5 Ways to get Best Foreign Exchange Rate

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5 Ways to get Best Foreign exchange rate
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Importance of Foreign Exchange

• Foreign travel can become expensive, if you do
  not keep track of the currency exchange rate
  while borrowing or spending cash.
• Still, there are many ways to get the best
  foreign exchange rate on all your money dealings,
  without even referring to the currency market.
• For availing the best exchange rate, you are not
  required to pay all your expenses or do all your
  spending in cash only.
• These 5 ways will help you secure the best
  currency exchange rate.

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Use credit card for purchases

• Credit card companies get better exchange rate
  than others
• Many credit card companies only charge for their
  service, and do not include currency conversion
  charges in it
• They can be used at any counter or shop,
  irrespective of country or place

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Withdraw huge sums using debit card

• Banks charge transaction fees on their debit
  cards, so avoid using them for purchases
• Only withdraw large amounts when possible for
  saving transaction fee
• You will get the best exchange rate for money
  withdrawn using debit card

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Contact Local Banks for exchanging money

• Again, Banks obtain better exchange rates and the
  local banks in the foreign country will give you
  best exchange deal
• Transactions fee charged by local banks is much
  lower in comparison with home bank
• Safer way to exchange money

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Avoid Currency Exchange Agencies at Airport and
Hotels

• Currency exchange agencies charge heavily on
  transaction fees
• Despite of providing updated foreign exchange
  rate, these agencies instil additional processing
  fees
• They do not offer negotiations and bargains like
  local currency dealers

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Use Travellers Cheques

• More secure than cash
• Can be replaced in case of theft or loss
• Widely accepted at many places around the world
  and their association with banks help to get best
  exchange rate
• Popular in many European countries

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