Some people love leftovers while others don't. The same applies to travellers who return from abroad with a wallet full of foreign money, especially after a Christmas holiday.
It is not at all unusual for travellers to take a loss on the foreign currency they return home with. That needn't be your experience if you know a bit about the ins and outs of buy back currency foreign exchanges.
Before selling your currency back to the first exchange booth you spot at the airport or at your hotel, it will pay to research the exchange possibilities available to you. The Internet is a good place to start. Exchange rates will vary between the sites. Some offer a guaranteed buy back currency rate if you buy the foreign currency from them before you leave. Be aware that rates can change from day to day. There are sites such as Best Exchange Rates where you can find current exchange rates.
Traditional places, like banks, where you would expect to get a good exchange rate charge as much as 8 percent. Airport money exchange booths will cost you up to 15 percent for the privilege. There is substantial variance between the rates companies involved in these transactions charge. It is to your advantage to do your research before committing.
Dealing with a non-bank currency provider (foreign exchange broker) when buying or selling currencies can save you money. By dealing directly with the currency markets, these specialized brokers are able to come up with very competitive exchange rates for all major currencies. You can find rates three percent or more lower than bank rates.
Depending on your circumstances, some experienced travellers recommend that you only convert a small amount of cash into the local currency, just enough to pay for incidental costs like tips, cab fares, etc. That way, you won't have to worry about getting stuck with hard to spend cash when you get back home. Later, if you need additional currency, you can head on over to the postal banks that are located inside post offices; there you can find fairly reasonable exchange rates. Buy only in small, spendable increments.
Because credit cards have universal acceptance, the need for actual currency has fallen. However, if you plan on spending a sizable amount, the extra fees charged by the credit card companies for foreign transactions may convince you to use the local currency if exchange rates prove to be better. You could alternatively use one of our travel money cards.
Wherever you’ve been on holiday, you can be sure of great travel money buy back rates from ACE-FX.
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