There are a number of reasons one might need to exchange currency, and so getting the best possible exchange rate for your money is important. The best foreign exchange rates vary from day to day with the fluctuations of the international economic market; however, it is rare that they will vary by more than a few percentage points one way or the other. It takes a serious economic crisis to rapidly destabilize a country’s currency. In addition, the best foreign exchange rates may also vary slightly from country to country, since each country’s treasury has its own methods for calculating exchange rates.
Bearing this in mind, it is easy to see how a little research prior to exchanging your currency can ensure that you get the best possible rate of exchange. The most up to date best foreign exchange rates are published online and in newspapers with financial pages. If you have the time and resources, you can also compare several different currency exchange services and see if you can get a better rate at one then at others.
One handy trick to help you get the best foreign exchange rate is to use your debit or ATM card as much as possible. When you use a bank’s ATM and withdraw money from your account in a foreign currency, then the bank will only charge you the exchange rate it usually charges other banks, rather than the higher rate that it charges customers. This may seem like a perfect system, but the downside is that using an ATM not associated with the bank that issued your debit card will usually result in an additional flat rate fee on every withdrawal you make. These fees are generally negligible, so if you are planning on making a single large withdrawal of funds then you will probably still come out ahead. However, if you are planning on making several small withdrawals, then keep in mind that these fees can add up quickly.
Another service you may wish to take advantage of if you frequently transfer money overseas are money wiring services. These can be accessed online or in person, and they allow you to deposit money into an individual account anywhere in the world. If you work overseas and send money home or you have a family member who is travelling abroad who you would like to be able to get money to in the event of an emergency, wiring services are often the quickest and easiest ways. They also keep track of the latest exchange rates so you are sure to get the best possible deal on the money you send.
