Currency exchange: the best and worst places

By TravelWiseJul 12, 2023 22:50 PMNews
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Currency exchange: the best and worst places
The currency exchange market is diverse, but it is important to choose the most convenient option. Source: pixabay.com

When travelling to another country, you need to have its national currency with you. Money exchange is now available in various institutions, and there are both the best and the worst options among them.

The best places to exchange currency

The currency exchange market has institutions that make the process convenient, affordable and efficient. Turning to such places will make your trip even more enjoyable.

1. Local banks

If you contact your local bank before you leave, you will feel more confident about your finances during the trip.

Having a personal customer history is important, as it may entitle you to discounts and allow you to avoid lengthy processes as the bank has your personal information.

In addition, you can make an appointment online and thus make sure that the desired currency will be available upon arrival, which means that you will not come to the institution in vain.

Another advantage is that the branch can be located near your home and you can communicate with specialists in your native language.

2. Credit unions

This is a fairly convenient place to exchange currencies, as it offers clients more than 100 foreign currencies at better rates and fees than a foreign institution.

3. Online bureau

With this "exchanger", transactions can be carried out without leaving home. You will need a desktop computer or a mobile application.

In addition, some online bureaus will refund the difference between the lower total price of another institution and their offer if you can prove a cheaper alternative. You can pick up your money at the airport a few hours after placing your order. The online bureau can also deliver the currency.

4. Credit cards

This is also a way to exchange currency abroad. Tourists can buy goods and withdraw money in another country. To do this, the bank uses the spot exchange rate at the time of the transaction to calculate the dollar equivalent of the purchase in another country.

It's worth noting that using cards is safer than cash and avoids the hassle of physically exchanging currency

The worst places to exchange currency

Some institutions require a number of documents for currency exchange, so this process is a lot of trouble.

1. Kiosks at airports

They offer the worst exchange rate and high transaction fees and commissions.

2. Traveller's cheques

They are often outdated, so many places do not accept them. Traveller's cheques also mean high foreign transaction costs and ATM fees.

3. Money cards

In this case, you will have to pay high fees for purchases and withdrawals.

4. Street vendors

Since these people have no legal right to trade, they can easily offer you fakes.

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