While travelling abroad, currency exchange rate is an important aspect that determines the value for your money. Most of the currency exchange brokers add commission, fees and other charges to increase the rate of exchange. However, a bit of homework and research can help you to avoid this trap and get the best value for your money.
Here are some useful tips from the experts of knightsbridgeFX.com to help you get the best exchange rate.
- Research is Essential
The best way to educate yourself about forex rates is research. Visit the websites of banks and foreign exchange agencies to know the current forex rate of your preferred currency pair and compare the rates from different sources. You can also use the currency converter calculators to know the accurate amount of money to exchange to get the required amount of target currency. Choose an exchange that operates on the interbank rate and does not charge extra commissions and fees.
- Choose the Right Time
Keep a tab on the movements of your target currency pair a few days before your travel. Many online currency converters also allow you to have access to the historical records of price movements of different currency pairs. Observe the price movements and determine how they fluctuate. Exchange the currency when you feel that you are getting good value for the money. KnightsbridgeFX.com allows you to get free exchange quotes and keep a tab on the forex rate fluctuations.
- Do Not Exchange at Hotels, Airports and Tourist Attractions
To avoid losing money in costly commissions and marked up exchange rates, refrain from exchanging currency at hotels, airports and kiosks at tourist attractions. Carry ATM cards, credit cards, international travel cards to avoid the risk of running out of money. Choose a reputed foreign exchange agency in the country and exchange your currency.
- Carry Some Foreign Currency
It is advisable to convert some currency at your home country. You can choose a foreign exchange agency or a bank for this purpose. Compare the prices and choose a currency converter with the best exchange rate quotation. This will help you to have some local cash in hand, when you arrive at a foreign country.
Converting foreign exchange is a difficult task. It is important to educate yourself and choose a reliable foreign exchange converter like KnightsbridgeFX.com to ensure that you get a bang for your buck.