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Useful Currency Exchange Tips for First Time Travelers

Planning a foreign trip is chaotic and requires minute planning. Currency exchange is one of the major tasks while planning a trip abroad. First time travelers are always confused with currency exchange as it involves choosing the best domestic and foreign currency exchange, knowing about the best currency exchange rate and the pros and cons of using debit and credit cards at foreign destinations etc.

Here are some tips provided by reputed Currency Exchange Ottawa, for first time travelers on how to exchange currency and avoid being cheated

  1. Keep yourself updated about the prevailing currency exchange rate. The foreign exchange markets are highly dynamic. They are open throughout the day and the exchange rates fluctuate rapidly. Keep a watch on the prevailing exchange rates, if you want to convert huge amount of money. You can also get free quotes from online Currency Exchange Ottawa, about the prevailing rate of Canadian dollar at a given day.
  2. Shop around and research the credentials of currency exchange dealers. Currency exchange market is overly competitive. There are many players in the market like, banks, currency exchanges, individual foreign exchange traders, online currency exchanges and black market dealers. The rates of currency vary from one player to another. It is important to choose a reputed bank or Currency Exchange Ottawa to get the best rates for your currency.
  3. Airport outlets are not the best options for currency exchange. They charge huge commissions and you cannot bargain the exchange rate. Prefer reputed and professional currency Exchange for currency exchange.
  4. Use forex travel cards. Carrying cash is a risky proposition. There is always a risk of theft. Carry some amount of money in cash and use forex cards for the rest of the money. Most of the banks provide forex cards. Forex cards are accepted by most of the vendors and are a safe bet.
  5. Do not use credit and debit cards as they are costly. Banks charge huge amount of transaction fees when you use debit and credit cards in foreign countries. Moreover, certain vendors also charge extra on credit cards. Using debit cards is a risky proposition.
  6. Avoid black market currency exchanges even though they offer a lucrative rate. Most of the black market exchanges con travelers with counterfeit currencies. Always prefer a registered and reputed Currency Exchange Ottawa for all your currency exchange transactions.

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