Posted by forex at 5:58 AM
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1. Determine how much money you want to change. This is an important step, since every time you change money into another currency, you lose a little as the money changers shave off their commissions. Changing too much means you'll be changing it back later, which means you'll have lost money that you needn't have lost. In other words, don't change much more than you think you'll really need.
2. Do some personal investigation into the exchange rate on the day of the exchange. The easiest way to do this is to perform your research on a trusted currency website that is updated in real-time as the values of various currencies change (see Additional Resources below). Once you know what the official exchange rate is, you'll be in a better position to avoid a fleecing by some unscrupulous money changer.
3. Select your money changer. Many travelers simply exchange money at their hotels, but this is usually a mistake, since most hotels charge an exorbitant commission by giving you a terrible rate. For example, the official exchange rate might be 45 Indian rupees to the dollar, but the hotel will only give you 39 rupees for every dollar you exchange. The most profitable exchangers are typically found in shops on the street set up specifically for that purpose. Airports, train stations and some banks also provide decent exchange rates.
4. Bring your passport. Typically, anytime you exchange money internationally, you'll need to show your passport to the exchanger.
5. Make the exchange. This is done by telling the exchanger exactly how much you want to change, then watching (carefully and closely!) as the exchanger punches out the rate on a calculator. The exchanger will then inform you how much you'll be receiving in the foreign currency, and, if all was done properly, you agree. You then hand over the cash and the exchanger counts it. Finally, the exchanger counts the foreign currency you will be receiving and hands it to you.
6. Count your exchanged money in the exchanger's presence. You need to make sure that you were given exactly what was worked out on the calculator earlier. If the amount is correct, you're done!