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A Reliable Travel Budget Begins With the Currency Exchange

Currency exchange

Holiday currency exchange tips

Should I exchange all my money at one time to create a travel budget?
Exchanging money for a vacation in another country is not as easy as it looks. Some people wait until the day before the trip or when they arrive at their destination and then wonder why they don’t have enough money to cover trip expenses. Planning a vacation in another part of the world is a process that requires knowledge and patience, as well as money.

The currency market is always fluctuating so it’s important to know when and where to exchange money so you can produce a budget that works while you’re on vacation. Let’s say you’re heading to Egypt to tour the amazing pyramids. Just a 1200 point shift in a currency pair can cost you an extra $120 for every $1000 you exchange if you’re using U.S. Dollars. That’s a surprise nobody wants, especially if you’re at the airport. Some countries have emerging currencies that can experience sudden surges in value, which can destroy a vacation without warning. Arriving at your destination and discovering that your currency has lost a considerable amount of value can definitely be a budget buster.

The best way to make your money work for you is to exchange small amounts as you plan your trip. When you average your exchanges you know exactly what each exchange costs which means your budget is based on actual figures rather than estimates. Averaging is especially important on long trips where more money is needed to cover expenses. Averaging your exchanges could be the difference between eating at good restaurants and gulping down fast food at the local greasy spoon.

Where should I exchange my money?
Airport currency traders may add a hidden fee to the exchange rate, which means you have less money to spend on the trip. Banks add a fee to every exchange and they may only post one or two rates a day which means you may not get a real time rate. Travelers may like credit cards for their convenience, but credit card companies use their own rate which includes a built-in profit and they add a surcharge on every holiday purchase and that means you don’t know what the vacation costs until you get the statement and that’s usually a budget buster.

A reliable currency trader can help you average your exchanges while you’re in the planning stage. A professional studies the market every hour, so you always get a real time rate. When you average your exchanges with a currency broker you’re able to use actual values so your budget is realistic.

Other travel thoughts
Some countries have strict limits on the amount of cash they allow visitors to carry through customs. If you exceed the limit and you’re searched at a customs checkpoint your money may be confiscated. Always carry cash in a money belt or a hidden pocket that’s secure and out of sight. Hotel safes and other security measures should be used when you arrive and remember that common sense is your best security tool when you use it.
To dabble in the currency exchange market requires knowledge. ForexTraders.com offers useful resources for free to help you understand this volatile but rewarding market. ForexTraders.com has information about brokers, analysis, technical indicators, tips to improve your strategy and a free course for beginners to learn what forex is.

 

 
 
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