Summer vacations are just around the corner. It’s time to choose destination, prepare routes and things to see, pack and change money.
If you travel outside the euro zone, the currency exchange becomes one of the essential steps to take into account. Therefore, one of the first things you should do is find out the currency they use at your vacation place to precede with the currency exchange. At this point doubts may arise: where is it cheaper pound to yen change money?
The offices are currency exchange business, so before any operation is good to investigate which offer less fees. Banks, airports, specialized offices, ATMs … give you the possibility to change currencies, but which offers the best conditions?
Airports: Currency exchanges at the airport are usually forced and almost at the last minute, so the commissions are higher and the change less profitable for the traveler.
Bank entity: these may be the places that give us the most security and the best exchange rate they offer. Usually, you must go to a branch to request the currencies and then, on the agreed day, go to collect them.
Online service: there are web pages that offer good exchange rates. If you are going to change large amounts of money, this option may suit you. They charge shipping costs for the currency to reach your home.
Exchange houses: the most tourist areas of each country are full of money exchange houses that offer different prices. Before entering a check the rates of the surrounding establishments to get the best change.
Local bank: another option is to change the money in a bank in the country of destination. The changes tend to be more favorable, but it is somewhat less comfortable, since you will have to look for and move to a bank that offers a good change and sometimes queue to get the currency exchange.
Pay with a credit card: it is the safest and easiest option, since we do not have to carry large amounts of money that can be stolen. Also, you do not have to think about money changes and when it comes to paying it is also much easier. Before using this option, check the types of fees your bank charges outside the country.
How do currency changes work?
The offices, banks, airports and other sites that offer currency exchanges buy the coins at a price and then sell them to another. The known exchange rate is the relation between the value of one and another currency.
To be an expert (or almost) in the currency exchanges you have to bear in mind that:
When you are going to exchange pound for the local currency you should look at the “we sell” column of the exchange table and check which office offers the lowest rate. In this case, you should look at the lowest numbers.
If at the end of the trip you have money left over and you want to recover it in pound you should look at the “we buy” column of the table and look at the lowest rate. In this case you will have to attend to the highest numbers.
There are exchange offices that have a fixed commission, so before proceeding to change money ask how much they will give you for X pound. In this way, you ensure that the entity has fixed fees.
Although in Europe the reference currency is the euro , the dollar is the currency in which countries that do not belong to the euro zone are fixed. Thus, when making the change it is advisable to know the value of the dollar against the euro at that time.
With these simple tips you can continue to plan your trip. Make a small analysis of the different physical and online exchange houses and banks and know which of them offers a better change to enjoy your vacation to the fullest and squeeze all your money.