Jun 19, 2012

Tips to Exchange Currency Safely

Are you going abroad with your family to enjoy holidays? You must have done planning in advance. Your bags are packed and you are ready to go. You have taken care of important documents like passport, visa, and insurance papers and so on. Are you sure you are done with your preparation? Are you missing out something? Have you considered currency exchange? If not, it’s time to think about it. While going abroad one of the most important things one should concentrate on is currency exchange.

Exchanging currency is not a tough job if you are aware of a few simple things. Remember, banks and legal money changers are the best option for changing currency. They offer the best currency exchange rates. Since they are legally authorized to do the work, you can be rest assured that you will not be cheated.

Follow the tips given below to know how to exchange currency:

1. Before you visit a bank or a legal money changer, you should check the local newspaper. Current exchange rates are mentioned in newspaper. So having a look at it will give you an idea about the rate.

2. Once you know the current rate, your next task will be to find a bank or a legal money changer. You should not go for currency exchange at the airport or hotel. They don’t offer a rate as good as offered by banks and legal money changers. You can withdraw money at an ATM where you will get bank’s exchange rate.  However, you will have to pay transaction fees for that.

3. If you visit a bank, you will have to show your passport.

4. Make sure to use your own calculator to ensure that you are getting the accurate exchange.

5. Sign the release form and count the money before leaving the bank.

6. When you go for currency exchange it is always a good idea to get a receipt.

Remember neither bank nor legal money changers accept coins. Spend the loose change you have before arriving at your destination. Another important thing to remember is that you should exchange a small amount of money before leaving your country so that you don’t need to exchange money at the airport.

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