Having a safe and interesting journey starts with having enough money at hand before traveling. Whether you are traveling for a few days or you’d be spending holidays abroad, money is needed to have an enjoyable life.
No one wants to leave his/her home country and be at the risk of having little or no money after returning home. And that is why it is advisable and safe to have enough money in your bank account. Leaving your local boundary to another boundary involves foreign exchange, and fees are charged to you. If after that is settled and you are prepared for your travel, you should have money to spend on the purchase of items. Visit norskeanmeldelser.no for more information on Foreign Exchange Techniques.
One of the ways banks make money from customers is the fee on foreign exchange. You can as well be strategic and smart by knowing the pros and cons of money exchange.
Here are 5 ways you can avoid foreign exchange fees when traveling abroad:
1) Conduct enough research to avoid surprises
You can imagine how irked you’d become if, after a withdrawal or an exchange, you notice a lump sum fee is deducted from your account. One way to avoid such surprises is to have researched about the exchange service. Who they are? And what are their rate? Most of these exchange services usually place high prices on any exchange service. Unnecessary charges like administrative fees can be placed on you.
To make transfers and conversations, don’t worry too much, transferwise is ready to assist you.
2) Use credit cards that do not require that you pay a fee
Almost all credit cards in use today demand charges on every use. But using a credit card that does not charge you on any transaction you make is cheaper. Normally, foreign exchange fees do not take time to rise especially when you are traveling or making a purchase online, but it is not normal if you do not know before making such a transaction, because, it can spoil plans.
3) Avoid converting currency at the airport
Never make the mistake of converting currencies at kiosks located at the airport except in emergent cases. Exchange bureau such as airport kiosks does not give a good exchange rate compared to local banks. Therefore, you should make your exchange at domestic locations such as your bank.
4) Change currency at your home country before traveling
You can get a good rate in the home country than at the exchange bureau point. You can as well visit your local bank for exchange at affordable rates. A benefit of changing currency before traveling is that you do not have to worry about anything other than having a safe journey.
5) Use OFX to transfer money during a purchase
For every purchase, you make online from another country, be aware that your currency would be converted to that country’s currency. But, OFX would give you the convenience of making the transfer to the merchant’s account without unnecessary charges on your bank account. Apart from the decency of using OFX, it is very easy and convenient.
We do not want you to lose too much from the conversion rate on Foreign Exchange, and that is why we advise that you minimize such loss by being pre-informed and taking these steps.
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