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Comparing Buying Options for Foreign Currency at Home and Abroad

When you are travelling to another country, it is always good to carry some foreign cash with you, in addition to your credit/debit cards. There are several reasons you may need cash. Depending on the destination you are travelling to, your card may not work, you may not be able to find an ATM around when you need it, your card could be lost or stolen, or the taxi drivers may only accept cash.

When you travel abroad, organizing travel money or buying foreign currency is often on the top of our ‘to-do’ lists. Fortunately, there are many different ways to organise our travel money. The simplest and quickest way to get hold of the local currency is to simply draw out cash from the destination’s local ATMs as and when you need it. However, there is a fee involved with withdrawing money from ATMs abroad.

Here are the various options to get foreign currency.

Buying at your bank

Banks are businesses. They will always sell currency at a different rate than at the one they buy it. So, you will find that the rate that you actually get when buying your Euros or Pounds, from a bank will be very different to that published online.

Most banks keep to limited opening hours and may be closed on weekends and public holidays. In addition, most banks do not hold many “exotic” currencies in stock, so you may have to book well in advance.

Buying currency at destination banks

The same principles, as buying at your home bank, apply. Only this time, the exchange rate is likely to be even worse than at home. This is especially true if you are selling a currency that the bank doesn’t have a big demand for.

And, in some countries, banks may not even let you exchange currency if you do not have an account with them.

ATM machines at your destination

The ATMs at your destination will often show you the exchange rate you will get if buying local currency using your home country’s credit card. They may offer you a choice between agreeing the conversion by the local bank or having the amount converted by your own. You may find better rates if you allow the conversion by your own bank, but it will still be much different from the published rate of your national bank.

Foreign exchange providers

At foreign exchange providers, such as Florida Currency Exchange, you can make exchanges for most currencies at competitive rates. Their costs are upfront and there are no hidden fees. Some will even match the rate if you find a lower rate somewhere else. Unlike banks, foreign exchange services are usually open daily, with long opening hours and a wide scope of currencies.

At the destination airport

This is likely to be the worst rate of exchange compared to other options. However, you may still have to choose this option, if you are not able to buy the ‘exotic’ currency in your home country, since it was simply not available.

If you are looking for the best foreign currency exchange rates or to buy and sell foreign currency in Florida, callFlorida Currency Exchangeat 813-280-9999. At Florida currency exchange service, we offer you the best exchange rates in the area and if you find a lower rate within 100 miles of their locations, we will match it!


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 Florida Currency Exchange Florida Currency Exchange
Joined: May 31st, 2019
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