.

Traveling Through the UK, Much of Europe, New Zealand, and Australia

These areas follow many of the same guidelines as the U.S. It’s smart to buy foreign currency before leaving home, as it might be necessary for items such as the taxi ride between the airport and the hotel. Additionally, those cute shops or bars might only take local currency, so you’ll want to be sure to have some on hand to make your trip as enjoyable as possible. Remember that American Express isn’t as accepted around the world as other cards, so check on these options while you’re buying foreign currency through a company such as XchangeforAmerica. It’s advisable to take both a Visa and a Mastercard, keeping one hidden in the hotel as a backup to the other, preferably in the hotel safe or lock box.

Canada

When you’re traveling to our neighbors to the North, it’s important to research the area you’re visiting. Canada has a universal currency, and cash-on-hand is essential here. Similar to home, it is expected that you will tip everyone, from wait staff, to porters, to taxi drivers. Make sure you grab some Canadian currency in small bills, specifically for tipping purposes, because you will be able to use your debit or credit card with ease while visiting. Contact XchangeforAmerica to buy foreign currency before leaving home so you are ready to tip that first cab driver when you arrive in the country. Consider the fact that porters expect a dollar per bag, and valets expect the standard five dollars. Don’t forget to tell your bank you’re traveling to avoid any blocks on your cards.

North and South Africa, South Korea, and Japan

These areas require a traveler to plan ahead. You’ll see a number of ATM’s in these areas, however, many businesses may not accept credit cards. This means that you’ll be paying higher fees for using the ATM’s in these countries. Additionally, smaller towns may not have any access to money machines, so you’ll need to know where you’re going before getting on the plane. It’s best to organize cash ahead of your trip, buying foreign currency online, to be ready for these smaller shops or towns.

No matter where you plan to travel, let XchangeforAmerica help you get your currency to any country before your trip.

The Best Travel Tips for South America

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South America holds many secrets, including beautiful urban wonders and natural mysteries. The continent includes a range of terrain, from snow-capped mountains, to rainforests, to bustling cities complete with unique, country-based charm. Travelers are treated to historic ruins, lush islands, spirited parties, world famous cuisine, wildlife found nowhere else, and much more. All these enchantments attract numerous travelers every year, however, first-time visitors are often overwhelmed by culture shock. If you can’t wait to visit this amazing piece of the Earth, follow these money and general travel tips to explore the continent with confidence.

Understanding the Visa Guidelines

Every country on the continent sets its own rules for visa regulations for U.S. travelers. You’ll find some countries have open borders, while others ask for specific documents before entrance. For example, Brazil will ask U.S. travelers to obtain a specific visa, costing approximately $160, before he or she is allowed to leave Brazilian borders. Make sure you’ve checked the specific entrance and exit requirements for every country before attempting to travel around South America.

Understanding the Local Currencies

This is an essential part of traveling, and will help you when you are attempting to buy currency before your trip through companies such as XchangeforAmerica, where you receive money exchange from the comfort of your own home. It’s important to remember that the continent, as a whole, does not have one set currency, unlike the U.S. or Europe. There are a range of currencies, from the Columbian peso, to the Brazilian real. It’s also important to keep checking the exchange rates, because they fluctuate often. Use our site to help you exchange your money safely and effectively, using the most current exchange rates.

Use Every Type of Transportation

No matter how you’re used to traveling, you’ll be surprised by the modes of travel in South America. Though there are a number of ways to travel the continent, the most popular way to get from one place to the next, even between countries, is public bus. Most public buses are comfortable, with air conditioning and other conveniences, but some are less than desirable, with few stops and uncomfortable conditions.

Make sure to find out how the buses operate before using them, how they expect payment (cash or public transit cards), and if you will need to exchange extra cash for this mode of transportation. Include your research in your financial planning before approaching XchangeforAmerica to buy currency. If you forget, however, don’t worry – come back to us to exchange more cash before leaving on your trip. Don’t forget that flying is also an option to get around the continent, but remember to account for the necessary money for this type of travel as well – when you buy currency at an airport, you overpay in fees, so exchange early, while you are still at home.

When you work with an exchange company before you leave, you save in exchange fees and have more money to enjoy everything South America has to offer. Remember to review your itinerary to buy currency from every country you’ll be visiting, and leave all the footwork in exchange to XchangeforAmerica, who will deliver what you need to your door.

Understanding Currency Exchange Rates

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The language of currency exchange can be confusing, whether you’re at the bank or trying to navigate online currency exchange rates. Using sites such as Xchange for America takes away much of the guesswork, but what if you come across some strange language as you try to understand your currency exchange to the fullest? Luckily, the language is easily explained, with a basic overview of each term.

Read on to understand what’s happening with your money at every exchange. If you have any specific questions about currency exchange rates, you can always call Xchange of America at (888)-7-XOA-XOA 7 days a week.

Sell Rate

This term is used to discuss the rate which foreign currency is sold for local currency. When you are preparing to change your American money for the target company’s currency, you will use your target country’s sell rate to determine how much your exchange is worth. You’ll also hear this term as “holiday money rate” or “tourist rate”. All three phrases mean the same thing.

Buy rate

This term is used at the end of the trip. It is the rate at which the foreign currency, from the target country, is bought back from the travelers who have returned home. This moves the target country’s money back to the local money, and is subject to the most updated rates.

Spot Rate

This term is a little more confusing. It is the interbank rate, and is the rate that most larger financial institutions will charge each other, if they are trading higher amounts of foreign currency. It is not a tourist rate, nor can a traveler buy currency under these rate parameters, because the amount of currency being purchased are not large enough. Compare the spot rate to the buy or sell rate by using retail terms: the difference is similar to wholesale and retail prices. The rates that you might see in financial newspapers or in other media typically reflect these spot rates.

Spread

This term refers to the difference between sell and buy rates, usually offered by foreign-exchange providers. It’s important to pay attention to this, so you get the most for your money, both before you exchange, and after you return home from your trip.

Cross Rate

The cross rate is the rate given to customers who wish to change currency that doesn’t involve local currency. The best way to understand this is through example: do you want to change Australian dollars to American dollars? You’ll have to ask about the cross rate for this transaction.

Commission

The commission is the common fee applied to currency exchange, so the exchangers are able to make some money. Fees for exchanges are unavoidable; this is why it is essential to find the best possible rates, with the fewest amount of fees, so you get the best exchange possible.

Get more information about currency exchange rates by calling any of our experts at (888)-7-XOA-XOA. You’ll be able to ask about rates for any of the currencies that we offer on our website and find out whether or not it’s a good time to make a currency purchase.

Currency Tips for Europe

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Are you interested in currency tips specifically for Europe? When you’re ready to travel to any country in Europe, it’s essential to understand their currency, whether you buy currency online, or you are in the planning stages of your next big trip. Also, the Euro, as compared to a country’s actual money, causes confusion for travelers. Follow a few tips to gain the best European cash knowledge, then buy currency on Xchange for America, and explore some of the world’s oldest populations.

Skip Traveler’s Checks

This may be surprising, but it’s smart to forget the traveler’s checks. They are a hassle to obtain, they come with hefty fees, and there are more modern, convenient methods to money available. ATM’s in Europe are becoming reasonable, and many American banks have agreements with European countries. You can use your credit card most of the time there. Finally, simply carry cash – it’s the most convenient payment method across the continent.

Minimize Cash Exchange

Of course, the best way to minimize cash exchange is to do it before you leave, through Xchange for America. Remember that you lose money every time you exchange, up to 15% at some airports. Avoid this by only exchanging once, twice if necessary, and by exchanging up to 10%
more than you think you’ll need for your overall trip.

Make Sure to Use Local Cash or Euros

There are a number of locations in Europe who will accept dollars, but what they’re not telling you is that they are actually exchanging your money. This means that they are raising the price of the product by 20% to cover the conversion cost. You’ll have the convenience of paying in American money, but you’ll be unsuspectingly losing a great deal of money. Don’t do that to yourself. Use the local currency.

Understand Conversions

Smart travelers always understand conversions for the countries they visit. Each country’s currency system is decimalized, similar to the American dollar. There are a hundred “pennies” in every “dollar”. The names will be different, sometimes to confuse the tourist. However, look at the coins you receive in exchange – they will all have a number assigned to them. These numbers are similar to our own. Don’t let the foreign names intimidate you. You won’t need to lean on a currency converter once you understand this concept. Make sure you know the current conversion rates so you don’t get cheated easily. Practice conversions in your head so you can quickly determine if the price you are paying is a fair price.

Remember the Value of Coin

Remember that coins mean nothing at the end of the trip – get rid of them as soon as you can. They are difficult to exchange at home, and, of course, they are not worth as much as dollars. Change them to dollars as much as possible before leaving the country so you can easily change them back to American money when you come home. If possible, try to get American dollars before you leave – Xchange for America is an international website, so arrange to have your American money ready for you when you get home.

Basic Financial Travel Tips

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Achieving money saving tips for traveling will lead to a greater amount of travel, heightened chances for adventure, and more opportunity to interact with the world. Organization and prioritizing are the most important aspects of planning financially for a trip, especially if you want to travel to more than one destination, or more than once in your lifetime. Everything, from travel goals to currency exchange rate, must be considered for successful traveling. Follow these tips when planning for your next trip to ensure you have the best possible time with the least amount of financial stress.

Make Travel Goals

The first priority must be to create specific travel goals. You need to know where you want to stay, and for how long. You should also find out what you want to do there: do you want to sightsee? Scuba dive? Mountain climb? You’ll need to know how much every part of the trip costs before you can consider building a stable financial travel plan. Read as much as possible about opportunities and amenities in the target country to avoid financial surprises.

Save Now

Traveling gets expensive fast. Once you know where you want to go, decide how long it will take you to save the necessary money for travel. You’ll want to make sure to save an extra 15% to cover emergencies, incidentals, and any unknowns that occur while traveling or at home. Plan to leave some of the cash in the bank account at home, using the rest on a site such as Xchange for America, where you exchange home money for the foreign currency.

Make a Budget

It’s been said before, but it’s worth stating again: create that travel budget. You’ve done your research, you’ve saved, now do more research to make sure the rates of the activities you want to experience have not fluctuated. Make sure you’ve planned for food, accommodations, entertainment, and travel expenses. Imagine a day in the life of your target country, and research every accommodation that you use to make yourself comfortable. Figure out a budget for all of it, and make sure your savings is going to cover every point.

Get Ready for a Change in Spending Habits

If you research the exchange rate and find that your home dollar goes farther in the foreign country, you may find that you can have more fun than you could at home. You might find that you can change your spending habits; however, it’s wise to use caution when this happens. This is why it’s important to do that research, write that budget, and stick to it closely. Avoid spontaneous purchases. If you plan to bring home souvenirs, work it into the budget and stick to that number. Don’t lose your head over a great exchange rate; you’ve come this far in your planning, keep it up to give yourself the best vacation possible.

Remember to Treat Yourself

You’ve worked hard to plan the perfect trip. You’ve planned a budget, tracked exchange rates, grabbed cash ahead of time from Xchange for America, and shared your itinerary with a trusted family member. Did you remember to work some form of special treatment for yourself into the equation? You’ve worked hard – remember to do something nice for yourself. Get a massage, visit a day spa, and reward yourself for using sites such as Xchange for America in your smart travel planning.

Financial Tips Before You Travel

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Traveling is exciting, but it requires a high level of planning. Remembering everything can be consuming; what if you forget something then realize it in the foreign country, where you can do nothing to change it? Planning for the overall trip requires a number of different planning lists, including a financial planning list, which is the list people forget to create most often. From foreign currency exchange online to understanding foreign banks, there is a full list of to-do’s to complete if you want a financially sound trip.

Prepare a Budget

It’s important to prepare a budget while planning for the trip. Not only does this help you prepare for the necessary money exchange, it will help you understand exactly how much cash you’ll need to exchange. Costs to work into this budget include, but are not limited to, daily food, transportation, shopping, and entertainment options throughout the trip. In fact, the budget should be one of the first parts of planning the trip – this way, you will be able to watch the exchange rates and get the cash exchanged at the best rate possible before leaving. It’s wise to add 10% to what you believe you will need to account for unexpected expenses.

Call the Bank

It’s always wise to tell your bank about your trip. If you elect to use a credit card, your bank will know of your plans, and will not cancel your card, as use of a card in a foreign country signals to the bank that it might be stolen. If your card is declined because your bank is trying to protect you, you may find yourself stranded. Don’t do this to yourself. Tell your bank of your intention to use the card in a new location, and, while you’re on the phone, find out if your bank offers any services in the country of travel.

Use Back Up Plans

Back up plans are always wise, as you never know what might happen. Consider purchasing traveler’s insurance to back you up in case that card is declined, or something else goes wrong. Also, split the cash you have with your travel partner, if you have one. This way, if one person is robbed, you have a fallback plan. Wear a moneybelt when traveling alone, or hide your currency in inner pockets, such as inside jackets or inner pants compartments.

Exchange Online

It’s always smart to exchange online with a service such as Xchange for America. Exchanging early, before the trip, saves the stress of having to research reliable foreign places for exchange, and it puts cash in your hand as soon as you get off the plane. You are free to proceed directly to a taxi or other transportation service without waiting in line at exchange centers. You’ll get more out of your vacation, and you’ll have more freedom to do what you want, instead of what you have to do.

Planning financially is the most overlooked necessity in traveling. When you make a financial to-do list, you come home feeling relaxed and secure in the knowledge of exactly where each penny of your money lies.

Considerations for Every Traveler

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Traveling for business or pleasure is both exciting and exhausting, especially if the traveler finds a number of surprises along the way, such as changing exchange rates, surprise fees, and more. There are many things to consider before traveling, especially with finances, from understanding currency rates to realizing that currency exchange online is one of the greatest benefits of today’s fast-paced, Internet-led world. You can save money with currency exchange online and get some of the best information that you can find about the most widely exchanged currency options in the world.

Tell Your Bank

Make sure to call your bank and communicate your itinerary with them. What countries will you visit, and for how long? This is especially important if you are planning to use the cash you converted with Xchange for America in combination with a credit card. Take down the emergency numbers for your bank or card holder, in case your card is lost. Ask about a microchip option for your card, if you don’t already have one, because these are generally accepted at unmanned kiosks, such as train stations. Leave extra plastic, such as gas station cards, at home.

Convert Early

If you are converting before you go, which is the best option for most travel, make sure you do it as part of the planning stage of the trip – it must be done early. Remember that institutions may limit amounts, and if you plan to spend only cash, you may need to interact in more than one transaction. Make sure to start the process early and, if possible, at the best rates available.

Research the Banks

Research what banks and ATM’s will honor your card of choice without crazy hidden fees. Map them out along your trip so you make sure to get the best rates possible, and read about the experiences of others at the same facilities to double check that there are no hidden fees. Do as much research as possible about the facilities near your planned travel route to get the best possible rates throughout the length of the trip.

Research Your Own Bank

Remember to look into your own bank for overseas services. For example, you’ll never see a Wells Fargo outside the United States, but you will enjoy the convenience of international telephone assistance. Find out how your bank will help you while you’re traveling, and if they offer any convenient traveling services. Some banks will offer receipt tracking; make sure to ask about this. Otherwise, save all your receipts in case you need to dispute a charge.

Returning with Cash

If you return home with leftover cash, head to Xchange for America first, where you will get the best assistance in returning the foreign money into American money. Most banks will buy foreign money, but only paper – never coins. Go with the company that started it all for your trip, and the one you’ve trusted from the beginning – Xchange for America. It’s fast, convenient, and the best way to convert your money while you get back to your daily life.

What to Understand About Foreign Currency Exchange Before Traveling

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It’s essential for every traveler to understand the money they will be using upon arrival in the foreign country; unfortunately, too many travelers wait until the last minute to consider their foreign spending power. The truth is that choosing how to spend overseas money requires some research combined with personal choices. The best travelers make these decisions in the initial planning stages of the trip, rather than waiting until they arrive in the destination country.

Consider the Constant Flux

The smart traveler checks the currency rates and makes exchanges during the planning stages of the trip, but also checks the exchange rates consistently, as they are in constant state of fluctuation. Remember that a great rate today could change tomorrow, so make sure to grab the best rates when they are available. Rates are also subject to change within minutes, so make it a habit to watch the rate flux when deciding on currency timing. Check the rates immediately before traveling as well, to know what you’ll be facing when you arrive at your destination.

Cash Vs. Plastic

Many financial advisors have hinted that we should all get rid of paper money and just use plastic, but the world as a whole hasn’t caught up with this concept. Plastic is still not accepted everywhere, and US cards used abroad are often prone to technical glitches. Professional banks, such as Discover, warn travelers to not be surprised if a card is rejected overseas. Smart foreign travelers know that there is also a fee attached to using a credit card in other countries; the sticker shock alone makes travelers shy about using plastic over paper. It’s smart to grab some cash currency before leaving, or purchase an international currency card, preloaded, before getting on the plane.

Exchange Ahead

The idea of exchanging money ahead of time when traveling appears to be the best available option. After you’ve found the best rate through your diligent following of the exchange rates, and when you’re ready to secure the cash you’ll need, it’s time to contact Xchange for America and make the transaction happen. You’ll have the best rate possible, minimal fees, and the peace of mind you need to go directly from plane to taxi, and forward with your trip. You’ll take one less hassle out of the full travel experience.

Exchanging After Travel

It’s wisest to exchange before traveling, but sometimes, it’s necessary to exchange mid-trip. There are a few considerations for exchanging overseas. It is possible to exchange at the airport, and it’s typically highly convenient, but it’s not always safe, especially if you have no experience with the country you’re visiting. However, if you do exchange at airports, read ahead to find out how easy it is, if there are extra fees, and if there are change or cancellation penalties. The best way to read about a specific airport is to visit its website, which typically contains exchange information.

ATM’s and banks are a second option in foreign, in-country exchange. Remember, however, that ATM’s include hefty fees, sometimes hidden behind specific ATM provider fees. Many travelers have been hit with sticker shock upon returning home and reviewing these charges.

The Best Way to Understand Currency Exchange

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Currency exchange rates are subject to change, as every traveler understands. The overall value of each currency is directly dependent upon the strength of the country’s economy, which rises and dips on a continuous basis. Understanding factors such as inflation, the people’s confidence in the government, and interest rates within the country of desired travel will give any traveler an advantage in exchanging currency before the trip begins. After acquiring this information, follow these steps to gain the best exchange rate possible.

Select Currency

Understand what currency you’re interested in exchanging. For example, some European countries still rely on their country’s currency, while others rely on the Euro. It’s important to find out what type of money you’ll be handling while in the foreign country. You’ll want to find out the exchange rates in this step.

Rates

Discover the rates for changing your money. Use sites such as Xchange of America to get the best rates for exchange before you travel. However, it’s wise to know the rates, in case you find yourself having to exchange while traveling. Understand the exchange rate on the American dollar so you won’t be cheated if you do not exchange enough with Xchange for America, and need to exchange while traveling.

Relationship

Understand the relationships of the currency. The American dollar has been strong in the world economy for decades, but there are some currencies that are stronger. Discover how much you will get on the dollar to understand the relationship between the currencies. It’s important to remember that a stronger currency will give you less spending power in the foreign country.

Convert Early

Use a site such as Xchange for America to change currency before you leave. Many travel advice experts recommend this, because airports or hotels will upcharge, creating unnecessary expense for the traveler. You’ll get less for your dollar when you wait to exchange at the airport. While banks tend to have lower rates, it’s best to work with a company at home.

Conversion Surcharges

This is an issue for many travelers, and it must be monitored. Watch for these surcharges during conversion, especially if you did not convert at home. There could be a 2 percent fee per transaction, which doesn’t seem like much, until it is repeated over the course of the foreign stay. Flat rates are nearly as bad, but will allow you to convert a larger amount of money at one time. The best way to avoid this whole situation is to convert money before leaving home.

Credit Cards

If you’d like to use your credit card, call your card company and inform them of your intention to travel. Ask about exchange rates and fees in the destination company, as they may change due to travel. Sometimes, rates are fair enough that it’s more convenient to use the card, but relying on one card while traveling can be nerve-racking. It’s best to combine converted currency with the use of a credit card for the most secure travel possible, and you can do that when you buy currency at Xchange of America.

Why Should I Buy Currency Online?

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Traveling should be an enjoyable experience, and it is, for the educated traveler. The chance to see other countries must be seized when it presents itself; however, getting ready for the trip involves a long checklist, including exchanging currency. It’s not safe to assume that all countries accept credit cards, even if they advertise themselves as “international”. There are a number of reasons to buy currency before getting on the plane, and there are even better reasons to do it online.

1. Convenience

Companies such as Xchange of America allow customers to get online for currency exchange, and will deliver the currency to the traveler’s home. There is no waiting in line in the foreign country, there is no confusion over the high fees often administered by the kiosks, and the traveler is able to enjoy more time exploring the new country. As with all online ordering, the convenience of having the exchange delivered directly to the front door reduces the amount of stress during the transition from native to foreign traveler.

2. Security

Travelers are often robbed at exchange centers and kiosks, because the thieves know the traveler has arrived with a fair amount of cash, especially in countries that do not accept foreign credit cards. Ordering currency before traveling, and having it delivered to the home, helps reduce the chance of being robbed while in line, waiting for the currency exchange representative.

The traveler will be able to walk off the plane and out of the airport, barely signaling that they are a foreigner, because the cash is already in hand. Sites such as Xchange of America provide an extra level of security, with guaranteed delivery to the home, tracking numbers, and use of secure postal services, such as USPS or reputable couriers for delivery. Home delivery of currency is one of the most secure methods for travelers to obtain cash before the trip.

3. Peace of Mind for the Traveler

Traveling, for whatever reason, can be a stressful experience. Purchasing the currency online, and receiving it before approaching the traveler’s native airport, takes some of the stress out of the overall experience. Compare the prepared traveler to the traveler who figures it out as they go: the prepared traveler enjoys more time in the foreign country, avoiding the stress of having to exchange currency.

The unprepared traveler faces many more hassles and dangers, creating a longer start to the vacation or stay, and a higher chance of something going wrong. When you have that cash in hand before you go, you have that peace of mind that one less thing will go wrong. If you would not travel in your home country without preparing cash on hand, why would you proceed to a foreign country without that same cash on hand? Do not leave your currency exchange to chance: make sure it’s done well before you arrive in the foreign country to provide you with a sense of security, and with one less task to accomplish.

Get more information about buying currency online by visiting http://www.xchangeofamerica.com anytime you need to make a purchase.