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How to Get The Best Deal on Currency Exchange
In terms of money, you can do a lot of things to keep yours in the bank or wallet instead of having the rip-off greedy merchants get a hold of it. Such is the case when you go for a holiday vacation.
Rip-offs on currency exchange are known to be perfectly legal and notorious, although a number of groups have been continuously trying but usually failing to stop this prevalent abuse. In some instances, we are aware that we are being manipulated in some areas in our lives but are unable to do anything about it. However when it comes to currency exchange, there are several definite precautions that we can observe, which include the following:
1. Shop Around
Similar to shopping around for insurance lands whenever renewal notices are given, looking for establishments that offer excellent currency rates is also necessary. There are a number of online providers with better offers that can even provide next-day deliveries without extra charge. You can also shop around the high street areas and inquire at the banks, post offices, travel agents, and building societies. Your best option would probably be the Post Office.
2. Avoid the Airport
A lot of vacation-goers still do currency exchange at the airports, which is really surprising considering that rates at the airports are way below the standard exchange rates. Large amount of money are wasted every year by people who are either lazy or ignorant, choosing to exchange their currencies at the airports where they end up paying more. Even if the vacation has been decided at the last minute, ordering currency online hours before the flight with airport pick-up arrangement should have been the right approach.
3. Additional Charges
When doing currency exchange, most people still commit mistakes by excluding the various fees and charges in the calculations. Do not just look at the exchange rate alone, include the charges as well. Remember to read the tiny print as well.
4. Use Prepaid Cards
During vacation, the use of credit cards is not advisable. Instead you can use prepaid cards, which offer excellent rates on a frequent basis. Prepaid cards also put a limit on how much you can spend. With credit cards, people can overspend sometimes. Prior to the start of your vacation, you can prepare your budget and have it deposited in your prepaid account. The fixed amount in your prepaid card will let you spend according to your budget.
5. Pre-purchase
Purchasing currency weeks before your scheduled vacation can help you get a reasonable rate compared to doing the purchase hours before the flight. Leaving this task until the last minute is a big no-no since you will have no other option except to buy using the certain rate provided. Talk to an expert and ask for tips regarding the best time to purchase and sell currencies and what things to look out for prior to any transaction.