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What to Understand About Foreign Currency Exchange Before Traveling
It’s essential for every traveler to understand the money they will be using upon arrival in the foreign country; unfortunately, too many travelers wait until the last minute to consider their foreign spending power. The truth is that choosing how to spend overseas money requires some research combined with personal choices. The best travelers make these decisions in the initial planning stages of the trip, rather than waiting until they arrive in the destination country.
Consider the Constant Flux
The smart traveler checks the currency rates and makes exchanges during the planning stages of the trip, but also checks the exchange rates consistently, as they are in constant state of fluctuation. Remember that a great rate today could change tomorrow, so make sure to grab the best rates when they are available. Rates are also subject to change within minutes, so make it a habit to watch the rate flux when deciding on currency timing. Check the rates immediately before traveling as well, to know what you’ll be facing when you arrive at your destination.
Cash Vs. Plastic
Many financial advisors have hinted that we should all get rid of paper money and just use plastic, but the world as a whole hasn’t caught up with this concept. Plastic is still not accepted everywhere, and US cards used abroad are often prone to technical glitches. Professional banks, such as Discover, warn travelers to not be surprised if a card is rejected overseas. Smart foreign travelers know that there is also a fee attached to using a credit card in other countries; the sticker shock alone makes travelers shy about using plastic over paper. It’s smart to grab some cash currency before leaving, or purchase an international currency card, preloaded, before getting on the plane.
Exchange Ahead
The idea of exchanging money ahead of time when traveling appears to be the best available option. After you’ve found the best rate through your diligent following of the exchange rates, and when you’re ready to secure the cash you’ll need, it’s time to contact Xchange for America and make the transaction happen. You’ll have the best rate possible, minimal fees, and the peace of mind you need to go directly from plane to taxi, and forward with your trip. You’ll take one less hassle out of the full travel experience.
Exchanging After Travel
It’s wisest to exchange before traveling, but sometimes, it’s necessary to exchange mid-trip. There are a few considerations for exchanging overseas. It is possible to exchange at the airport, and it’s typically highly convenient, but it’s not always safe, especially if you have no experience with the country you’re visiting. However, if you do exchange at airports, read ahead to find out how easy it is, if there are extra fees, and if there are change or cancellation penalties. The best way to read about a specific airport is to visit its website, which typically contains exchange information.
ATM’s and banks are a second option in foreign, in-country exchange. Remember, however, that ATM’s include hefty fees, sometimes hidden behind specific ATM provider fees. Many travelers have been hit with sticker shock upon returning home and reviewing these charges.