How to Avoid High Currency Exchange Fees?

Traveling abroad is a dream for many people. However, it is wise to note that traveling to international destinations as cheap as the internet influencers may suggest. In fact, in order to complete a trip as well as return back home one has to have more than enough savings. Also, since it is impossible to use the home currency abroad, one has to exchange the currency before it becomes useful. And exchanging the money a cheap task either. You will, regardless, get hit by the unexpected ATM fees, credit card surges, commissions, and other transactions, if you wish to enjoy your privileges abroad. But again, there is no way you can get rid of currency exchange fees; it is inevitable. However, you can minimize the overall blow and get a better exchange rate for your foreign currency. Here are a few tested tricks and tips that you can put to use to get an expected currency conversion deal at a better exchange rate and lowered service fees.

1 Do Your Homework On The Current Exchange Rates: When it comes to getting better rates on currency exchange in Los Angeles while avoiding the high conversion fees, nothing can beat your knowledge of the current exchange rates. So, before you travel, it is wise to start gaining knowledge of how the Forex market functions. Use modern Forex applications to get started with the research process. Likewise, if you wish to travel for a long time, it is better to keep track of the major currencies of the world economies that affect the Forex market directly.

With ATM, you can significantly lower the transaction fees to get a better exchange rate. In fact, using ATM can give you better rates than exchanging money at Forex agencies located nearby hotels or airports. Go for an in-network ATM because such ATMs will have some kind of partnership with your home bank. Or, such ATMs may be a part of global ATM alliances, thus applying lower or zero withdrawal fees. When it comes to credit cards, there will be some amount charged for the foreign transaction. If you wish to avoid the foreign transaction, make sure that you opt for credit cards with no foreign transaction fees.

3 Inspect The Rates Offered By Your Bank:

Before you go for any type of money exchange program, it is worthy of inspecting the exchange rates offered by your bank. This is because your bank may offer better rates that are close to spot rates of Forex rates.

However, you will require planning for this transaction or service as it can be hard to locate some currencies at the last minute, resulting in extra charges.

4 Stay Away From Traveler’s Cheques:

Even though a traveler’s cheque isn’t a common thing in the digital age, but the cost-efficiency and safety of carrying it can attract many people.

Regardless of the safety, it offers, traveler’s cheques have poor exchange rates and high transaction fees. Plus, they aren’t as secure as credit or debit cards.

5 Avoid Ordering Currency Online

Ordering currency online is just as bad as the traveler cheques when it comes to exchange rates and conversion fees. Likewise, the rate offered online is not as great as those provided by foreign banks or ATMs.

Moreover, ordering currency online can also lead to delivery costs, which will only add to the overall cost of traveling.

6 Exchange before You Travel:

Another way to decrease or totally avoid exchange fees is by visiting your home bank before leaving the states to exchange the dollars. It is possible that your bank may charge low or zero foreign exchange fees.

But again, you may not get to exchange a lot of money at once as it can be a problem to carry too much cash while traveling. However, the little amount you exchange can save you a lot compared to the destination’s airport or other entry port.

7 Open Bank Accounts That Don’t Charge Foreign Fees:

Before you leave the states, it is wise to check if your bank charges any extra fees when you are traveling abroad. If the bank doesn’t, then great, but if it does, then opt for one that doesn’t.

In case you don’t wish to open a new bank account just before traveling, then check if your bank has a partnership with abroad banks or has a branch location.

Over to You

When it comes to currency exchange, don’t rely on your hopes. It is better to be practical and ready. You should keep in mind, regardless of how much you try, you will be charged currency exchange fees. When you think practically and use our tips, you can significantly lower your service fees and get better exchange rates.

If you are looking forward to gaining a better rate on currency exchange in Los Angeles before you depart, then connect with Altour Travel Agency.