Media Blog

Foreign Money Exchange: Your Options

March 29, 2013 - by Xchange Of America

Most international travelers don’t want too much fuzz on exchanging currency. Many would even find it too taxing to browse online for websites with a currency exchange calculator. However, it would be wise to at least have an idea of current rates of foreign exchange as this can help a lot in choosing from various money-changing facilities where the deal could be more advantageous. There’s not much ado, anyway, checking daily forex rates which are often based on US currency exchange. What could be a little trickier is selecting the money-changing mode right to one’s needs or requirements. This exercise will involve a consideration of the pros and cons of the following:

Banks/ATMs

The best currency exchange rate deals offered are traditionally found in banking institutions, particularly at commercial banks. These companies typically have their own forex department which manages currency exchange matters. They have developed the capability to secure advantageous market rates, a function that is needed to expand a bank’s clientele. As advantageous, banks also maintain automated teller machines which can facilitate changing currencies.  It follows, of course, that time already has been spent at opening a bank account which necessarily has several procedures to follow and minimum deposits required.

Hotels

Among the corollary services that major hotels offer is money changing, although the best currency exchange rates are unlikely to be obtained here. Some extra service, such as a concierge running a currency exchange calculator for a hotel guest, can be one winning point at changing money in such places as the Ritz or the Hilton. Many hotels’ reception desks also usually post forex values that are often expressed versus US currency exchange. This can make it easy to compare forex rates at various hotels to determine the best values that could be obtained. Convenient though it may be, changing currencies at hotels should be a choice only in hurried situations that international travelers are wont to encounter.

Exchange Desks/Kiosks

There was a time when money changers operating at kiosks or desks are the most convenient way for currency exchange. Often, these facilities can be found in airports or in shopping malls.  The money exchange rates offered at these desks and kiosks, however, are very unlikely to be superior than those available in banks and ATMs. The economies of scale work to the disadvantage of these money changers which have limited resources compared to the big banking institutions. The kiosks are alternatives that come in handy only during non-banking hours/days.