Tag Archives: about currency exchange rates

The Best Financial Conditions for Travel

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Believe it or not, there is a best and a worst time to travel. No, not due to the weather, the season, or when someone has accrued enough personal time at work to take a break, but rather, a best time financially to travel and explore the world.

The conditions that make for the best time to travel from a financial stand point can get very in depth, so here we will try to break it down into simple components.

If someone is taking a trip out of the country, say for instance from the United States to Greece, they would want to get the most bang for their buck. In order to do this, they want the United States dollar to be as highly valued as possible when compared to Greece’s currency (the Euro). Simple concept, right?

Well, it gets a bit more complex than that. Many factors can change the relationship between the value of the US Dollar and the Euro. For example, if the United States government decides more dollars need to be printed and circulated through the economy, the value of the dollar will decrease because there are more dollars.

The opposite occurs when the US wants less dollars to be in circulation, therein taking dollars out of the economy and increasing the value of the dollar because there are less of them. Like diamonds, the rarer the dollar, the more valuable it is in comparison to other currencies. Travelers going from the United States to a foreign country want the dollar to be as powerful and as valuable as it can be so that they can use their dollars to buy more of their destination country’s currency, effectively giving them “more bang for their buck”.

Other things that could cause a change in the amount of foreign currency one can purchase is the conditions of the destination country. In our example, the traveler is going from the United States to Greece. The Greek government has a very high volume of debt obligations, leading to extremely poor economic conditions right now in Greece.

This means that the American traveler has a prime opportunity – all else equal – to get great “bang for their buck” using USD to buy euros in Greece because the average cost of goods in Greece will be less due to poor economic conditions. Hotels, food, and transportation will all cost less than it would on average if someone was to visit Greece before these poor economic conditions began taking shape.

While there are several other factors that contribute and work together to determine how much foreign currency can be bought with the traveler’s home currency, it is important to understand how the world can influence the prices when going to buy currency. This is why it is important to keep track of currency exchange rates, and pay close attention to the conditions of the destination country. This will lead to the best financial decision when it comes to timing a trip to international destinations in the future.

Keeping Your Cash Out of Sight

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People who travel have a lot to worry about when it comes to their money, whether they are worrying about the currency exchange rates or how many credit cards they can travel with safely and comfortably. While those who have a bright view of humanity in general probably don’t worry about it, theft is and always should be one of the paramount concerns of a person traveling with any amount of money. There are plenty of places you can store your cash that you think would be safe but in fact are the first places thieves look. Here are a few hiding spot ideas for anyone who is looking for a little something extra when it comes to being the one and only person aware of your money’s location.

• On Your Person – Everyone knows that investing in a money belt is a no brainer, but there are plenty of other places on your body you might never have thought of to stash your cash. You might try sticking a few bills inside your sock or in your shoe if your not wearing sandals. And for ladies who aren’t shy, the inside of a bra is also a discreet hiding spot. Many jackets, pants, and skirts nowadays also come equipped with hidden and/or interior pockets too. Before you go to buy anything and need cash from one of your hiding spots, just visit the bathroom and no one will see your secret stash. Never put your wallet in your back pocket.
• The Rental Car – If you have sprung for a rental car to avoid shelling out for buses, trains, and taxis, there is a small goldmine of sneaky places to inconspicuously store bills. Obtain a roll of tape and you are instantly able to hide money under the floor mats and underneath the seats. If you can take the time to clean out an old oil carton or can, either is a perfect little hiding spot. For the particularly crafty, look for parts inside the car that can be removed with a screwdriver and are big enough to hold a few bills in a plastic bag.
• In Your Hotel – So many hotel room safes are sketchy at best as so many staff members have the code for custodial purposes. If you are not staying somewhere where there is a safe that lets you decide your own code, there are some great stealth options available. If you have some plastic bags on hand, try stashing some money inside the toilet tank or inside a liquid soap bottle. If you can find a screwdriver or pack one with you, phone covers and old TV backings can easily be removed and replaced for a subtle spot. Some less complex places include inside the shower curtain rod and inside cushions with zippered covers.

When you are out and about with your money, only ever take what you need and no more – it is one of the easiest ways to compromise your finances. It is always good to keep both American and local currency with you when you travel, so if you are looking for a company with a good currency exchange rate, visit http://www.xchangeofamerica.com/ today.