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TRAVEL TIPS
Tips & Advice for the Seasoned and Armchair Traveler Alike!
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June 30, 2009
The most confusing part of my international travels has been
currency conversion and exchange. It is very easy to get
lost when trying to determine exchange rates and how the
U.S. dollar converts against other currencies. Here are some
handy tips and techniques for exchanging currency when you
travel.
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* The exchange rate is the price of one country’s currency
expressed in another country’s currency. This is the rate at
which one currency can be exchanged for another. For example,
the higher the exchange rate for one dollar in terms of one
euro, the lower the relative value of the euro.
* Experts suggest only changing enough to cover travel and
transportation costs until you are settled at your
destination, as the costs of exchanging money at home can be
prohibitive.
* There are plenty of places to exchange money including:
-Banks
-Exchange bureaus
-ATMS
-Credit cards: this isn’t really a money exchange so
much as a form of payment in other currencies.
* Christopher Elliott, travel columnist for MSNBC.com and
author of the Travel Troubleshooter blog, says ATMs are the
best form of exchange when you’re traveling. However, before
you hit the ATM, make sure you check with your bank to find
out what they’ll charge for transaction fees.
* Before planning your vacation overseas, check out currency
converter calculators and watch the exchange rates.
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TOUGH TOOLS LED TORCH FLASHLIGHT
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* Be careful if you use a credit card if your home currency
is falling-since the transactions are not converted instantly,
there is a possibility that you will end up with a less
favorable conversion rate a few days later.
* Another alternative to cash is to bring travelers checks
with you. Even though these are fading in popularity, they
still offer some excellent benefits-namely, that travelers
checks can be replaced if they are lost or stolen, and can
be used freely at exchanges to get the currency of the
country you are in.
* The rates given at local banks are usually decent,
although keep in mind that one of two things can happen. If
the exchange rate given is determined purely by supply and
demand, then you will end up with a price that is close to
what is being quoted in the foreign exchange market globally
(”market price”). The other alternative is that the government
of the country you are in sets the currency exchange rate,
which must be offered by anyone who is changing money.
* This site provides plenty of useful links for your research:
http://www.cheapflights.com/useful-links/category/money-and-currency-exchange/
(Thanks to www.cheapflights.com and www.gocurrency.com)
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Well, that’s it for this week, group. Thanks again for
reading, and please keep those comments, complaints and
questions coming in.
You can send me an e-mail message at:
mailto:pierce@gophercentral.com
<a href=”mailto:pierce@gophercentral.com”>Email Pierce</a>
Until next week, thanks for reading.
Your Tipmeister,
Pierce
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