Top Tips for Foreign Currency Exchange

Moving to a foreign country can be fun, but at the same time it can be tedious too. As every country has a different currency, dealing with foreign exchange can be head-scratching. Amidst the excitement, we often tend to forget the money bit and end up spending more than we should.

With the availability of ATM, withdrawing money has become easy; however, there are certain times when it makes sense to purchase money in advance. Buying money in advance also provides you with a peace of mind that you are no longer burdened with the need to find an ATM.

Here are several tips to find the best deals when buying foreign currency:

Ø Buy Forex Online: Instead of depending on your agents, surf the net. Search for the best online foreign exchange deals available and pick the one which you think is beneficial to you.

Ø Plan Ahead: Don’t wait until the last minute. Foreign exchange requires time and there are certain formalities which need to be done. So it’s advisable to plan it in advance.

Ø Beware of Free Delivery Offers: Always have an idea about the delivery charges and how much money are you going to receive.

Ø Avoid Saturday Delivery: There is often an extra charge on delivery on Saturday, so avoid it.

Ø Check the Money Market: compare the deals you are offered by several institutions and zero down on the best one available.

Ø Use Credit Card for Bigger Purchases: you can save further on the ATM fee by using a no-fee credit card while shopping and eating.

Ø Get Together with Friends: Ask your friends if they too want to exchange currency. Ordering in bulk gives you a better rate of exchange.

Ø Avoid Exchanging Money at Airports: The most convenient exchange outlets have the least favorable exchange rates.

Exchange some Cash before Your Arrival: It’s better to have some cash in hand before you arrive in your next country.