Planning a vacation abroad is challenging. It requires a lot of minute planning and arrangements. Currency exchange is one of the challenging task for most foreign travelers. They are confused with a lot of questions like, where to exchange, what is the best rate, what are the different options available to pay for purchases in foreign country etc. Here are some simple rules that will help you to get good value for your money.
- Familiarize yourself with the different options available for currency exchange. The currency exchange market is highly competitive. There are a number of players in the market. You can exchange currency at banks, currency exchanges, individual currency exchange traders, black market currency exchanges, airport and hotel currency exchange counters and online currency exchanges. However, research the credentials of the currency exchange medium you choose. Choose a reputed currency Exchange Ottawa, which is registered.
- Research the prevailing rates of the currency exchange beforehand. This will help you to bargain a good deal. You can know about the currency exchange rates from your bank, Google or from online Currency Exchange Ottawa that offers free quotes.
- When using ATMs to withdraw money in foreign countries, select the ATM of a partner bank of your home bank. Some banks do not charge extra charges, if you use the ATM facilities of partner banks. Always withdraw a big amount in one go to avoid transaction charges every time you withdraw cash.
- Be wary of black market currency exchanges. Though they offer attractive exchange rates, the transactions involve high amount of risk. The black market exchanges are mostly involved in scams and con tourists with counterfeit money. Always choose a reputed currency exchange that is registered with the government.
- Do not use debit cards for purchases abroad. Using debit cards puts you at a risk of losing your money as your account becomes vulnerable. Using debit cards to withdraw money but never use them to pay for services and purchases.
- Always carry some amount of foreign currency with you. Convert your money at a reputed Currency Exchange Ottawa, to get the best rate for your Canadian dollars. Carry enough money to last for a few days. For the rest of the money, you can use forex card or travelers checks.