Publication: Travel Tips
Getting the best exchange rate | |
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COOL TRAVEL MAIL'S
TRAVEL TIPS
Tips & Adice for the Seasoned and Armchair Traveler Alike!
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http://www.CoolTravelMail.com
June 5, 2007
Here’s the good news:
Today, China’s currency hit a new all-time high relative to
the U.S. dollar, capping a six-week climb for the value of
American currency against those of the worlds modern
economies.
Here‘s the bad news:
The U.S. greenback is, by historical standards, still pretty
wimpy.
This week's edition includes:
* GETTING THE BEST EXCHANGE RATE
* YOUR CASH CACHE
* PSSST! WANNA BUY SOME DRACHMA?
P.S. If you're interested you can now post comments on this
and recent issues on our forum at... Travel Tips Forum
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GETTING THE BEST EXCHANGE RATE
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The weakening of the dollar over the last several years has
made overseas travel more expensive for Americans,
especially in the key business and vacation destination of
Europe.
That has made getting the most bang for your buck more
important than ever. And stretching your flabby dollars
begins with getting the best exchange rate possible when
traveling abroad.
How do you do that? Here are some tips:
* Know the exchange rate
Knowledge is power. Before you set off for your trip, look
online and find out what the current exchange rate is. Check
it periodically while you are traveling.
This information is your most powerful defense against
getting a bad deal. Ignoring it would be like buying a used
car without knowing the blue book value.
* Use your credit card
In general, credit card purchases are translated from one
currency to another using the wholesale exchange rate. That
‘s the rate usually reserved only for very large inter-bank
exchanges, and the best one a traveler is likely to get.
When using credit cards abroad, however, it's important to
pay attention to the fees involved. Some banks and credit
card companies will charge you a fee of as much as 3 percent
on foreign transactions, so you need to do some research
before you leave home.
Call your bank and ask them what they charge. If they charge
a fee, call around and ask other banks what they're
charging. You may be able to find a better deal, but you'll
need to plan well ahead.
* Use money machines
Like credit cards, ATMs are likely to give you the going
bank exchange rate for your American cash.
Finding an ATM that won’t spit your card back at you is no
longer the problem that it once was. If your card uses one
of the common PLUS or Cirrus networks, you should be able to
find an ATM that gives you foreign currency in just about
any place you want to go. Both networks are active in more
than 200 countries worldwide. Each has more than a million
ATMs.
The PLUS network is associated with Visa, so your Visa card
will usually work at those ATMs. Likewise, the Cirrus
network is associated with MasterCard, so Cirrus ATMs
usually accept MasterCard for cash advances.
You do, however, need to be aware of fees.
Before you use an ATM, be sure to check how much it will
charge you. Some foreign ATMs charge $5 or more. If the fee
is more than a couple of bucks, try to find another ATM.
Many times, however, the foreign fees are reasonable.
"In a lot of cases, they have less fees than they would
here," Ray Hennessey, editor of SmartMoney.com, recently
told CBS News.
The ATM fee is still probably less than the bank fee for
travelers’ checks, Hennessey said. And foreign ATMs update
their exchange rate every day.
"You may catch a break," Hennessey said. "You may find out
that on that day, the dollar is stronger against that
[particular currency]."
A potential problem with ATMs, however, is that sudden
changes in your account activity, such as frequent
withdrawals in a foreign country using your ATM card, can
sometimes trigger a fraud alert. That could cause your bank
to freeze your account and bring your trip to a screeching
halt.
To keep from getting stranded overseas without a functioning
money machine card, be sure to call your bank before you
leave to let them know where and when you will be traveling.
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YOUR CASH CACHE
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* Get cash before you leave
OK, you don’t trust ATMs. Or the remote island you’re
traveling to isn’t plugged into your network. Your best bet
now is to get your foreign currency at home in the United
States before you leave.
The bank rate is going to be a lot better than what you’ll
get exchanging money at a store or kiosk once you get there.
Although I would never recommend carrying large amounts of
cash, bringing a large enough roll of foreign notes to cover
your first couple days of expenses can take some of the
hassle out of the early leg of a trip.
* Don’t bother with travelers’ checks
Traveler’s what? Although traveler's checks used to be very
common, they've pretty much been replaced by check cards and
credit cards. If a place is sophisticated enough to cash a
traveler’s check, they’re almost certain to have a
connection to a major money network.
* Avoid airports
Stay away from the money exchange booths at airports and
train stations. They are tourist traps - and then some.
I was in Greece once, and needed to use a money-exchange
kiosk at the airport. I realized I was getting a bad
exchange rate, but I was in a pinch, so I swallowed hard and
did it. What I hadn’t expected was that the guy in the booth
shorted me - substantially - on TOP OF giving me a usurious
exchange rate. I had to talk loud and start making a scene
before he admitted his “mistake.”
Hotels and shops, especially in tourist areas, will also
often exchange money for you, albeit at less-than-optimal
rates. Do the same due diligence you would with any other
exchange vendor. These places usually charge a higher rate
than banks, knowing they have a potentially captive and
naïve customer base.
* Think big
If you need to get cash, and you can't find an ATM, your
best bet is to go to a large bank, post office or American
Express office. Stay away from the little storefronts and
mom and pop operations. They will try to maximize their cut
of the transaction.
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PSSST! WANNA BUY SOME DRACHMA?
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* Not cheaper in the country
You're more likely to get a good rate in large cities than
in small towns. In some countries, you won't even be able to
exchange money outside the city.
* Haggle
Clearly, you’re not going to be able to negotiate a better
rate at a big bank. But if you do get stuck changing money
at a small vendor, you may be able to haggle to get a better
rate.
Many cultures expect it. The weak U.S. dollar pretty much
demands it.
* Carry a calculator with you
Converting from one currency to another can be confusing. If
you're dealing with large sums, hopping from country to
country, or if you're traveling in a place with high
inflation, a calculator is a valuable addition to your
daypack.
* Stay out of the black market
Watch out for illegal moneychangers. You can fall victim to
a variety of scams, from counterfeit money to short-changing
to outright robbery.
Be alert and avoid suspicious exchange booths or people who
approach you on the street or in the train station.
Many countries require licensing for currency exchangers;
look for certificates or government stamps of approval. In
general, steer clear of anything that just doesn't look
right. If a deal is too good to be true, it probably isn't.
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: Email Pierce
Until next week, thanks for reading.
Your Tipmeister,
Pierce
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