Do you want to find ways to save cash while you exchange currencies? Well you are in luck, because here are a few great tips that you can try to reduce fees when exchanging currencies. Check out ExpressComp.
Wait Until You Are in the Destination Country
Many people like to exchange currencies before arriving at their destination country when they exchange currencies to travel abroad. It is usually a good idea for some people since they will not look for a currency exchanger the second they land in their destination. However, it can also be more expensive if you are not lucky.
For instance, certain exotic currencies, such as the Vietnamese dong, tend to be difficult to get in the currency exchangers that are near you. The fees for these exotic currencies can be much higher because not a lot of people would ask to get money exchanges into the exotic currency. Therefore, you can save more money if you exchange currencies in your actual destination. However, you should be ready; research for where the nearest currency exchanger is when you arrive at the airport to make quick and efficient exchanges.
Never Use the Airport Currency Exchangers
We mentioned earlier that you should try exchanging currencies when you reach your destination. However, it would also be wise to not use the airport’s currency exchange to exchange money once you arrive. Airport exchangers tend to cost you much more than a local bank or exchanger. Airport exchange rates are 7-15% costlier than a bank, plus you would have to pay for service charge still. Try to look outside for the nearest currency exchange to avoid those hefty fees.
Find the Best Time
Foreign exchange rates tend to change in the blink of an eye; exchange rates fluctuate within minutes. Therefore, keeping an eye on the exchange rates can help you know when the ideal time to exchange your currencies would be.
However, that does not mean that you have to watch the exchange rates all day. Instead, observe the rates about 2-3 weeks prior to when you would exchange your currencies. There is often a small pattern on what days would be the best time to exchange currencies. You can choose the ideal time from there to exchange currencies.
Luckily, you can get alerts for the exchange rate for whatever currencies you wish to exchange. Certain online marketplaces have services you can use to get alerts via texts and emails. It can help you easily get notified about the rates without constantly looking at exchange rates.
Beware of Hidden Fees
Compare the banks and financial institutions and their hidden transaction charges for exchange rates before you exchange your currencies. You may not get the most out of the currency even if the exchange rate for the chosen bank would be good for that day. Certain banks have huge hidden transaction charges that you would only find out about after or right before completing the exchange.
Exchanging currencies does not have to burn a hole in your pocket. You can try out the tips above to save cash when you exchange currencies.