Exchanging currency in a foreign country is a task dreaded by most of the travelers. First time travelers are unaware of the reputed dealers in the foreign country, who give best rates for currency exchange. Here are some tips for first time travelers on different places to exchange currency.

There are many channels through which you can exchange currency. Some of the legal channels for currency exchange are banks, ATMs, registered currency exchanges, individual forex dealers, kiosks at airports and hotels, travel agents and online currency exchanges. However, travelers have to choose a registered and professional currency exchange in the foreign country. For example, tourists to Canada should choose a reputed Currency Exchange Ottawa, to exchange their local money to Canadian dollars.

Banks

Banks are the safest option to exchange currency. Exchange currency at your home bank or choose partner banks of your bank at foreign countries. However, though most banks say that they do not charge any fee for exchange. The exchange rates in the banks are generally marked up to include a certain percent of transaction and service fees. Know about the prevailing market rate and compare the rate quoted by the banks before you exchange currency.

Airport kiosks

Currency exchange kiosks and counters at airports are the worst option for currency exchange. They charge huge commissions which makes the exchange expensive. Moreover, you cannot bargain for the best rate at the airport counters. It is preferable to exchange currency at a professional Currency Exchange Ottawa rather than opting for airport and hotel kiosks.

ATM

ATMs are also one of the preferred places to withdraw foreign currency. But some banks charge transaction fees for withdrawing money in foreign currency. Choose a bank with international operations or withdraw cash at the ATMs of the partner banks of your home bank. Always remember to use a safe ATM to avoid chances of theft.

Currency exchanges

Search for a reputed Currency Exchange Ottawa to get the best rates in the market. Some of the exchanges also offer free sign in and obligation free quotes to their clients. Select a currency exchange that is properly registered and has a good track record.