5 ways to get best foreign exchange rate
DESCRIPTION
Forex rates differ from one financial institution to another. So selecting the best among them can be a difficult task. Let us know a few ways to get best foreign exchange rates.TRANSCRIPT
5 Ways to get Best Foreign exchange rate
Importance of Foreign ExchangeForeign travel can become expensive, if you do not keep track of the currency exchange rate while borrowing or spending cash.
Still, there are many ways to get the best foreign exchange rate on all your money dealings, without even referring to the currency market.
For availing the best exchange rate, you are not required to pay all your expenses or do all your spending in cash only.
These 5 ways will help you secure the best currency exchange rate.
Use credit card for purchases
• Credit card companies get better exchange rate than others•Many credit card companies only charge
for their service, and do not include currency conversion charges in it• They can be used at any counter or shop,
irrespective of country or place
Withdraw huge sums using debit card• Banks charge transaction fees on their
debit cards, so avoid using them for purchases• Only withdraw large amounts when
possible for saving transaction fee• You will get the best exchange rate for
money withdrawn using debit card
Contact Local Banks for exchanging money• Again, Banks obtain better exchange rates
and the local banks in the foreign country will give you best exchange deal• Transactions fee charged by local banks is
much lower in comparison with home bank• Safer way to exchange money
Avoid Currency Exchange Agencies at Airport and Hotels
• Currency exchange agencies charge heavily on transaction fees• Despite of providing updated foreign
exchange rate, these agencies instil additional processing fees• They do not offer negotiations and
bargains like local currency dealers
Use Traveller’s Cheques
•More secure than cash• Can be replaced in case of theft or loss•Widely accepted at many places around
the world and their association with banks help to get best exchange rate• Popular in many European countries
Thank You