Foreign Exchange Service Tips for the Traveller
Travelling abroad whether for business or pleasure isn’t only about the excitement of choosing the destination, hotel and places to party. Before departing for sun-drenched beaches, or an exotically located boardroom, there is the case of a foreign exchange service to consider.
Foreign exchange – trading the local currency for a foreign one - is complex, but this complexity can easily be overcome by opening a Forex account and learning about the trading experience, which will not only benefit you on your future travels, but is a brilliant long-term investment.
For anyone travelling overseas it pays to know your options for foreign exchange. Some service provider fees are extremely high whereas others won’t take away from your holiday experience by keeping half your money for their commission. It certainly pays to be educated on trading in Forex, as well as buying from foreign exchange service providers, which include the following options:
- Foreign exchange desks (airports, hotels): This option would cost you more in fees, but is to be considered in case of an emergency when you desperately need cash on hand.
- Buying a pre-paid foreign currency card: These cards can be used like debit and ATM cards. They’re pre-loaded with a set amount, which is convenient but does come at a cost so it’s best to first determine what the charges are before applying for one.
- Traveller’s cheques: The costs on these can be rather high but the upside is should you lose them, they can be replaced at any foreign exchange service provider whatever your destination, unless it’s a small village tucked away in a jungle. They’re also great if you don’t want to carry large amounts of cash around.
- Buy cash online: This can be costly depending on what your banking institution buys their foreign exchange currency at. They may waive charges when delivering the currency straight to your home.
- Exchange cash at your bank: Great for having cash on hand. Just check charges. If you have a premium bank account, charges may be sweeter for you.
- Withdraw cash from an ATM, using your debit card: This can work out cheaper, depending if your banking institution has overseas affiliates, so check out which ATMs you may utilise while overseas because charges can be high if using non-affiliated banks.
- Swiping a credit card: This is generally the preferred option, when travelling. Just don’t withdraw cash from and ATM as the charges can be quite hefty.
There are many foreign exchange service providers willing to educate you on the finer points of foreign currency. By downloading the MetaTrader 4 you’re on your way to learning about the benefits of trading foreign exchange, in more ways than one.