Foreign Currency Exchange Rates – Finding the Best Deal
Getting low foreign currency exchange rates
One way in which to save money is to find the lowest foreign currency exchange rates possible. There are plenty of websites around that will tell you the exchange rates for any kind of purchase you make, organizing it by credit card company. Whether you’re making a purchase with a credit card, debit card, cash advance, ATM withdrawal, or even cash, chances are that, depending on the bank or company, there will be some sort of fee that you incur. Do some investigating into the companies that you have your money in, and see who has the cheapest rates.
Money exchange rates can change significantly based on the provider
Depending on what credit card company or bank you go with, you can experience vastly different exchange rates, which can really cut into your spending if you have to waste money switching back and forth. Luckily, if you pick the right provider, you can mitigate the damage to your funds. For example, if you convert using USAA, you’ll have to pay 1% of the money you’re exchanging for a conversion fee, whereas Capital One has no conversion fee (and is therefore your best bet for exchanging foreign currency). Chase and Citibank, however, have a 3% exchange rate, so seriously consider other options for currency exchange if you have those cards and plan on traveling abroad.
Get your foreign currency online before you travel
Sometimes, when you travel, it’s impossible to anticipate how much you’re going to spend, and what on. This may often lead you to make a lot of little transactions using your checks, cash, or credit cards, which, when you factor in the fees that are made for every transaction, can really add up. One way to circumvent this is to get the money through a company that specializes in getting you your foreign currency prior to traveling. Wells Fargo can do it on their website, as well as companies like EZForex. All you have to do is go to their websites, purchase the foreign money using domestic money, and then you can travel abroad while having their native legal tender in hand.
Hopefully, these tips have helped you figure out better ways to use your money was you travel to a foreign country, whether it’s for work or a vacation. Just use the aforementioned strategies and you’ll be well on your way to spending happily abroad.