Blog > March 2019 > The 7 Vital Things You Need To Know About Currency Exchange

The 7 Vital Things You Need To Know About Currency Exchange

1. Make Sure You Can Get What You Want

Before you head over to any currency exchange, you will first want to check that they actually have what you’re looking for. Many currency exchange stores don’t always have a currency available because it’s not always possible. Depending on what you’re looking for, you will want to give currency exchanges a call first to ensure they will have what you need, or can get it to their location. When you confirm they have the currency, you’ll also want to confirm the denominations they have available. Talk to the people at the currency exchange about what is possible and what is not possible.

2. There’s Wiggle Room for Rates

Just because there’s a certain exchange rate posted, it doesn’t mean that’s all they are able to offer. There’s no harm in seeing if you are able to get a better deal when you’re exchanging currencies. “And, the more you are exchanging, the bigger benefit you’ll get from a better exchange rate. Most currency exchanges had some wiggle room to move” says Patrick Tincher, Financial Writer at Academized and Oxessays. Look for promos as well, since currency exchange sometimes offers promotions for getting the currency for a lower rate.

3. Decide what’s worth fighting for

The amount of effort you’re going to put into your hunt for a better rate may simply depend on the amount you’re looking to exchange. If it’s a fairly small amount, the money extra money you may potentially be gaining may not be worth the fight. So, if you’re set to save $20 or $30, you may not want to put in an hour or two of research time. The more money you spend, the more value you’ll see in the time and effort you put towards your exchange rate research. A higher amount, say above $500, would probably mean that you want to research more.

4. Not all currencies are created equal

A currency exchange may have an unbelievable rate for certain currencies, but that doesn’t necessarily mean that they offer the most competitive rate for all currency. Do your research, especially if you’re looking to exchange a currency that is less frequently exchanged than others.

5. Ditch the Banks

In the end, it’s all about the rate you can get and how much money lands back in your pocket. If you can get a lower rate and get more money back, why not? So, when you’re looking for lower rates, it’s generally best to stay away from banks. Big banks have an average rate that’s higher than the best overall rates available out there. “Do some shopping around, and you will be shocked to see that just a little bit of research can translate to a lot of extra money in your pocket, just by finding a better exchange rate,” explains Alyce Price, Financial Consultant at Stateofwriting and Bigassignments.

6. Comparing Online Versus Hitting the Pavement

When shopping around for the best rates, see what’s available online versus going in person. Alternatively, you can also inquire about ordering online at a better rate, then picking up your

exchanged currency at a given location. In short, online currency exchange has now opened up new options for better rates. Inquire with exchanges about their online rates versus their in-store rates.

7. Overseas transfers are almost always more expensive

Most currency exchanges will also offer a money transfer service, where you can send money overseas, although generally at a different rate. If at all avoidable, this type of transfer is not advisable, as rates are generally much worse than regular exchange rates, if you don’t have an overseas account. Then, once you factor in the added fees, the costs to exchange this money is much more than it should be. If you are trasfering only a small amount, say $200, the rates can get even higher. But, if you have your own bank account, you can go for it because wiring rates are not that expensive. There are other options for transferring funds overseas that are more reasonable in terms of exchange rates and fees involved.

Do your research before handing over your cash, and you may be able to save some money and end up with added cash in your pockets. A little bit of research and work can go a long way in adding to the money you can save.

Bio: Freddie Tubbs is a business and marketing consultant at
Ukwritings. He regularly attends business and tech events, and contributes posts to Boomessays and Essayroo blogs.

Posted: 3/7/2019 5:41:40 AM by noe.rosales | with 0 comments
Filed under: exchange, money, rates, wires, currency

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