Finding the Best Rates

Finding the best deal when changing your money may seem intimidating at first, and many are tempted to just to change their foreign currency at the first place they see.

Bin this instance, being hasty can cost you money, and depending on the destination, foreign exchange rates, as well as commission can vary in different establishments.

To get the best deal and make the most out of your travel cash, here are some tips:

Know The Latest Rate of Foreign Exchange

Keeping up to date and knowing what the current rate of exchange will give you an edge. For the most reliable and up-to-date information, check the various news channels on television or online at websites like:

http://www.x-rates.com

http://www.bbc.co.uk/holiday/converter

http://www.oanda.com/convert/classic

Checking on these on the day you change your money can ensure you’re being offered a rate close to the foreign currency market rates.

Start Looking At Options On How To Get Your Foreign Currency

Once you know the rate you’re aiming for, you can start looking for places change your travel money. Here are some important hints to remember.

• Airports, with their numerous “bureaux de change” (foreign exchange offices), and other High traffic tourist areas are often the worst place to get a good deal.
• Local banks, post offices and firms such as American Express are often more affordable than bureaux de change at airports or train stations, and often compete amongst themselves for the best rate.
• Always check the commission charge in advance, and ask for clarification of rates if more than one is listed.
• Sometimes a lower charge, or even a better exchange rate, is given to business customers changing large amounts, which can mean a poorer deal for the tourist traveller.
• Know your rights and ask questions.
• Know that in many western countries, or large capital cities , you are able use your existing bank card in cash machines, so you may not need to change money in advance.
• Always check with your bank before departure to see if you can use foreign ATMs, and if so, what the commission charge is.