How to Get the Best Foreign Exchange Rates on Money

At one point or the other, you will need to exchange money, from one currency to the other. This is especially so, when you are traveling out of the country, and one of the biggest challenges during money exchanges is the exchange rate.

If you are not careful, you could end up being taken for a ride by some unscrupulous people who want to cheat you out of your hard-earned money and exchange it for you at the wrong rate, which means that you will end up with less than you are entitled to.

So, to avoid such issues, wisdom dictates that you use the best sources. There are specific companies that specialize in this, and they can be trusted. In this review, we take a look at a few of them.

How to Get the Best Foreign Exchange Rates on Money
Image Source: Money US News

How To Get The Best Exchange Rates

Your Local Bank

In terms of safety, this one is the best option. Banks will always do money exchanges to whichever currency you want. They also do not charge very high fees for this, although you should try and bargain with them a little bit, to ensure that you get the best possible exchange rates.

Now, most banks will actually allow you to order the currency you want before traveling, and they also offer their customers many different options online to exchange to whichever currency that they want. 

Use Travelex

If you want to get the cash fast, this is a great firm to do a forex exchange with. They are probably the most well-known company for this particular purpose, and you do not have to order the money in advance at all.

Additionally, they will deliver the money for you at home before your departure to the airport. This is extremely convenient and gives you time to get yourself organized. In this case, they act as sort of a concierge service.

In most cases, you will end up paying less than the normal costs when it comes to foreign exchange, as they offer you excellent rates.

You Could Use Your Card

The plastic card you have is also a good option to use when looking for the best foreign exchange rates. You can use your credit card to withdraw funds in the currency you want. However, you should be prepared to pay a foreign exchange fee that ranges between 1% and 3%.

Now, if you are planning to travel abroad, consider looking for a credit card that doesn’t charge on foreign transactions. There are many such cards. The lack of a foreign exchange fee is important because it will bring your costs down. 

This is because, exchanging from one currency to another is already an expensive process and will cost you your money, and therefore, you really do not need to pay extra charges for that as well.

You Could Use Craigslist

For people who are constantly traveling abroad, you might sometimes find yourself with foreign currency that you haven’t changed back into dollars. The simplest way to exchange this would be to put an ad on Craigslist or Facebook.

Ask if anyone would like to exchange the money you have for dollars, and you will be surprised to find that people are actually willing to do so. Additionally, you will avoid all the fees associated with foreign transactions.

You will also be able to exchange the currencies at the right rates without any markups. However, there are some caveats to this. First of all, you need to understand how to calculate money. This can be done by use of the online foreign currency exchange calculates, and reading plenty of information on this online.

And secondly, whenever you are dealing with money, it is wise that you involve some safety measures, as it’s not always safe.

How to Get the Best Foreign Exchange Rates on Money
Image Source: The Balance

Conclusion

Well, when it comes to money, and especially foreign exchanges, always look for the best options to change your money, so you don’t end up getting duped by fraudsters, and also you do not end up losing your money.