Currency Conversion Tips for Travelers

Author: Jim Lotter




Are you planning on traveling overseas in the near future?
Many people are unprepared when they land in a foreign country,
because they don't have the proper currency. While many European
nations have converted to the Euro, there are still plenty of
different currencies used overseas and in Europe. Here are
some tips on saving when you exchange your money in foreign
countries.

Currency exchange is big business in Europe. Many currency
exchange businesses make a commission when they either buy or
sell currency to you. You can save lots of money if you
need to buy or sell currency. First of all, ATM machines
are one of the most convenient ways to get the foreign currency
that you need. ATM's usually have great exchange rates and
can work with many American banks. Plus using a debit, or
back-card is often the best way to go, because many do not
charge conversion fees.

If you are in vacationing in a large city, shop
around. You will find astronomical fees and commissions as
well as long lines at the airports and hotels. You usually
can find better deals at legitimate currency
businesses. Never trade currency openly on the
street. Many street traders will give you counterfeit
dollars or a lousy exchange rate.

Travelers checks are a convenient way to carry and spend your
money overseas, but be aware that most businesses will still
charge a conversion fee for payment with travelers checks, the
same as if you were paying with U.S. currency.

If you are planning on using your credit card extensively
during your trip, you should note that some credit cards charge
a currency-conversion fee and some do not. Credit cards are
usually a good choice when traveling because of the extra theft
and charge-back protection they provide.

In summary, doing a little investigation beforehand can save
big money on your travels overseas.

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