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Currency Exchange Rates 101: Why Most People Pay Too Much

It’s your money—shouldn’t you keep more of it in your pocket? When it comes to travel, even the most careful money managers often have no idea how or where to get the best currency exchange rate. At International Currency Express, we’ve put together a primer on the major “money drain destinations”—and we also offer a money-saving solution. Find out where unwary travelers waste money. Then read on to discover the savvy solution that will save you money every time you travel.

Money Drain Destinations: Airports, Hotels and Banks

When travelling abroad, you have several options to convert money to the local currency. Unfortunately, currency exchange rates vary depending on where you make the exchange—and that can really cost you. Currency exchange bureaus in airports are without doubt your most expensive option. Airports can charge up to 10% in fees, taking a big bite out of your travel money. Hotels and banks may be slightly less expensive but still impose fees—fees that eat into the total monetary amount.

More Money Drains: Cards and ATM Machines

Using credit and debit cards abroad might offer a person a slightly preferential exchange rate. However, the logistics of using debit and credit cards can be troublesome. First, you’ll need to check with your bank to make sure that the card(s) can be used abroad. Furthermore, some remote or more exotic locations can be less credit- and debit-card friendly. As for ATM machines, many banks charge you for withdrawing cash abroad. Charges can come in the form of a percentage of the amount withdrawn or as a set fee for every transaction. Why should you pay $5 or more each time just to access your own money?

Be a Savvy Traveler: Use Online Currency Services

Thanks to the lack of expensive fees, online currency exchange services like International Currency Express, tend to offer the most preferential currency exchange rates. They also offer you the convenience of ordering foreign money from anywhere in the US—anytime, day or night.

Arrive ready, wherever you travel. Still planning to exchange money when you arrive at your destination? Using an online currency exchange service before you embark on your trip is still a wise idea. That way you will arrive at your destination with enough cash to see you through your first day. Give yourself a chance to get the lay of the land and save yourself the worry of being caught short.

Are you based in California? For currency exchange in Beverly Hills, travelers have the added option of visiting our retail office to make specific foreign currency requests in person.

Got questions? We’ve got answers. Discover all the ways that International Currency Express saves you money—all around the world. Then call us at (888) 278-6628 or contact us online.