5 Tips for Changing Your Money Abroad - Baltimore Post-ExaminerBaltimore Post-Examiner

5 Tips for Changing Your Money Abroad

Millennials are obsessed with traveling, especially to exotic places. They often do their research plan for it and eventually manage to get to their destination. However, traveling does not come cheap and if you can afford it then good for you, as it is very rewarding in the end.

Yes, you can go anywhere in the world you want and to any place in that country. What you cannot do is use your usual currency in that country, unless they accept it. However, it is always expensive and you are better off using the local currency.

Therefore, you will need to make a currency exchange when you land to your destined place and that means looking for a viable currency exchanger. If you are in the beautiful city of Ottawa, Canada then you can make the change at currency exchange Ottawa. It is one of the most reputable ones with good rates.

As for now, here are tips for changing your money anywhere abroad, not just in Canada.

1. Always go for the Busy Money Changer

The busier the moneychanger, the better the rates, as it means that they have larger volumes, which equals fewer earnings for each exchange. This brings in big competition, and that is why those with larger volumes often flock together. Moreover, larger volumes mean competitive rates, which give you a good deal.

However, if you do your research well you will see that moneychangers with low volumes tend to have poor rates, as they lack competition. Such moneychangers are often located near airports, cruises and at the border. They know you have no other choice than them.

Therefore, do your research and know the best places to make your exchange, before you start globetrotting to different countries. It is advisable to know where you will get the best rates as opposed to just landing and making your exchange at the airport.

2. Change Your Foreign Money in the Right Country

You will have to do some research on the country you are traveling to, in terms of the locally acceptable foreign money in their foreign currency bureaus. This is because your foreign currency might have low demand to the point that you get a poor rate for it or they deny it.

Most developed countries will accept most foreign money and exchange them at a good rate. However, some obscure countries and locations will only accept Euros and US Dollars. Therefore, it is wise to have them, instead of risking a poor rate for your money, since its demand is not that high.

3. Do not make your Money Change during the Weekend

Weekends are not the best times to change your foreign currency to the locally acceptable currency since by fact the Forex market is always closed. The Forex market usually operates for 24 hours, Monday through Friday. Therefore, all moneychangers and banks will be using the last quote made on Friday, for their weekend exchanges.

By using the last quote, these banks, international transfer services, and moneychangers will put a small mark-up, to account for any risk, since Monday is still unknown and stability is not a word found in the Forex market.

The best option for you is to always have some cash on you for the weekend or wait it out until Monday, for a better rate.

4. Change Your Foreign Money at a Good Time

You should not make it a habit to change your money only when you need it, as this will put you at risk of even making an exchange during the weekend.

The best way to approach money changing is to monitor the rates, in a bid to know the best times to make an exchange. You can use modern techs to get different alerts as the rates change. This way you manage to exchange your money at a good rate.

5. Make Use of ATMs for your Money Exchange

Most banks are likely to charge higher fees for using foreign ATMs, making it hard to transact through them. However, it is still the cheapest means of changing money while you are abroad. Moreover, ATMs can save you a bit of cash on withdrawals, especially if your bank has a partner bank in the country you are visiting or an international ATM.

Therefore, it is highly beneficial to do some research on banks before you leave home. Also, know where they are located.

Conclusion

In conclusion, you cannot just plan an international trip without knowing the locally acceptable currency of your chosen destination. Currency exchange is an important aspect of traveling, so do it right, to avoid any rip-offs.





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