How Do You Get The Best Exchange Rate When Traveling In A Foreign Country?
• Find out what your bank charges for foreign transactions. Most of the time, you’ll get the best possible exchange rate when you use your credit or debit card, either to make purchases or to withdraw cash from an ATM. By doing so, you get the same exchange rates that the banks offer to each other, with no middleman adding extra fees for the exchange. Some banks and credit card companies, however, 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. • Know the currency exchange rate. Before you set off for your trip, find out what the current exchange rate is. You can easily find this in many newspapers or online. Knowing the exchange rate is your most powerful defense against getting a bad deal, so find it out before y
