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Savvy Currency Exchanges Can Add Value to Your International Vacation

Start your trip planning with a currency exchange strategy

Vacationing in another part of the world is always exciting and it can be stressful as well. Great vacations are planned months in advance. Airline seats, hotel rooms, restaurant reservations and other activities must be booked and confirmed months before your departure date. Knowing how to exchange currency prudently is essential if you want to maximize the value of your money in another currency, especially if youíre traveling to a country like Russia or Argentina where a sudden value surge can wipe you out. There are numerous horror stories about vacationers that waited to exchange money at an airport, and found their currency has loss an enormous amount of value.

The first step to take when planning a trip to any foreign country is to consult a reliable currency exchange broker. A broker will help you develop a currency exchange strategy for your currency pair. A professional will give you a real time exchange rate and will not add hidden fees or surcharges to the rate. A reliable broker will show you how to average your exchanges; averaging is exchanging small amounts of money at different times while youíre planning the trip. If averaging is not the best strategy, a broker will explain how to use future contracts, or another strategy that will save you money. Once you make an exchange, your money will be sent to overnight using a secure overnight service.

Doesnít my bank do the same thing?
Banks do use similar strategies, but they use them to increase their profits, not to reduce your travel expenses. Banks exchange money to make a profit, so they add a transaction fee to every exchange and may not give you a real time rate when you think youíre getting one; thatís why itís important to do a little research before you begin to exchange currency. Exchanging money using a credit card is another expensive way to get foreign currency. Credit card companies charge a transaction fee, plus a 2 or 3% foreign exchange fee and then they add a surcharge on every trip purchase, so you never know how much youíre spending until you get the statement, and that is always budget breaking news.

Avoid exchanging currency with airport exchange merchants, retail shops and hotels. They never use the correct exchange rate because itís filled with fees and profit. These merchants know you like the convenience they offer, so they charge you extra for it. A currency broker will explain when you should use a bank or a credit card and when to use your ATM card. When you use your ATM card to exchange money on the trip, the fees are lower and the exchange rate is better. Most countries have ATM machine in tourist areas.

Other travel tips
Some countries limit the amount of money you can carry through customs, so check with your broker and stay within the limit. Always carry cash in a money belt, leg pouch or hidden pocket thatís secure and out of sight and use hotel safes when you reach your destination. Follow local security measures when you leave your hotel and remember common sense is your best security tool when you use it.

With these difficult economic times we all have to watch our money a little closer. ForexTraders.com wants you to do that even when you plan a vacation, itís therefore they offered this article.  For more information on currency trading, forex brokers, analysis and trading strategies make sure to visit ForexTraders.com


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