How To Manage The Exchange Rates On Your Vacations
Some recent world events coincided to make the US dollar very strong, giving Americans a unique opportunity to see the world at a lower cost. In fact, experts estimate that prices will be between 15 and 50 percent lower than at this time of the previous year. However, exchange rates will continue to fluctuate. If you know how to properly handle foreign currency, you can always travel comfortably and without leaving your budget.
Whenever you travel abroad, knowing how to acquire currency from another country at the most favorable exchange rate will avoid outrageous charges on your bank statements. Most travel experts recommend using credit cards and ATMs when traveling abroad. Credit companies and banks charge modest commissions, from 2 to 8 percent, and can offer special offers to customers with specific cards or travel programs. Be sure to ask about your bank or credit company’s offers for your destination, and consider requesting a credit card specifically made to travel abroad. In general, buying dollar to yen currencies online or using traveler’s checks offers less favorable exchange rates. But nevertheless,
When the dollar is strong, do not be afraid to take advantage of it. Europe tends to be the most popular choice for Americans when the dollar is strong against the euro – last year, the US currency was 18 percent cheaper than this season – but there are many other excellent travel options. The currency of Morocco has fallen considerably, allowing savings of up to 20 percent, while the Canadian and Australian dollars are at their minimum value in the last six years with respect to the US dollar. Those who seek to make their dollars even more can consider less conventional destinations. The collapse of the Russian ruble can represent savings of 50 percent, allowing Americans to see Russian cultural treasures at a fraction of the cost.
Currency exchange: The best places to change currencies
If they gave you the option to get more products for the same price, you would have no hesitation in accepting the offer. With the issue of international currencies the same thing happens, depending on where you make the foreign exchange you can get more or less money. If you are going to travel to a country that does not belong to the euro, these tips will surely be useful for you:
Where is it better to do the currency exchange?
There are multiple options to change your currencies to other currencies:
1. Your bank
If done with time is usually the most recommended option. If we are going to change large amounts or, if it is an unusual currency, we must bear in mind that our office will most likely not have that amount, so we should advise in advance.
As expected, the immediacy and the need usually entails slightly higher costs. This is what happens in the case of airports, where you can change all types of currencies but normally you pay more commissions.
3. Exchange houses
In comparison with airports, they are sometimes more profitable, but less so than in entities. The ideal is to compare between different exchange houses, looking at both the commissions and the change they apply. Near the exchange houses there are usually people making offers, our recommendation is to ignore these offers because sometimes they can be counterfeit bills.
Each card has a different commission to take money in another country, so it is advisable to inquire before making the trip to make the best decision. If the commission is very low there are times that even more compensates this way than to make the change previously.
It is very practical to keep the official change in mind at all times, to know if for example the card charges are being applied correctly or if the exchange rates are being excessive. On the Internet there are many currency converters that can guide you, one for example that can come in handy is the currency converter of nihonex, since in addition to being able to see the evolution of the exchange rate we can see what are the daily averages of the exchange buyer and the sale price