Research Market Rates Ahead-of-Time
There are many steps to getting the best foreign exchange rates when travelling overseas. It begins by doing your research. Check out online and printed material for foreign exchange, local economic conditions, and travel tips. If a local area is struggling economically, it might offer you better foreign exchange rates. Compare the local currency price over a year to see how dramatically the currency exchange rate changes.
Exchange rate research will provide you with a solid reference point. People will be less likely to scam you when they realize that you are knowledgeable about foreign exchange rates. As you travel, continue to check the currency exchange rates in the newspapers or on the Internet.
Airports, ferries and trains
Airports, train stations, and ferries offer convenience, but usually have slightly higher foreign exchange rates. Another option is to check out the airport rates on the Internet; you can order the local currency online for a better rate and pick it up at the airport – combining convenience and price. Train stations and ferries will tend to have more limited hours of operations.
Exchanging your home currency for local currency before you travel is one viable option. In the country you visit, there will also be foreign exchange banks that serve individuals and businesses that need foreign exchange services.
Other Foreign Exchange Options
Some high-traffic tourist areas may have expensive foreign exchange rate services at smaller shops and larger stores.
Sometimes, hotels offer decent foreign exchange rates as a service to their customers. You could receive a money transfer while you are overseas; it is cheap, safe, and fast. The best foreign exchange rates can b