If you’re a frequent flyer, you always need to change currency. Also, it’s the same for you while you’re living in a different part of the world other than your native country. But, you might have noticed that whenever you do it, the banks and electronic money transfer services are likely to take more from you.
Also, you may need to pay some hidden fees when you exchange an amount of money. It’s tough to see their exchange fees, so the matter remains in the mystery. When it comes to an exchange of round trip, banks change about 13% that might be shocking to you.
That’s why it’s very significant to know some ways to avoid ore reducing these crazy fees. Below are some tips that will be helpful in this case.
Avoid These Excessive Fees
You’ll find some different options to avoid these types of excessive fees. But, it widely depends on the amount of money you’re going to exchange and the currencies you’re exchanging. You can keep away from the fees that just need to pay around 0.5% if you’re exchanging $5k – $100k. So, you have to use any of the below exchange houses.
TransferWise
This exchange house charges just 0.5% for one way and the round trip 1%. Also, they offer you a transfer facility even if you don’t have a personal bank account in both counties. But, it’s better to have a bank account for both countries that will avail you of another alternative to their services.
CurrencyFair
The one-way charge of this service provider is usually 0.5%. Also, they have an individual marketplace and you can deal with other persons directly.
Some Other Services
Among others, OFX changes just 0.5% for one way and the round trip 1%. But, a fee of xe.com varies conditional on the currency if you use any offer or link.
Options For Smaller Fees While Traveling
While transferring big amounts of money, all of the previous methods are a bit higher in terms of charge. There are mostly two options such as local currency exchange, which is cash to cash and using your credit card.
These are useful when you take a trip overseas and need some hard cash during your tour. But, the availability of the best options widely depends on which country you’re traveling and the amount of the money you’re going to exchange.
Thus, many countries have their local economy that depends seriously on exchanging to American dollars. You’ll find that the exchange rates for cash can be fairly sensible, which is around 1% in one way.
Conclusion
Your credit cards are a good option for having money while travelling. It allows you to pay via card or you can withdraw money using the card from the ATM. but, you should be very careful that your card may charge double ways.
This involves the currency conversion and additional charge for withdrawing from an ATM. So, know well from the card issuer before you’re going to use your cards in foreign countries.
