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If you are in the middle of planning a vacation for yourself, one thing that you will want to take into account is where you choose to purchase your travel money.
There are many different options available – airports, online, at banks, with travel agents, and so on, and each has some unique points that you need to know about.
It’s important that you make your decision wisely so that you don’t end up paying more than you need to and get your money delivered when you need it.
Let’s look at the main points to consider.
Avoid Airport Exchange
The first thing you want to stay away from as much as possible is exchanging your money at the airport. Do this at your own risk. It’s going to come with higher currency exchange rates and you may face long line-ups due to the number of unprepared travellers.
If you want to get the most money in return for your exchange, stay away from the airport.
Consider Buying Online
Next, you may want to consider buying online. Many services offer the option of buying online and picking up your cash at the airport, so for many people this brings greater convenience. And, you’ll still get a better exchange rate.
However you must keep in mind that there is no regulation online, so if the company doesn’t deliver, you’re out the cash. Some may consider it a risky move, but it can certainly save you money.
If you’re buying online travel money, you can also watch the currencies changing on a daily basis and do the exchange when you will get the greatest return. You are also access online trading anywhere in the world, so you don’t have to be in any given station – you do need computer access however.
Support is available 24 hours a day on foreign online exchange, so this is yet another benefit these markets have to offer.
Shop Around With Banks
If you are going to do your exchange at a bank or with an agent, it’s important that you do take some time to shop around.
Not all banks or agents will be offering the same conversion rate or fees, so it’s important if you want a deal that you take this into account.
Plus, in some cases you can crack a deal if you are into haggling, so that may also reduce your costs associated with travel. You do need to know how to bargain and put up your defence to be successful with this, however.
So there you have a few of the key points to keep in mind as you get prepared to exchange your money for the foreign currency you’re looking for. Think about your method carefully so that you can get the most money for your return and the convenience you want.