Tag Archives: buying foreign currency

Countries That Accept the U.S. Dollar

While our smart readers will exchange funds for local currency well before the trip, it’s important to understand exactly how far the U.S. dollar will travel. In fact, it will travel to a number of different destinations for most major purchases, such as hotels, car rentals, major transportation, and interactions within major cities. However, travelers know that currency rates are in a constant state of flux, and sometimes, the American dollar does not go as far as it might in other countries, or at home. What’s more, rates sometimes change from bank to bank, as well as in different countries, and at different exchange counters.

As a result, smart travelers not only know where American dollars are accepted, but also grab a small stack of foreign currency from places such as XchangeforAmerica, in case that small shop or cute rural farm stand does not take anything but the local currency. Some countries have taken on the American dollar as their official currency, so there is no need to exchange for these countries. However, most still have smaller areas that may only accept that local currency. Finally, some areas offer a “global reserve currency” – which is a secondary currency, deemed safe as an alternative to the local currency. Many places have labeled the U.S. dollar as their “global reserve currency”.

Here is the list of countries that accept the U.S. dollar as alternative currency:

Belize
Barbados
Bahamas
Burma
Bermuda
British Virgin Islands
Costa Rica
Canada
Cambodia
Dominican Republic
Caribbean Netherlands
Cayman Islands
El Salvador
Jamaica
Ecuador
Haiti
Lebanon
Laos
Morocco
Liberia
The Maldives
Peru
Palau
Panama
Some areas of Mexico
Micronesia
Turks & Caicos
Marshall Islands
Nicaragua
Zimbabwe
Uruguay

With so many choices, it’s hard to know where to go next! Again, it’s important to remember that these countries take the U.S. dollar in most places, and some prefer the American dollar, as the local economy is highly unstable. However, check your itinerary to make sure you’re sticking to the major cities. If you’re not, or if you think you might spend time in smaller shops, you’ll want to buy some foreign currency.

Sites such as XchangeforAmerica are ready to help you get the right type of money for your target country while you wait on your couch. Make sure you order your currency ahead of time, and preferably in small bills, so you can tip service people or buy items from those cute local shops. You’ll have a much more enjoyable experience when you have the currency that you need during your next set of travels.

Contact XchangeforAmerica today to find out the currency rate, the name of the local currency, and the process for grabbing a small pile of bills to go along with your American dollars. Remember to find out if you can use credit at your destination, or if you should carry cash. Finally, remember to split up your cash, keeping some in a lock box or hotel safe, to ensure you have cash if a worst-case scenario happens during your travels.

How to Carry Money Abroad

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As Americans, we are used to using our credit cards everywhere we go. Carrying cash has become unnecessary in our society, and we’re used to our banks keeping track of everything for us, while we spend with little to no worry at nearly every type of retailer. However, when we decide to hit the road, paying for our expenses becomes slightly trickier. We can’t simply take out our plastic and use it wherever we want, because we then need to consider traveling fees, exchange rates, and much more. When we’re traveling abroad, we literally have to carry cash to avoid trouble with our banks. Paying for our trip depends on where our travels take us.

Traveling Through the UK, Much of Europe, New Zealand, and Australia

These areas follow many of the same guidelines as the U.S. It’s smart to buy foreign currency before leaving home, as it might be necessary for items such as the taxi ride between the airport and the hotel. Additionally, those cute shops or bars might only take local currency, so you’ll want to be sure to have some on hand to make your trip as enjoyable as possible. Remember that American Express isn’t as accepted around the world as other cards, so check on these options while you’re buying foreign currency through a company such as XchangeforAmerica. It’s advisable to take both a Visa and a Mastercard, keeping one hidden in the hotel as a backup to the other, preferably in the hotel safe or lock box.

Canada

When you’re traveling to our neighbors to the North, it’s important to research the area you’re visiting. Canada has a universal currency, and cash-on-hand is essential here. Similar to home, it is expected that you will tip everyone, from wait staff, to porters, to taxi drivers. Make sure you grab some Canadian currency in small bills, specifically for tipping purposes, because you will be able to use your debit or credit card with ease while visiting. Contact XchangeforAmerica to buy foreign currency before leaving home so you are ready to tip that first cab driver when you arrive in the country. Consider the fact that porters expect a dollar per bag, and valets expect the standard five dollars. Don’t forget to tell your bank you’re traveling to avoid any blocks on your cards.

North and South Africa, South Korea, and Japan

These areas require a traveler to plan ahead. You’ll see a number of ATM’s in these areas, however, many businesses may not accept credit cards. This means that you’ll be paying higher fees for using the ATM’s in these countries. Additionally, smaller towns may not have any access to money machines, so you’ll need to know where you’re going before getting on the plane. It’s best to organize cash ahead of your trip, buying foreign currency online, to be ready for these smaller shops or towns.

No matter where you plan to travel, let XchangeforAmerica help you get your currency to any country before your trip.

Buying Foreign Currency at a Fair Price

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When preparing to travel overseas to any country in the world people are careful to pack all of the necessities and sundries they are sure they will need on the trip. But the one thing they forget – particularly if they have never traveled out of the United States before – is that they need to exchange their money for the currency that is used in the country of their destination. While this may not be difficult – it requires a bit of savvy to ensure that you are getting a fair exchange for your dollar.

In many places the dollar is strong. That means when you buy foreign currency you are going to get more of their money for your own. That is what it means when they say – your money goes a long way in certain places.

When you buy foreign currency, also known as making a currency exchange, you are turning your dollars into cash that will use when you are traveling. If you aren’t careful it will be costly and can limit the amount of money you will have available on your trip. There are ways to ensure you get the best bang for your buck – so to speak. For example, if you are in another country and you need money you may wish to withdraw cash from an ATM.

While this may not be the best choice there are some options that are better than others. You may be able to withdraw cash from some ATMs, but there may be several that your bank is not associated with. This can end up costing you significantly more, especially if you make multiple withdrawals, as there may be fees of up to 5 to 10% or more on every transaction. It’s better to buy currency before you head out to a foreign country for business or pleasure.

Another good idea is to order cash in the currency of the country you’re traveling to before you leave. All you need to do is simply place an order at an online currency exchange service like Xchange of America and pick it up when it comes in. If you are too busy to drive to a currency exchange then you may just have it delivered to your home.

Buying foreign currency at a fair price is not always easy. One option that is becoming less popular is purchasing travelers checks. While this may have been the most common choice for carrying money in years gone by this is no longer true. That is because fewer places are accepting travelers checks. You may actually have to take them to a bank in the country of your destination and that could cost you time and money for buying foreign currency in that way as well.

Xchange of America is one of the most popular online services for buying foreign currency, and we can ensure that you have a sufficient quantity of currency in the timeframe that you need it. To learn more about buying foreign currency online, contact us today at 1-888-XOA-XOA.

Don’t Go To An Airport Exchange to Buy Foreign Currency

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If you intend to travel overseas for business or pleasure you will have to exchange your money at some point. There are dozens of types of currency across the globe, the American dollar is not the only medium for purchasing! If you wait until you are overseas and attempt to withdraw money from your account using an ATM or even a credit card you may find that when you buy foreign currency the exchange rate is exorbitant. Therefore, when preparing to travel one of the tasks you need to attend to is buying foreign currency at a bank or other financial institution.

Now, you should note that no matter where you go to make the exchange you are going to be charged for changing your money from American currency to that which is used by other countries. The reason for this is simple. It costs money to exchange money or it costs money to buy foreign currency. This is by no means a free transaction. Your bank or financial institution here in the United States will charge a percent of the exchange rate perhaps, as would a bank in a foreign country.

That is because currency exchange is a market unto itself. Buying foreign currency is actually a highly sophisticated economic process and the amount of currency that is traded worldwide on a daily basis has been estimated to go as high as five trillion dollars! That’s right – $5 trillion. With figures like that it is not hard to imagine that a small, single transaction by one customer would not receive a markup. In light of this the traveler should educate him or herself a bit before stepping into a bank to make the exchange. This is not as difficult as it sounds. There are many sites like XChange of America that will explain how to buy foreign currency in a way that will save you money or at least guarantee that you get the best rate possible.

There are several dos and don’ts that will help you get a better foreign currency exchange rate. For example, just like everything else at the airport – it is more expensive to make the exchange there. So, that is the last place you want to make the exchange. Too, when you are traveling overseas you will get a better foreign exchange rate if you use cash for transactions than if you use a credit card or withdraw money from your ATM.

In each of these cases – everybody is taking a little bit of your cash – the bank that you are withdrawing the money from at their ATM, your bank at home or your credit card service if you choose to purchase that way. And each of these organizations is tacking on the cost of the foreign exchange rate as well as regular fees – and that exchange rate is going to come at a premium price for convenience. So, if you need to buy foreign currency – take the time to find out more about it prior to setting off on your business trip or vacation. It will be like money in the bank.