When you travel to different countries you need to make sure that you take use of the exchange rate as much as you can. There are a number of ways through which you might just get cheated out of the best rates possible. Here are a few things to remember when exchanging money and avoid exorbitant fees.
Do Your Research
Firstly, you need to put in time to research what your desired exchange rate should be. Know the prevailing rate as that get you the most accurate idea of what best foreign exchange rate is. Prior to your trip do research and if the trip is going to be a long one then check the rates periodically to keep an idea of the changes.
Know Where You Can Get Higher Rates
If you use credit or ATM cards, chances are you will get excellent interbank exchange rates when you go through purchasing foreign currency. You get a 2% to 7% higher rate than traveler’scheques or cash exchange. While making expensive purchases or paying hotel bills always ensure that you use your credit cards. However, there can also be cases of transaction fees when you use the cards. This is not done by all credit card companies but some do. So ensure that you get the cards checked.
Use the Atms
Use the ATMs which are available in the country you are visiting so that you are able to get instant cash without any kind of hassle. Currency exchange firms can turn out to be frauds but the ATMs are government regulated so you don’t have to worry about getting cheated. However, there may be an added service or transaction fee in such cases.
Post Offices and Banks Only
When you are travelling and using cash or traveler’s cheese go for post offices and banks of American express to get the best exchange rates. Avoid all kinds of bureaus which you find at tourist spots, airports etc. Such places offer bad rates but you just might come across one which gives you a good deal.
Look Through the Rates
When you are shopping look around for the exchange rates which are provided. Ask for the specific net rate after all the commissions but also be aware that you are certain commissions are demanded per item on single transactions. Money changers also have a habit of displaying the sell rate of currencies rather than the buying rate. Make sure you check this factor out. Also you will not face this problem when you go about a reputed bank for your currency exchange needs. Go through the research needed and you will be fine in your travels however quick wit and safety is always something you should pay attention to.
When you go about Australian Currency Exchange you will also have to focus on the country specific exchange rates. Look through the place and try to pin point how any banks or currency exchange firms are in the area. Go through places like Money Exchange Adelaide so that you get the best options possible while your travels.
About the Author:
The writer Damon Paton has been working with Australian Currency Exchange as well as Money Exchange Adelaide for a long time. Over time he has worked with other well-known currency exchange firms and is well versed in the exchange rates and procedures of foreign currencies.