Tag Archives: currency exchange rates

How to Get The Best Deal on Currency Exchange

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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.

Choose a Prepaid Currency Card for an Easier Vacation

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If you’re planning your trip out of the country you need to bring your luggage, passport, and of course the currency of the country you’re visiting. Planning your vacation includes planning your budget. That’s the tricky part. Currency exchange rates all over the world are not very stable. You may think you have enough for your vacation but you didn’t consider the fluctuation rate chances are you may end up with less cash than you planned to bring on your trip.

Nowadays, travelers are experiencing sudden changes in exchange rates, which they didn’t expect. They are shocked to find themselves with very expensive purchases. So they find ways on how to maximize their trip and get the best arrangements for accommodation. Sometimes what slips their mind is the basic and most important detail of their trip; how will they pay in that country?

Using credit cards abroad is easy but they will be expensive to use overseas, most especially if you use it to get some cash. This is not recommended for traveler because doing this will expose you to burglary and theft.

So why is a currency card preferred than a credit card or a traveler’s cheque? Both are good options however they are expensive options. On the other hand, a currency card is a prepaid card that is fixed on its exchange rate. This way you wouldn’t have to worry about exchange rates plus you’ll also be protected from fluctuations. These cards are released by Maestro, MasterCard, and Visa. It’s the only payment tool you’ll need in a foreign country. It works as a debit card and ATM card. You can swipe it like your regular credit card and earn points just like your regular credit card.

Another great feature of a prepaid currency card is that it can help you stick to your budget. You will only be allowed to spend the amount that you pre-loaded. But you can always add more any time all you need is a phone and an internet.