Saturday, 24 October 2015 00:00

Tips to Save Money on Exchanges and Transactions

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Tips to Save Money on Exchanges and Transactions by Bigstock
One global currency for all is perhaps something to think about in the future. In the meantime it will not come as a surprise to you that different countries use different currencies and this is something to plan for as well.
 
Here are some ways you can save money on the cost of currency exchanges and purchase transactions:
  • Exchange your foreign currency 2-3 weeks before travelling, as to avoid costly airport fees
  • Look into buying a Travel Money Card. This card enables you to pre-load funds onto the card (in the foreign currency) and you’ll also cut out conversion rates, surcharge on purchases and generally make things easier for you.
  • Check to see whether your local bank offers a credit card that’s exempt from International Conversion Rates
  • www.xe.com is one of the best places to check out the current exchange rate, so make sure you use it wisely
  • Withdrawing cash from your credit card while you’re abroad will result in seriously hefty cash advance fees, so keep that in mind
  • Keep in mind that certain payments can cause your credit card’s funds to be locked, which could land you in a bit of a pickle. Make sure that you’re using more than one credit card if you plan to pay for flights, accommodation and traveling costs with a credit card to avoid an unnecessary embarrassment.
  • If you can avoid it, don’t exchange currencies at your hotel, they’re usually a lot more expensive than your local banks are, and even the foreign banks.
 
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