(Newswire.net — August 5, 2017) — Currency exchange is a very complex business. It fluctuates from minute to minute, making it difficult to get the best possible deal.
These fluctuations eventually have a huge significance on the amount you realise from the exchange. You could have more than expected and sometimes lose a lot more than you bargained.
The currency exchange market is influenced by certain factors such as an announcement from the central bank, political news, fresh economic data release, Government debt, etc.
Instead of getting ripped off by airport currency exchange kiosks who take out huge cuts from the exchange deals, leaving your wallet looking like it went through a surgery, here are 6 ways to find the best currency exchange rate:
1. Check at the destination country
The best currency exchange rates are gotten when foreign currencies are bought with credit cards or ATM cards.
Upon your arrival at the destination country, get cash at an ATM at the closest bank or in the airport arrivals hall. This is because the exchange rate at the destination country is usually better than home.
Also, it would be safer to estimate the amount of cash you’ll be needing throughout your stay into a single withdrawal so you don’t have to pay the unnecessary per-transaction fees.
2. Plan ahead
In order to get the best currency exchange rate, be sure to plan ahead. Avoid exchanging in a hurry as this will only put you in a position where you’ll have to accept whatever comes instead of finding other means through which the best deal can be attained.
3. Research
The best way to know if you’re getting the best deal on your currency exchange rate is to know what the current rate is through an exchange rate comparison site.
If you’re planning on going on a foreign trip, do your research on what their exchange rate is like so it doesn’t catch you by surprise.
Looking through different exchange rate charts will help you come to a conclusion on the best deals available.
4. Check total price
When looking for the best currency exchange rate, it’s important that you look beyond the rate and focus on the total amount you’ll be getting eventually.
If you consider just the exchange rate, some other costs like credit card fees, commission and delivery rate might just add up and have you paying for more than you bargained.
5. Online order
To make your currency exchange easier to find, you can find out the rate online, if it’s suitable enough or you order for the exchange and get it at a nearby store or have it delivered to you.
6. Banks
Lots of banks offer good currency exchange rates to their customers and you can order for a currency exchange through a phone call or online and pick it up at the branch location.
You can also get your order at post offices and American Express offices.
Generally, try getting the best deals you can lay your hands on and avoid the change bureaus at train stations, airports and tourist centres as they usually have the worst rates you can ever imagine.
They bank on the fact that they’re your last resort, so they can offer you anything knowing that you need it urgently.
Be sure to look around, read exchange rates properly to avoid mistakes and also ask for net rates after every commission.