3 Currency Exchange Tips That Can Save Time and Money

by | Jan 8, 2019 | Financial Services

There is no question about it, traveling abroad is a matter of money. You need funds to get from point A to point B, and you also need money to buy things upon arriving at your destination. With all of the hype surrounding cost, you may forget the importance of currency exchange Carpentersville. Consider these tips for your next international trip.

1. Download a Currency Exchange App

You want the best deal for your dollar. A good currency exchange app keeps you abreast about changes in the finance industry that affect interbank rates. Getting the best deal is often a matter of exchanging your currency when these rates are low so that the bank takes less to cover its fees for swapping out your money. It is better to sift through the list of apps before deciding on the one that is right for your situation. Those programs designed for beginners are the ideal choice when you want to access information quickly.

2. Do Not Utilize DCC

Dynamic Currency Conversion (DCC) is a practice often packaged as convenient for the customer. This process involves merchants and ATMs in foreign countries converting your funds. The problem with DCC, despite it being convenient, is that an additional 7 percent of your money is taken in addition to what you already pay in standard fees. You can walk away with the short end of the stick all in the name of simplicity. VISA and MasterCard convert funds without taking additional money. Perhaps you should consider these sources for currency exchange Carpentersville.

3. Do Not Get Taken In By the Illusion of Free

There is no such thing as free cash withdrawals when you are overseas. You may find yourself out of hundreds, or even thousands, of dollars if you believe the lie that you can exchange currency for free. Scammers often draw travelers in with the idea of free cash withdrawals and then take such unsuspecting individuals for nearly all that they are worth in the end.

You can avoid scams surrounding currency exchange and get the most for your buck by only having dealings with a professional. Contact West Suburban Currency Exchanges, Inc., today to learn more about exchange practices.

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