Money for the Rest of Us

This is the eleventh post of the series “15 Tips for Cheap Travel.” You can navigate the rest of the series by going to the 15 Tips for Cheap Travel Index.

One of the first things you will do if you go to another country is exchange money. This can be a huge expense, especially if you’re careless. A few tips can help you get the best exchange rate and avoid paying high fees.

• Know the rate before you go. Look at XE.com for the most up to date exchange rates. When you know the current rate you’ll know when you are getting a good and bad deal.
• Get money from the ATM. Using your ATM card to get cash from a local ATM will save you from traveler’s check fees and exchange stand fees. Most ATMs will only charge an ATM fee (if any), but will not charge you a percentage fee for the actual exchanging of the money.
• Get a lot of money from the ATM. Well, not a lot a lot, just enough. Don’t go to the ATM and get out only a day’s worth of money (unless you will just be in the location for a day). Get 2-4 days worth of cash and carry it around in your money belt. Try to figure out exactly how much you need so you won’t have to exchange your money back again.
• Use a worldwide bank (if you can). ING (if you have an ING Electric Orange Checking) and HSBC both have banks in almost every country in Europe. You can use your ATM card at any of their locations and not get charged a fee. Bank of America partners with banks in the UK, France, Germany, Mexico, New Zealand, Australia, and China. Also, if you’re eligible, USAA lets you take money out of any ATM in the world and will reimburse you any fees the ATM charges.
• Talk to your local bank. Give your local bank a call before you head over seas and ask what their rates are and what they can do for you. They may not be able to prevent fees on your ATM card before you go, but if you call when you get back they will likely remove the fees.
• Don’t exchange money before you go. You are going to get a worse exchange rate in the US than you will in the country you’re visiting.
• Don’t exchange money at the airport. The exchange kiosks at the airports have terribly high fees.
• Understand the difference between buy and sell. If you are at a bank/exchange kiosk in another country they post two rates “we buy at” and “we sell at”. “We buy” is when they are buying the the currency (e.g. euros) back from you to your currency (e.g. dollars). “We sell” is when they are taking your dollars and giving you euros. You will want to look at the sell rate when you get there and the buy rate when you are going home. Ideally, you want both of these numbers to be as close to the current exchange rate as possible.

Advertisements

Starting a successful business requires enough finance to encounter the fundamental needs. Banks make a smart contribution in managing finance for the newly start business in the form of recommending bank loan. Different types of mortgage are also being offering by the prominent banks in order to one can establish its business. Get complete know how about applying for a loan or paying a debt successfully. Consulting with a CA becomes much beneficial prior to submitting an application for loan whether it’s a business or real estate loan. Insurance companies are also playing an important role in increasing business activities through offering business insurance. Where as home insurance as well as life insurance is also being offered by them with proud. By providing non biased information on all the types of businesses internet is also making a smart contribution to this field.