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Picture Courtesy of Felix Burton, Flickr.com, Wikimedia Commons
Trying to get the best deal on exchanging currencies – it seems such an ordeal! How and where does one go to do this? Well, there are plenty of suggestions “out there” on how to go about it. Unfortunately, not all of those suggestions are the best advice. So for the average traveler intent on seeking information as to where to go to get a good exchange rate, the answer is usually anything but a straightforward one.
For instance, currency advice sites litter the Internet, all of them claiming to have good information on how best to do a currency conversion. However, when it comes to surfing such sites, the rule is caveat emptor, “let the buyer beware.” A person looking to these sites for valid information must keep in mind several things:
1. Who is promoting the sites, actually paying for them? Often, it is a financial institution. This is in order to promote their particular currency exchange services. So, they have a stake in promoting their company as the best way to go, sometimes whether it really is or not.
2. So-called experts giving their “good advice.” The average traveler, blogger, or whatever, can and sometimes does, offer the wrong advice on the Internet. This advice, although usually well intentioned, can be based on erroneous research (if any), and/or their own personal experiences, which may or may not be valid worldwide, or for you, personally.
3. Even if the advice is sound, it may be outdated. Currency exchange rates fluctuate daily. Markets go up and down quickly. Economies and currencies of different countries vary. So, it is important to have the most current information on currency conversion rates on any given day. You don’t want some months-old, armchair traveler’s “opinion.”
You have to know two things to get the best deal when converting your money to another country’s currency:
The first, you need the most recent and accurate rate for the currency you wish to convert. I recommend using Currate.com for this. This site is regularly updated, so you always know the latest exchange rates.
Currate.com Currency Converter with Currency Images
Another factor is that Currate.com has no interest in inflating its rates, as exchange services do. In other words, the rates you get at Currate.com are not only up-to-date, but you can be assured they are accurate. What’s more, it is the world’s first site to have actual images of the currency, which helps tremendously. Besides this, it has two mobile versions, http://currate.com/m.php, or http://currate.com/e.php for phones that can handle enhanced capabilities.
Secondly, armed with Curate.com’s most recent currency exchange rates, you need to know where to go to get the best rate. Your best bet is to use banks or local ATMs in your destination country to exchange currency. They usually offer the best rates. And the easiest way to use them is simply by going to them, or drawing cash from ATM machines. Of course, even here, despite relatively low exchange rates, there are costs of using an ATM that is not your bank’s own, but this pales in comparison to what could be a 19 or 23 percent cost to exchange money through Western Union, Travelex, or such similar exchange services..
You can also use credit cards for cash advances. Credit card companies usually offer very good rates, often close to the actual exchange rate for that day. However, credit card companies always have some kind of fees involved for such conversions, and often attach large “transaction fees” to any cash advances, so beware. For store purchases, paying hotel, and restaurant bills, credit cards aren’t a bad way to go. Do avoid asking the merchants themselves to exchange your currency. Although they often will, they usually will use an inflated exchange rate (definitely not in your favor), so it’s best to avoid this method if possible.
Photo Courtesy of "Ungenius," Wikimedia Commons
Truly though, banks, or bank ATMs, are the best. Between knowing the actual daily conversion rates with Currate.com, and using banks, or bank ATMs, you assure yourself of getting good deals in your currency conversions. The money you save, you can spend on making your trip more enjoyable, instead of more costly.
Rob Shelsky, Currate.com Contributing Editor
References:
Cheap Travel Money: Pick The Right Plastic To Spend Abroad.
http://travelmoney.moneysavingexpert.com/
Currency Exchange, How And Where To Exchange Currency
http://honeymoons.about.com/od/moneymatters/a/CurrencyExchang.htm
Currency Conversion
http://www.cheapflights.com/travel-tips/currency-conversion/
How To Reduce Currency Conversion Fees
http://converter-currency.com/conversion-fees/how-to-reduce-currency-conversion-fees
How To Get The Best Currency Conversion Rate
http://www.smartertravel.com/travel-advice/how-to-get-the-best-currency-conversion-rate.html?id=1651467
