5 Ways to Get Best Foreign Exchange Rate

1. 5 Ways to get Best Foreign exchange rate

2. Importance of Foreign Exchange Foreign travel can become expensive, if you do not keep track of the currency exchange rate while borrowing or spending cash. Still, there are many ways to get the best foreign exchange rate on all your money dealings, without even referring to the currency market. For availing the best exchange rate, you are not required to pay all your expenses or do all your spending in cash only. These 5 ways will help you secure the best currency exchange rate.

3. Use credit card for purchases • Credit card companies get better exchange rate than others • Many credit card companies only charge for their service, and do not include currency conversion charges in it • They can be used at any counter or shop, irrespective of country or place

4. Withdraw huge sums using debit card • Banks charge transaction fees on their debit cards, so avoid using them for purchases • Only withdraw large amounts when possible for saving transaction fee • You will get the best exchange rate for money withdrawn using debit card

5. Contact Local Banks for exchanging money • Again, Banks obtain better exchange rates and the local banks in the foreign country will give you best exchange deal • Transactions fee charged by local banks is much lower in comparison with home bank • Safer way to exchange money

6. Avoid Currency Exchange Agencies at Airport and Hotels • Currency exchange agencies charge heavily on transaction fees • Despite of providing updated foreign exchange rate, these agencies instil additional processing fees • They do not offer negotiations and bargains like local currency dealers

7. Use Traveller’s Cheques • More secure than cash • Can be replaced in case of theft or loss • Widely accepted at many places around the world and their association with banks help to get best exchange rate • Popular in many European countries

8. Thank You