Currency Exchange - Getting the Best Value for Your Money
March 29th 2010, Vanessa Whittingham @ The Currency Exchange Site
When it comes to currency exchange, there are now plenty of options from which to choose. When travelling abroad, it can be a challenge to decide what product or which provider will consistently get you the most for your money while providing convenience and security. Although there is no one set method that works best for everyone, there is bound to be the right choice for you as long as you know the options available to you. Travelling can be expensive enough as it is, so tacking on an unnecessarily high exchange rate should not become a part of your costs.
One of the most basic options available to you when looking into currency exchange is changing over your money at the bank before setting forth in your travels. Although some banks charge a fee for this service, it worth shopping around to find which institutions forgo fees and which offer the best exchange rates. Don’t exclude online providers as well, as these companies often have fewer overheads than the large banks they can offer very competitive exchange rates. Although the ability to know the value of your money before you go is helpful, this traditional method carries with it a drawback - there is no real security in case your money is lost or stolen.
Another option is using a prepaid currency card or your debit card to pay for purchases. This solves the problem of security as most cards are easy to cancel in case they are stolen and, therefore, you will not be held accountable for the fraudulent charges. With a prepaid currency card you know the exchange rate you are getting when you make a purchase, and exactly how much each ATM withdrawal or purchase will cost you. However, when using a credit or debit card the banks will assign an exchange rate at the time of purchase and, more importantly, charge commission on ATM withdrawals and purchases. So you often end up paying more than if you used a prepaid currency card. There are a few exceptions to this credit and debit card rule, so it is important to look into the fees before you travel.
Any of these choices provides a good means of travelling in a place with foreign currency. You simply need to see which works best for you.
