If you’re ready to hit the road after being grounded for more than two years, you definitely want to get the most bang for your travel buck. 카지노사이트 A smart way to save while traveling internationally is to understand how currency exchange works so you can exchange currency without paying more fees than necessary.
It all comes down to a little “know before you go.” The tips below will help you get the gist of currency exchange, so you can score the best rates when your travels take you abroad.
How Does Currency Exchange Work?
Think about the currency exchange rate the same way you think about buying produce at the grocery store. For instance, you might get three pounds of oranges for $4.00 one day, but a week later, you can get those same three pounds for $2.79. The value of your dollar is stronger (gets you more) when the oranges are $2.79 and weaker when you have to pay $4.00.
A currency exchange rate is simply the value of one country’s currency against another country’s currency. Like produce prices, the U.S. dollar’s value against the currencies of foreign countries like France, Canada and Mexico tends to fluctuate. Currency exchange rates can change minute to minute, though most banks only update their rates once each business day.
Since exchange rates fluctuate, you’ll want to make sure you get the most foreign currency for your U.S. dollar, which means getting the best possible exchange rates and limiting the fees you have to pay.
Where to Exchange Currency
To help you save the most on currency exchange rates and avoid potential fees for international transactions, use the tips below to plan for your next trip abroad. More money in your pocket and less spent on unnecessary fees means more to spend on your globetrotting adventures. 바카라사이트
1. Get Cash at Your Bank Before Leaving the US
One of the best ways to minimize currency exchange fees is to visit your bank or credit union before you leave the U.S. to exchange dollars for the currency of your destination. Depending on which country (or countries) you plan on visiting, most major U.S. banks will have foreign currency available to sell to you without charging an additional fee beyond the exchange rate. For example, Wells Fargo offers 70 currencies for use in more than 100 countries, and Bank of America exchanges currencies for more than 100 countries.
You may be able to get foreign currency in cash at your local bank branch, or you can order currency online or by phone to be delivered to your home. Depending on your bank, where you live and which country’s currency you need, some currencies may be available for same-day exchange. Other, less frequently requested currencies could require a few days—or more—of advance notice.
“Customers who order currency through their own bank can ensure the money they receive is authentic and that they have received the best, legal rate,” says John Sellers, rewards executive at Bank of America. “As these rates are constantly changing, Bank of America uses a variety of factors to determine its exchange rate—including market conditions and rates charged by other financial institutions,” he says.
2. Avoid Currency Exchange Kiosks at Airports
If you don’t have time to get cash at the bank before your trip, it can be tempting to get foreign currency at an airport kiosk or currency exchange counter. These merchants offer convenience, but their exchange rates are typically much less favorable than your bank at home. 온라인카지
For example, if you’re traveling to the United Kingdom and your bank offered you an exchange rate of £72 per $100, the airport kiosk may give you only £67 per $100, costing you extra money in the form of fewer pounds for your dollars. If you had made that exchange at your home bank, you’d have an additional £5 in your pocket.
A good currency conversion calculator will help you do the math and make the comparisons.