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Checklist For Converting Currency

By Alisha Pinto on November 30, 2013

Use this guide to help you with exchanging your money before travelling abroad. It outlines the basic details you need to confirm before deciding the channel and rate at which you carry out currency conversions.

Check the credentials of the Currency Exchange Service Provider

While changing currency, make sure you check the credentials of the exchange service provider. A lot of unauthorised dealers might give you slightly higher rates, but they should be avoided because in case of emergency or fraud, you will not be able to seek help or compensation. Use reputable online currency exchange service providers like Travelex who you can rely on for good rates as well as convenient pick-up locations for converted money.

Currency Exchange Rates

When you decide to convert you money, do a little research on the current rates as there are various micro and macro economic factors that impact the rate you stand to lose or gain money depending on the rates. Having a fair idea of the rates also lets you estimate your expenses more accurately and plan better. You can rely on Travelex to keep you updated on the exchange rates and also provide some of the most competitive rates for currency exchange. If you reserve your currency on the website, not only do you get Travelex's best rate but also the added Travelex currency exchange rate advantage. It promises you the benefit of exchanging your surplus foreign money into your native one, at their special rate, when you return to the Travelex branch of your country. Research the regulations of the country you are travelling to

Before exchanging your money, check the regulations of the country you are travelling to. If you are travelling to a country where Indian Rupees cannot be converted to the local denomination, it makes sense to convert a portion of your cash into the local currency and the excess cash into American Dollars before you travel. This is because most countries will let you convert American Dollars to the local currency.

Excess charges and taxes

While choosing a channel to carry out currency conversion, check terms and conditions carefully. While it may seem convenient to spend using your debit or credit cards, or convert money at the airport, you might end up paying a lot more as service charge, exchange commission, etc. It may be a better idea to explore the option of online currency conversion in your native country or a prepaid overseas card.

Look for fixed rates

Some foreign exchange service providers like Travelex, offer a service that is known as a pre-booked rate.' This service lets you pre-book the rates at which you want to carry out transactions, and carry out all your conversions at that rate, irrespective of the current exchange rates when you actually carry out the conversion.

Keep these in mind, and ensure a smooth, hassle-free experience while managing your finances during international travel.

The article provides insights on the factors that need to be checked before carrying out currency conversion , in order to prevent paying unnecessary charges and stay safe from frauds.

Original article published on SooperArticles.com

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