Posted by forex at 8:28 AM
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1. Get the current market exchange rate for your currency. Market websites such as XE or CNNMoney offer online currency converters using actual market exchange rates. While you can rarely get the actual market rate, as vendors must take a commission in order to make a profit, you should at least be aware of what the current market rate is.
2. Shop around. Most foreign currency exchange outlets have an online presence, where you can compare current offered rates with actual market rates. For vendors with no website, you may have to visit the storefront to see the offered exchange rate. Some vendors offer much better exchange rates than others. The location of the vendor can also play a role. For example, airport exchanges are sometimes less generous than other vendors, such as banks, because they have a captive audience that either must, or simply prefers to, exchange money at the airport. Be aware that rates often fluctuate throughout the day.
3. Bring your foreign currency to your chosen vendor. Ask if they provide a better rate if you use larger bills, or if there are any ways you can get a better exchange rate. Some vendors will offer a better rate for large-volume transactions, for example. Once you agree upon a rate, count your foreign currency and hand it to the vendor. Watch as they count your money in front of you. Verify that the amount of U.S. currency they give you in exchange is the exact amount promised, based on the agreed-upon exchange rate.
4. Stop at an ATM. If you have a bank account denominated in foreign dollars, you will still receive U.S. dollars when you make a withdrawal at an American ATM. You should check with the bank to see what exchange rate you might get from the ATM. You may decide that the price is worth the convenience of simply withdrawing U.S. dollars and not having to find a money changer.