Posted by forex at 8:20 AM
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1. Check what the local currency is for the country you are planning to visit. While many of the businesses in many countries accept U.S. dollars, it is better to have information about the country's currency, the modes of payment accepted, ATM availability, currency conversion rates and any other information required for the trip. Refer to the travel website of the U.S. Department of State for additional information. (See Resources.)
2. Decide the form in which you want to carry your foreign currency, such as cash, traveler's checks, pre-paid currency cards or money transfer. It is ideal to have a mix of all of these for your own convenience. Traveler's checks are easy to keep and can be cashed when required. Pre-paid currency cards give you the safety and flexibility of a debit card.
3. Look for a foreign exchange broker who offers the best exchange rates. This will save you a considerable amount of money, especially if you look around for the best exchange rates available. Do not get carried away by 'commission free' offers, as the exchange rate may be lower than the market rates. Ensure that the broker will buy back any unspent currency without any commission. This will help you to convert the foreign currency back to your home currency without any charges on your return.
4. Order your foreign currency. Booking your foreign exchange transaction well ahead of your planned travel schedule may save you time and money and it takes just a few minutes to get it done. Most providers have a delivery option as well as a pickup facility at various branches or at the airport that.