Are you planning on traveling overseas in the near future? Many people are unprepared when they land in a foreign country, because they don’t have the proper currency. While many European nations have converted to the Euro, there are still plenty of different currencies used overseas and in Europe.
Here are some tips on saving when you exchange your money in foreign countries.
Currency exchange is big business in Europe. Many currency exchange businesses make a commission when they either buy or sell currency to you. You can save lots of money if you need to buy or sell currency. First of all, ATM machines are one of the most convenient ways to get the foreign currency that you need. ATM’s usually have great exchange rates and can work with many American banks. Plus using a debit, or back-card is often the best way to go, because many do not charge conversion fees.
If you are in vacationing in a large city, shop around. You will find
astronomical fees and commissions as well as long lines at the airports and hotels. You usually can find better deals at legitimate currency businesses. Never trade currency openly on the street. Many street traders will give you counterfeit dollars or a lousy exchange rate.
Travelers checks are a convenient way to carry and spend your money overseas, but be aware that most businesses will still charge a conversion fee for payment with travelers checks, the same as if you were paying with U.S. currency.
If you are planning on using your credit card extensively during your trip, you should note that some credit cards charge a currency-conversion fee and some do not. Credit cards are usually a good choice when traveling because of the extra theft and charge-back protection they provide.
In summary, doing a little investigation beforehand can save big money on
your travels overseas.