Posted by forex at 8:56 AM
Read our previous post
1. Identify the foreign currency/currencies required and purchase based on your destination. If your travel plan includes more than one country, create a list of all the foreign currencies that you will need.
2. Monitor the foreign currency exchange rate for at least two weeks to understand the market trend. Purchase any currency on the day you get maximum foreign exchange at the lowest rate. For example, you wish to buy Euro (EUR) currency from a specific bank. Check its main currency services to find out what value of USD equals 1.00 EUR. The lower the USD value, the better it is to make a purchase. The appropriate indicator would be a low USD value, in which case making a purchase would be an ideal action to act upon.
3. Use a foreign currency calculator, which allows you to convert any amount from one currency to another. Input the type of currency to convert, the foreign currency that you need to purchase and the amount you wish to have converted. The online foreign currency calculator will then show you a value based on the current exchange rate.
4. Finalize the foreign currency purchase. Major banks and travel agencies are authorized to convert currency. To purchase foreign currency from a bank, contact a local branch to arrange a visit and manage your currency conversions. It is wise to contact them in advance because conversion desks are not present at all bank branches.