Get the best exchange rates, and just enjoy your holiday

Posted May 4, 2013 by RaynaJess

While in part times venturing across borders and visiting international locations was a privilege reserved to those who were rich, and could afford the extravagant expenses involved

While in part times venturing across borders and visiting international locations was a privilege reserved to those who were rich, and could afford the extravagant expenses involved with international travel. However, the 20th century has seen a slow but steady decrease of transportation costs, the advent of globalization has given birth to a niche of discount companies, which partner up with all sorts of service operators and offer significant discounts to their members. Throughout your travel experience, you will need to stay aware of current exchange rates , to make sure that you only make successful transactions when you exchange currency, wherein you end up saving money, and assuring you’ll have a stress-free vacation.

At first glance, it might not seem that the variants in exchange rates could make such a big difference in your holiday budget. However, taking a closer look at exchange rates would seem to indicate otherwise. To understand better, look-up the interbank exchange rates for different currencies, and then compare those rates with the corresponding rates offered to you by retailers (Exchange offices, banks, etc). Ideally you’d like the difference between the retail exchange and the interbank (baseline) exchange to be as close as possible to zero. However, in today’s world, you can consider it to be a successful transaction when you exchange currency at a rate difference of no more than 5-10%. Anything more than that, and you should consider avoiding that particular retailer—retailers do offer the benefit of sometimes being open to negotiations, depending on the sum being exchanges.

Now that you understand how exchange rates work, it can be easier to see how a string of bad exchange currency transactions could add up to a significant amount, which could instead buy you a nice dinner out on your vacation, or could pay for a nice souvenir to remind you of the trip. Moreover, cases have been reported where some land based exchange offices have tricked customers into using their services, by some trick or another, like making a huge sign saying 8% commission, but where the number 8 is painted in such a way that it closely resembles a 0 instead. The difference is huge between 0-8% commissions, and if you’re exchanging a large amount, it will amount in a significant loss.

It’s true that cases like the one described above are rare; but if you still have doubts about why it’s better to conduct all your exchange currency operations before leaving home, consider what could happen if you take the matter of exchange rates lightly, and how it can affect your vacation time. If you find you’ve left in a rush and forgotten to exchange currency, and that, furthermore, you’ve neglected to check the current currency exchange rates, you might find yourself obligated to resort to airport-based exchange offices, which are known to have below average rates, and over the average commissions. You could find yourself without funds in the middle of your vacation, and having to eat dinner out of the minibar of your hotel room. Or, if you’re going on a multi-destination trip or cruise, you might find your budget running low or running out before your vacation is over. Save yourself the headaches and find a reliable currency converter website you like and trust, and always keep it handy before travelling.

If you’re planning your next vacation make sure to keep an eye on exchange rates . This way, you can get the best deals when you exchange currency and can enjoy a stress-free holiday.
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By [email protected]
Country United States
Categories Finance
Last Updated May 4, 2013