Media Blog
How Much Does the Currency Exchange Rate Matter When Buying Currency?
Although you might be considered about the currency exchange rate when purchasing currency for an upcoming trip or for any other reason, the reality is that the exchange rate won’t change dramatically over a short period of time. There aren’t that many circumstances where it will make a major difference in the amount of money that you’ll spend on your currency exchange, except if you are buying a relatively large volume of currency. At Xchange of America we exchange and ship physical currency, and if you are planning on buying a large amount of it, we can provide you with information on exchange rates so that you can save money.
Be sure to buy your currency if you’re leaving for a new country soon
If you are planning on leaving for a new country soon, it’s a good idea to go ahead and buy the currency that you need before you leave. This way you won’t be caught in a situation where you have to scramble at the last minute to find a local currency exchange. Don’t worry about trying to time your purchase for a favorable exchange rate, as it is not likely to change in a short period of time, and you’ll end up losing significantly more money by having to use an airport currency exchange.
The currency exchange rate can sometimes change quickly
In some cases, the currency exchange rate can change at a more rapid pace. This was seen last year when the Brexit vote occurred; the value of the pound dropped significantly in comparison to several other Western currencies. During this type of rapid currency drop, it can actually be a great time to purchase currency for a particular country, as you can get a lot more currency for each dollar that you spend. The drop in the British pound actually resulted in an influx of tourism, as the country became a lot more affordable for many people to visit. Although the currency exchange rate of the pound has recovered since then, there were a few weeks offering a great opportunity to buy that particular currency for traveling.
We can let you know about historically high or low exchange rates
If there are any historically high or low currency exchange rates for any particular currency you are considering purchasing, we can let you know about them ahead of time before you make your purchasing decision. In many cases, however, you are much better off purchasing your currency as soon as you can, especially if it’s for the purpose of traveling. In a few cases such as a bulk currency purchase it’s smart to request more details about how you can save money by timing your purchase and perhaps waiting until the currency exchange rate is more favorable, if it is expected to occur. In any case, you’ll save a ton of money on exchange fees by using Xchange of America, as we never charge you service fees, and you’ll get some of the best exchange rates that you can find.