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.

You should do your best to avoid low quality currency exchanges whether they are in your local town or online. There’s no sure way to do this other than performing your research very carefully and making sure that any company you do business with has the appropriate experience and licensing. The currency exchange business is full of companies that have very little experience, no physical store locations, or charge their customers much more than they should. There’s no advantage whatsoever to doing business with a low-quality currency exchange service as you will almost always spend more money than you need to, and in some cases your currency may never even arrive.

The internet has made it easy for online currency exchanges to pop up

It doesn’t take much these days to start up an online currency exchange, and thus you will find dozens of them anytime you search for a currency exchange service. Because of this you must be very careful whenever you buy currency on the internet. Try to find out how old their website is, if they have been established for a while ,and other details about their service before you decide on any particular service. In many cases, you may not be able to get a refund if you purchase currency from a low-quality exchange, or they may give you hassles when trying to obtain one, which is why you have to take every precaution.

Don’t deal with refund issues

Although you may be able to file for a charge back on your credit or debit card, you do not want to have to deal with haggling customer support people on the phone and spending time negotiating with your credit card company. At the end of the day you will have to buy currency from somebody else and then you will have to spend several hours in many cases just to receive a refund. In the rare case that your credit card company sides with the merchant, you may not be able to get a refund at all. You can avoid these problems by choosing the right company the first time around. Although it may take some research and time, it will guarantee that your currency arrives promptly and that you are not spending more money than you need to.

Low quality currency exchange services tack on fees

The other thing you should be aware of is the fact that low quality currency exchange services will often tack on fees. This usually shows up in the form of a service fee or processing and handling fees that are added on at the end of your order. It can sometimes be difficult to spot these fees, as many services will calculate your cost of currency exchange all at once. You may assume that these extra fees are a part of the currency exchange rate when they really aren’t. It’s a very deceptive practice that low quality currency exchange services often perform to take advantage of their customers and squeeze extra money from them. The best way to ensure that you don’t spend more money than necessary and that you receive your currency on time is to choose a reputable, established and licensed service like Xchange of America.