A Quick Guide to buying Foreign Currency

When you are traveling abroad, you need to manage several things – from visas to luggage. However, the most important aspect of an overseas trip is buying the currency of the country you are traveling to. Whether you are traveling for business or pleasure, you can’t do anything without the local currency. The best way to buy foreign currency is to head over to a reliable currency exchange service well in advance before your travel.

Below are some important things you should keep in mind before buying foreign currency.

Buy foreign currency well in advance

Currency rates fluctuate a great deal and that’s why you should get your foreign exchange well in advance. Buying your foreign currency, a week before the day of travel, is always best. It allows you time to wait for exchange rates to go down, if foreign currency rates are high at present. Plus, you can avoid the last-minute rush by getting the foreign exchange in advance.

Avoid currency exchange booths in airports

Some travelers prefer to exchange their local currency for their destination currency at the airport exchangers. However, this can prove to be the most expensive option and will not get you the best rates. The currency exchange booths at the airports almost always charge a commission of 10-15% (lack of competition and price of convenience). This will cause you to lose a lot of money and would affect your pocket and your travel plans.

Compare exchange rates

Exchange rates often vary from one currency service to another. To get the best rates, compare the rates with at least three currency exchange services before finally buying. Nowadays, you can call them or compare rates online to get a better understanding.

Avoid using traveler's checks

Traveler’s checks are almost obsolete now. Many people use Travel cards instead since traveler's checks are not accepted in many places. However, if you use traveler’s checks, do not be surprised to pay a fee/commission of nearly 4 to 6% when you are cashing them in (on top of the fee paid when purchased).

Avoid using debit cards

Using credit or debit cards issued in your home currency may leave you with a loss. Using the card outside the country of issue means your transaction won't happen in that currency. It would be considered as a foreign currency transaction and may include a conversion charge of up to 5%.

If you are planning to travel to another country, find out a trusted foreign exchange service near you that offers best rates, considering all the above points.

If you are looking for the best foreign currency exchange rate or wish to buy euros in the Tampa Bay area and South Florida, callFlorida Currency Exchangeat 813-280-9999. At our branches we offer you the best exchange rates in the area and if you find a lower rate within 100 miles, we will match it!

About This Author

Florida Currency Exchange Joined: May 31st, 2019