Tag Archives: currency exchange

Use Foreign Currency To Support Local Economies When Traveling Abroad

Foreign currency is king with local vendors!

When American tourists travel abroad, they can “support local” by paying in their destination’s foreign currency & promote sustainable travel in several ways!

When you use local cash to pay for gifts, souvenirs and services (like tipping excursion tour guides or restaurant servers), you directly support local businesses. In addition, you prevent the vendor from incurring any fees associated with credit card transactions, which can be significant for small businesses. This means that more of your money goes directly to the business owner, who may use it to hire more employees, invest in their business, or support their family.

Using foreign currency for purchases overseas can stimulate the local economy and create a positive “ripple effect”. For example, if you were in San Miguel de Allende and purchase a silver bracelet set with turquoise, the jewelry designer may use the cash to purchase supplies (silver, turquoise, tools) from a local supplier and to pay the artisan jeweler who sets the stones. The action of paying in cash allows this local merchant to pay employees and vendors while supporting economic growth within their community. Paying in cash can also foster positive cross-cultural exchanges between visiting foreign tourists and local residents – don’t hesitate to inquire about their traditional artisan methods and learn about their culture. This can lead to meaningful conversations and connections that can help you gain a deeper understanding of the local traditions and way of life.

Travel hack: local vendors often offer price reductions on merchandise when tourists pay in cash vs. using a card, because they don’t lose part of the sale to credit card processing fees!

Always respect local customs and etiquette when making purchases and tipping - expectations vary from country to country.

Of course, Xchange of America is an excellent option when you buy foreign currency online for travel – whether you order ahead (or wait until the last minute), our convenient online platform makes ordering easy. Plus, we offer rush delivery for quick shipping to your home or office so you can land at your destination with local cash in hand!

Xchange of America…foreign currency, delivered!

Travel Tips to Guatemala

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One of the most loved regions to visit in Central America is the southern shore of Guatemala. In recent years, you will need to be cautious due to a rise in violent crime in some areas, such as robbery or assault.

However, with the right preparation and with the purchase of the local currency from Xchange of America, you can enjoy the best that Guatemala has to offer and the wide range of unique attractions offered by the country.

Here are a few spots you can visit and things you can do:

Retalhuleu

It is otherwise called Reu for local people. This region ended up well known because it is
home to some of Guatemala’s most noteworthy event congregations. There also additionally adjacent Mayan ruins worth going to.

Takalik Abaj
Xocomil Water Park
Xetulul Amusement Park

Puerto San Jose

Although, Monterrico is the most famous place among local people San Jose is another top option.
One reason is because it is nearer to Guatemala City. We recommend going to this place for those voyagers who want to do some angling.

Sail angling
Ostrich Farm
Aqua Magic

The Popular Beach Town – Monterrico

This is a top beach destination in Guatemala and the most well-known shoreline among local people. It
includes a small town that has few facilities. Nonetheless, it has been rapidly developing over the most recent few years.

This is a famous destination of both locals and visitors. It is a dark sanded shoreline where you will have the ability to see ocean turtles settling or incubating (contingent upon the season). It doesn’t have many hotels however some are great. It is a delightful area where you can easily spend several hours enjoying the weather during the warm season, beachgoing and a wide variety of local attractions.

Below are some of the top attractions in Monterrico. Those who love nature and the outdoors will find plenty to do here to occupy their time and ensure a pleasant beach getaway.

Hawaii Park
Reserva Natural de (Monterrico Nature Reserve
Tortuguero Monterrico
Turtle tours

What to Do

Birdwatching
Boat tours along the mangrove trenches
Turtle tours around evening time
Volunteering at Tortuguerio Monterrico

Lanquin Town

Lanquin is a residential community situated in the Alta Verapaz Department, Central Highlands of Guatemala. It is the closest town to the super famous Lanquin Caves.

The most widely traveled approach to arrive is from the close-by and substantially larger town of Coban. You can arrive by driving through an street along Cardamom estates.

This small town is minutes from one of Guatemala’s most popular attractions after Antigua and
Tikal, the Lanquin Cave System. Lanquin is a progression of limestone formations under the ground so enormous that no wayfarer has ever reached where they end.

A few tours and attractions that are offered in the zone are:

Horseback riding
Rafting the Río Cahabón
Hiking the Lanquin Caves

Spots you have to visit:

Biotopo Mario Dary Rivera
Semuc Champey Natural Monument
Candelaria Caves National Park

Don’t forget to buy currency ahead of your trip at Xchange of America!

Why Online Currency Exchange is Better

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Using an online currency exchange service that is licensed and registered such as Xchange of America is often a far better alternative than other options. You can save both time and money and ensure that you have the currency that you need well ahead of your trip. Online currency exchange takes far less time than other methods and has become the future of currency exchange. As Xchange of America continues to grow each year, we have found that many of our customers prefer the many benefits of using our website as opposed to having to visit one of our storefront locations. You can get many of the same benefits without having to travel or look for a local currency exchange service.

Save tons of time

There is no question that you will save tons of time compared to other currency exchange options – the amount of time that you can save will quickly add up if you have to make multiple currency purchases or if you don’t have much time prior to your trip. This can make all of the difference when you don’t have very much time to spend on currency exchange and just want to get it taken care of so that you can focus on your other obligations. Within just a few minutes you can have your currency shipped to your home well ahead of your travel date, allowing you to take care of your other obligations and ensuring that your trip goes smoothly from start to finish.

Get your questions answered

With an online currency exchange service like Xchange of America, you can get your questions answered so that you can properly prepare for travel. Many of our customers are purchasing currency for the purpose of traveling but aren’t sure about the country they are traveling to. They may have questions about safety, attractions, the amount of currency to bring and other topics which we frequently cover on this blog. Our staff can answer many of these questions or point our customers to the right resources, while also helping them prepare for their trip and ensuring that they know exactly how much currency that they will need for their trip.

Secure multiple payment options

At Xchange of America you can also choose from multiple secure payment options – whichever options are suitable for you. Many other currency exchange services limit the payment options that you can use, while we aim to try to provide a flexible process for a wide range of different customers. You can also trust that your information will be protected by the highest level of security possible – this level of security is also hard to find from other providers. With several payment options and industry leading security, you can make a purchase from the comfort of your home and have all of your needs met. There’s no better way to purchase currency, and the time that it can save you can be substantial when you add it all up. Make a purchase for currency at Xchange of America today or call us with any questions.

Top Ways to Save on Currency Exchange

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When looking for a suitable currency exchange service, you’ll likely want to choose one that can save you both time and money. That’s what you get with Xchange of America – with plenty of options to choose from, currency exchange has never been easier. You can choose currencies from some of the most popularly traveled countries including several in South America, Asia, Africa, Europe, and more, with some of the best exchange rates that you’ll find anywhere. The price is competitive with brick and mortar currency exchange services or often better, as Xchange of America focuses on providing its customers with the best experience possible and a variety of exchange services at a low price.

Use an online currency exchange

Using an online currency exchange service will ensure that you save as much money as possible – most legitimate and licensed online exchanges like Xchange of America offer low rates, faster service, and order processing 24/7. You save the hassle of having to travel or trying to time your purchase for when the exchange rate is favorable – it’s always a good time to buy currency at Xchange of America, even if you don’t have very much time left before your trip. Using an online exchange has many advantages over traditional locations, and lets you take care of your other trip planning obligations before you head out. If you haven’t used one before, you will likely notice more cost savings and better customer support as well.

Avoid airport currency exchange services

By avoiding the need to use an airport currency exchange service, you can avoid being charged 15-50% extra or more for service fees or other extraneous fees that can make your currency exchange simply not worth it. If you wait until the last minute, the chances are that you will have no other option other than using an airport exchange, while traditional currency exchange services will also charge you high fees in many cases. Using an online currency exchange is often far more effective and will ensure that you get the currency you need on time. You’ll also save plenty of time and have the option of planning your other trip obligations instead of scrambling at the last minute.

Don’t wait until you have traveled

The options are often just as limited once you have traveled to your destination – you may arrive in a country with very few currency exchange services, or you might not have any at all in the area that you are in. Having to take an unplanned trip to a currency exchange service is never ideal – you’ll have to take more time out your schedule that could be spent on doing the things that you love, and then you might not even get a fair rate at the end of it all. It’s so much more convenient to simply order online as soon as you have the opportunity, and with the process taking just a few seconds at Xchange of America, you can order whenever you need and have your currency shipped right to your home.

Why You Should Bring Cash With You When Traveling

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It’s a must to bring cash with you whenever you are traveling to any foreign country in the majority of cases, whether it’s a first world country or developing. You’ll find that many local businesses, service providers, drivers and other professionals prefer to be paid in cash.

Credit cards or debit cards will not be widely accepted in every country, and although there are other options like traveler’s checks, it is still a good idea to have cash with you for several different countries. Don’t assume that your currency will be widely accepted, even if it’s the U.S. dollar or euro, and don’t assume that you’ll easily find a currency exchange abroad.

It can be difficult to find a currency exchange service overseas with limited time

When traveling to a new area you might have some difficulties with finding an appropriate currency exchange service. Perhaps the services in the area you are staying are too expensive, or they may be located a far and inconvenient distance from where you are staying.

You may have to spend a significant sum of money just on transportation in order to get to an appropriate currency exchange service. You can avoid this hassle during your travels by purchasing currency before you depart. This way you won’t have to take time out of your busy schedule to find a currency exchange service, and you’ll have cash from the very beginning for any unexpected expenses.

Credit cards often charge a foreign transaction fee that can add up

You may also get stuck with a foreign transaction fee on your credit card. You may not even be aware of it until you start using it and get stuck with a bill. The fees can vary anywhere from 3 to 10 percent of your transaction, which is no small amount of money.

You can call your credit card company ahead of time to determine what specific fee you would have if any, but again you will still be better off exchanging your currency for the local currency to avoid these fees. Plus, credit cards are not accepted everywhere, especially in developing countries. There’s also the issue of credit card fraud and the outdated magnetic stripe technology which can result in your card being stolen.

Cash is king

During the first 24 hours of your trip, cash is king, no matter where you go in the world. You’ll need to get settled in, grab a bite to take, take a taxi to your hotel, or a train, tip your doorman, purchase snacks, and other minor expenses. Using a credit card is not convenient or practical in several of these circumstances.

If you don’t have cash with you, you’re going to likely run into a number of difficult and awkward situations, where you may not be able to tip someone or where you may have to scramble to find an ATM or currency exchange service. The first few days of your trip will go a lot more smoothly if you simply plan ahead of time and buy currency online.

4 Benefits of Traveling to the Philippines

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The Philippines is a very interesting country with over 7000 islands, that is still relatively undiscovered, even among the backpackers and travel bloggers.

Low-cost travel to the Philipines is very possible as the USD to Philippine Pesos (PHP) currency exchange rate is very favorable for US dollar now. For every USD $10 you get several hundred PHP. It is not the cheapest country to visit for travelers from the US but it is still a low-cost country to visit. You get a lot for your money compared to the states.

For the next year, the Philippines Tourism authority is actually doing a project called “It’s more fun in the Philippines”. Expect to see a spate of travel bloggers covering all those as yet undiscovered places on your nearest blogs soon.

1. Experience Philippines on a low budget

As the exchange rate favors those with US Dollars, you can afford a lot of adventures in the Philippines. As a country with thousands of islands, you can choose cast away on a deserted island, you just need to rent a boat to get you there. When in Manila, you can take a ride in one of the many colorful jeepneys. Eating locally is very cheap. Opt for a national favorite, chicken adobo or a seafood bbq.

2. Get Certified for Scuba Diving for cheap

The Philippines has thousands of islands and thousands of miles of coastline. The most famous destination for scuba divers is Boracay. It’s an island with unspoiled white sandy beaches but the treasures lie below the waves. It has the highest density of coral species in the world. It has been a favorite for Asian visitors for years but the rest of the world has yet to discover it.

Imagine swimming, snorkeling, and scuba diving in the warm tropical waters and taking a dive boat out to one of the many dives sites. If you have not been diving before, you can get a license at diving training centers found in diving spots on several of the more popular islands. If you are an experienced diver, some of other dive sites that you should check out are the UNESCO World Heritage Site Tubbataha Reef.

Getting your scuba diving license here is a great idea as you are paying for the lessons in Philippine pesos and is almost always more affordable than getting certified in the states. Besides, you get to do your test in the beautiful clear blue waters of the Philippines.

3. A good base for a digital nomad

The average monthly rent for an apartment in Manila is about $300 a month. For this, you will get a nice place that is popular with the expatriates. As the cost of living in this South East Asian country is quite low, your monthly outgoings will not be too much. That’s especially true if you are getting paid in US dollars.

4. Retiring in the Philippines

If you are looking for a new place to retire that is cheap to live, great climate, affordable healthcare, where you can have a high-quality lifestyle for not a lot of money. As an expatriate, you are allowed to work and have unlimited entries into the country. If you are over 60, the Philippines government gives you special discounts on living and health-care costs. You will also be exempt from airport taxes, great if you intend to travel around the region a lot.

If you get your pension of income in US dollars, the equivalent in PHP will allow you to afford a very decent lifestyle. The Philippines is definitely one country you can consider.

The Best Way to Understand Currency Exchange

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Currency exchange rates are subject to change, as every traveler understands. The overall value of each currency is directly dependent upon the strength of the country’s economy, which rises and dips on a continuous basis. Understanding factors such as inflation, the people’s confidence in the government, and interest rates within the country of desired travel will give any traveler an advantage in exchanging currency before the trip begins. After acquiring this information, follow these steps to gain the best exchange rate possible.

Select Currency

Understand what currency you’re interested in exchanging. For example, some European countries still rely on their country’s currency, while others rely on the Euro. It’s important to find out what type of money you’ll be handling while in the foreign country. You’ll want to find out the exchange rates in this step.

Rates

Discover the rates for changing your money. Use sites such as Xchange of America to get the best rates for exchange before you travel. However, it’s wise to know the rates, in case you find yourself having to exchange while traveling. Understand the exchange rate on the American dollar so you won’t be cheated if you do not exchange enough with Xchange for America, and need to exchange while traveling.

Relationship

Understand the relationships of the currency. The American dollar has been strong in the world economy for decades, but there are some currencies that are stronger. Discover how much you will get on the dollar to understand the relationship between the currencies. It’s important to remember that a stronger currency will give you less spending power in the foreign country.

Convert Early

Use a site such as Xchange for America to change currency before you leave. Many travel advice experts recommend this, because airports or hotels will upcharge, creating unnecessary expense for the traveler. You’ll get less for your dollar when you wait to exchange at the airport. While banks tend to have lower rates, it’s best to work with a company at home.

Conversion Surcharges

This is an issue for many travelers, and it must be monitored. Watch for these surcharges during conversion, especially if you did not convert at home. There could be a 2 percent fee per transaction, which doesn’t seem like much, until it is repeated over the course of the foreign stay. Flat rates are nearly as bad, but will allow you to convert a larger amount of money at one time. The best way to avoid this whole situation is to convert money before leaving home.

Credit Cards

If you’d like to use your credit card, call your card company and inform them of your intention to travel. Ask about exchange rates and fees in the destination company, as they may change due to travel. Sometimes, rates are fair enough that it’s more convenient to use the card, but relying on one card while traveling can be nerve-racking. It’s best to combine converted currency with the use of a credit card for the most secure travel possible, and you can do that when you buy currency at Xchange of America.

Do You Need to Time Your Currency Purchase?

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You may be wondering whether or not you should time your currency purchase based on the current currency exchange rate for your main currency. You can certainly do this as a way to save money, but keep in mind that most types of fluctuations over a short period of time are usually quite minimal. You can easily find information about the historic currency exchange rate for any currency that you’re interested in purchasing, but in most cases it makes sense to make your purchase as soon as you can so that you can have your currency delivered ahead of any upcoming trip. This way you’ll be able to avoid using any last minute currency exchange option that may be expensive and inconvenient.

It won’t make much of a difference in your cost in the short term

If you don’t have much time before your next trip to a foreign country, trying to time your currency purchase for when the currency exchange rate is favorable won’t be all that effective. This is because of the fact that currency fluctuations are normally minimal over a short period of time. Larger fluctuations can happen over the course of several weeks. If you would like to time your currency purchase for when you’ll get more currency for the money that you spend, you can always contact us at 1-888-1800-1977 to get information on when you can expect to be able to purchase a higher amount of whatever currency you are aiming to buy.

Make sure you purchase your currency with time to spare

If you have just weeks to go before your next trip to a foreign country, you may as well make a currency purchase now so that you’ll have the currency that you need ahead of time and you won’t be stuck scrambling for an option at the last second. You don’t want to wait until the last few days before you leave to make your purchase because there’s no guarantee that your currency shipment will arrive in time. This will force you to have to use a local currency exchange where you’ll get some of the worst exchange rates, along with a huge range of fees in many cases that can make you end up spending significantly more than you need to.

We can provide you with currency exchange information

We can provide you with information on the daily exchange rate for any currency you’re interested in purchasing, along with the rate that you can expect to pay for your next purchase. If you don’t have much time before your next trip, you should strongly consider purchasing the currency that you need as soon as you get the next opportunity. We can let you know if now is a good time to purchase or if you should wait for a later date, assuming you have the time. We can also provide you with information about historic currency exchange rates so that you can make a more educated decision when you purchase currency for any purpose.

How Fluctuating Currency Exchange Rates Can Affect the Stock Market

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It isn’t common knowledge, but fluctuating currency exchange rates can influence the stock market. For example, in 2015 the Central Bank of Switzerland had a major impact on stock markets as they abandoned their policy of keeping the value above the Swiss franc down compared to the Euro. By the end of the 15^th, the franc was approximately 15% stronger than the previous day. Most types of currencies do not move more than a few percentage points each day so the franc’s change in such a short period time was massive. Several stock market companies took a major hit in the Swiss market, particularly companies with major exports like Nestle and Swatch.

Rising currency values make exports more expensive for buyers

This Swiss case study is an excellent example of how rising currency values can affect the stock market. Rising currency values make a country’s products more expensive for those who are buying them overseas. For example, the US dollar is weaker when the Swiss franc is valued higher, and Swiss watches and other Swiss products become more expensive for those in the United States. This usually results in consumers buying fewer products. Rising currency values often ends up being bad news for exporters. Also if any country heavily depends on exports, quickly rising currency values can be devastating to their stock market.

Rising currency values make sales numbers weaken

The other downside when currency exchange rates rise is that sales numbers become weaker for many exporters. For example, 1 million dollars in sales in a prior month will have a lower value if a currency becomes stronger in the following month. This means that sales numbers will be weaker if a currency keeps rising, and that also has a negative impact on stock market values in many cases. Switzerland has several companies that earn most of their revenue abroad and these companies had weaker sales numbers when their currency rose. For example, Nestle earns over 97% of its revenue from foreign countries outside of Switzerland.

Large companies can hedge against currency increases

This certainly does not mean that large companies are at the mercy of their central banks or their country’s currency exchange rates. For example, large companies can hedge to their exposure to currency changes by purchasing securities that increase in value when their country’s currency rises in value. There are also other ways to hedge against increases in currency values. On the other hand, importers, will often prefer their currency to be stronger because they can purchase more of other countries’ exports at a lower price. So, other companies may increase in stock value when currencies rise.

Many other factors influence stock market values

There are many other factors that play major roles in how stock market values rise and fall, but the currency exchange rate is certainly one of the biggest ones. If you are interested in learning more about currency exchange rates, or if you have any questions at all about buying currency or timing a currency purchase, be sure to contact us today.

Timing Your Currency Purchase for When There is a Favorable Currency Exchange Rate

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Did you know that you can save money on your currency exchange by timing your purchase for when there is a favorable currency exchange rate? The exchange rate fluctuates on a regular basis due to a wide range of different factors. Xchange of America updates their exchange rate based on these fluctuations and other criteria. On a particular day when the U.S. dollar is strong against the currency that you are trying to purchase, you can save money on your purchase by buying your currency that day. Once you lock in your price you are good to go, even in the exchange rate changes the next day.

You can ask Xchange of America for advice

Xchange of America offers advice on how to do this, as it can be a bit confusing even for those with experience. You will need to visit the website or contact them for information on exchange rates. You can even be notified on a particular day when the exchange rate is strong, which can save you the trouble of having to figure it out yourself. Anytime you need to buy currency for a trip or for another purpose, it is a good idea to try to follow the exchange rates that are posted on Xchange of America, or as previously mentioned you can get a notification as soon as the exchange rate is preferable.

You can save a substantial amount

Although it may seem like too much effort, the reality is that you can save quite a lot on your currency purchase just by making it at the right time. It becomes even more important if you plan on making a bigger currency purchase, for the purpose of investing or if you plan on traveling abroad for an extended period of time. You don’t want to have to buy currency after you have traveled because it can be a major hassle and you might not get the same fair rates as you would from a reputable online provider like Xchange of America. The amount that you can save on a favorable day can quickly add up when you buy large quantities.

Give yourself time

Be sure that you give yourself enough time to make a purchase on a day when the exchange rate is favorable so that you can have your currency delivered to you when you need it. You can call Xchange of America now at (888) 796-2962 to talk about preparing for your currency purchase. It just may be that there is a favorable exchange rate today, and if that’s the case you will definitely want to lock your price. However, if it isn’t, a currency expert will let you know. Bear in mind that that there is no guarantee that the exchange rate won’t drastically change on any given day, and that any advice given to you is only to help you make your own decision. You will need to do some research as well, but we are happy to help. Give us a call today at (888) 796-2962 or if you are ready feel free to order online now!