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Best Forex Guide

Currency Exchange

Currency exchange or Foreign exchange is a common process these days as there is a surge in the number of people who travel abroad. Often people who are unaware of foreign exchange commissions or the extra fees charged by credit card companies and they end up paying a lot of money after coming back from the trip. Every overseas traveller should indulge in currency exchange at one or the other point during the trip. Some do it in the home country itself, while others opt to do it once they reach the destination. If they are unaware of the procedure or the tricks, they end up spending a huge amount of money.

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Travel desks in airports and hotels usually charge more commission for currency exchange compared to banks. Gone are the days when people used to travel to foreign countries with traveller’s cheques and money belts. Nowadays it is good to opt for a credit or debit card which does not charge any foreign transaction fee. The cheapest cards currently available are the ones from companies like Capital one, Bank of America, Northern Trust, Key Bank, TD Bank, PNC and Chase.

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Experts are also of the opinion that it is wise to do currency exchange in the destination country. Nowadays currency exchange rates are easily available on smart phones. One can download some good apps like forex forum which provide the accurate exchange rates By using these apps you can get an idea whether a currency conversion kiosk is offering a fair deal or not. A no fee debit or credit card is the best choice while traveling .If you cannot get hold of these, the next choice is to get to the foreign exchange counters at local banks. They generally offer better conversion rates than private firms or travel kiosks in airports.

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To obtain ready cash, debit card withdrawals at ATMs are the best and cheapest bet. But prior to that know about the transaction fee charged by banks when you do withdrawals in foreign countries. Also doing one time withdrawal is better to avoid transaction charges. It is wise to inform the bank about your travel plans because many of them freeze the accounts of people when they notice a foreign country transaction or a change in the spending patterns of account holders.

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Credit and debit cards also offer fraud protection .Make sure to carry the customer support phone numbers of your bank so that if in case you lose the card, you can block it and get a new card immediately.

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