Foreign currency exchange market is worldwide market that runs round the clock and is indeed unpredictable. With globalization currency exchange rate or money transfer transactions have become a necessity for people globally. Regardless to whether it’s an individual, a multinational company, bank, government, or an import-export house, everyone dealing in a foreign country is concerned about foreign exchange rates. If you are travelling abroad or do frequent business trips in varied foreign countries, you have be very cautious about the currency exchange rate and the ways you can easily do the conversion without paying high. Below are listed the best ways to perform currency exchange when travelling abroad:
Use your ATM card or Credit card: While travelling you can avail the service from your bank institute to allow you to use your credit card or debit card for making international transactions. There are services available where you can use you debit card in ATMs abroad to get currency exchange right from ATM machine.
Currency Exchange at Banks: Banks are another destination where you can get your currency exchange against the foreign currency. It’s the safest option and they offer wide range of currencies like US dollar, Sterling, Yen, Canadian dollar, Indian Rupees, etc. Banks do charge fees depending on the transaction amount. Generally the bank charges high currency exchange rate and there can be a limitation of its working hours.
Airports: The next best option is Airports; they have a separate desk for travelers where currency exchange rate services are provided. It’s the most convenient option to get the currency exchange at airport as you will not end up searching for other destinations. The only constrain you may face is the currency exchange rate is charged as high as 20% by the airport authorities.
Forex companies: The most preferred option is to get an account with a foreign currency exchange (Forex) company. These companies are all together a separate sector in financial market that deal only and only into foreign currency exchange transactions. If you need infrequent currency exchange service or even if you need it often, Forex companies can give you the best and the lowest rates. To create an account online is easy and free. You will get advice on ongoing rates and when to perform the exchange while planning a travel. You can also lock a currency rate and then when you go for travel you can get the currency exchange transaction at the pre-booked currency rate.
These are some fantastic and fast services available to perform foreign currency exchange when travelling. To keep yourself updated on the changes of the foreign currency rates you can always rely on the exchange rate calculator.
The exchange rate calculator is an online tool that is available on almost all forex websites. You just need to select the currencies and on one click you get the current currency exchange rate. This tool is available for free and its extremely simple to use it. For travelers, your life is easier as now the access have become more convenient by the mobile based applications that provide exchange rate calculator on mobile. So if you are not planning to pack your laptop for a trip, you can still have access to the currency exchange market right from your handset.