Converting Currency When You Travel
Before you take a trip to a foreign country, you may wish to learn about converting currency. The process is fairly simple. Basically, the money from your country is worth a different amount than the currency of the country that you are visiting. This article will explain the different ways that you can convert currency, and it will tell you how to find exchange rates.
If you take American money or traveler’s checks with you, you will have to convert them to the currency of the country that you are in while you are there. You can take them to a local bank that will convert them, or you can take them to a currency exchange stand in an airport or rail station.
Both of these places will provide you with an exchange rate, and then they may charge you an additional fee for their services. To see how their rate compares to the standard rate for that day, you can check the newspaper for the current exchange rates. Most large newspapers will include this information. Alternatively, you can do an internet search for an exchange rate calculator which will also give you the most current rates.
Typically, the rates that you pay at a rail station or an airport will be relatively high. However, your bank or credit card will also be willing to help you with converting currency. They will typically offer you a better rate.
If you have a Visa card that is linked to your checking account, you can use it at most foreign ATMs. The machine will allow you to take out foreign currency. Your bank will charge you the regular exchange rate for that day plus a small fee plus the fee that they charge when you use an ATM that is not from their bank. However, you should let your bank know that you will be leaving the country so that they do not think that someone has stolen your card.
If you have a credit card, you can use that to pay for items. Your credit card company will do the currency exchange, and you will see that amount on your next bill. If you are adventurous, you could exchange your money on the black market for a better rate. However, that is not advised.
Converting currency is an important part of traveling to other countries. However, it should not be a scary or intimidating thing. As long as you understand the basics of the process, you should be able to get a good rate and the process should be fairly streamlined.