Released on: March 13, 2008, 1:18 am

Press Release Author: Dharmendra Kumar

Industry:

Press Release Summary: When traveling to another country, there are several key ways
to get the most out of your money. Among the most effective methods is timing your
travel right: taking advantage of a favorable exchange rate can considerably enhance
your buying power. In the real world, though, a plethora of arrangements to be made
and tickets to be bought may inhibit the luxury of planning travel months in
advance. But even if you\'re planning your travel just a month or even a week in
advance, there are still ways to be smart about your money. To minimize losses when
converting to another currency, finding a good place to change your money is key.

Press Release Body: When traveling to another country, there are several key ways to
get the most out of your money. Among the most effective methods is timing your
travel right: taking advantage of a favorable exchange rate can considerably enhance
your buying power. In the real world, though, a plethora of arrangements to be made
and tickets to be bought may inhibit the luxury of planning travel months in
advance. But even if you\'re planning your travel just a month or even a week in
advance, there are still ways to be smart about your money. To minimize losses when
converting to another currency, finding a good place to change your money is key.

Long-Term Planning

Plan to travel when your money is worth relatively more in the country you are
visiting. Every country has a fluctuating exchange rate so that there is balance in
the supply and demand of currency. Timing your travel correctly, therefore, can make
a significant difference in the amount of spending you do.

A clear example of a fluctuating market is the euro to US dollar exchange rate. In
year 2002, each euro was worth $.83. Now, in July of 2005, each euro is worth an
upwards of $1.2059, meaning the euro increased more than 31% in three years. This
favorable rate of exchange for the euros makes traveling to the US a much more
favorable deal in 2005.

Two ways to see if traveling to another country is a good deal, then, are to look at
historical data and anticipate the future. You can easily check the historical rate
of a currency pair by visiting a foreign exchange news site and pulling up a yearly
chart. A good website for this is DailyFX (www.dailyfx.com). Having an inkling about
the future direction of the exchange rate may prove more challenging, but it is not
impossible. DailyFX has fundamental and technical news reports to guide you in this
respect.

Short-Term Planning

When travel plans are made in the short term, the key to maximizing buying power is
finding the right place to change your money - that is, getting the best rate for
the time that you are traveling. It is essential to do research in advance, namely,
checking the rates at domestic banks, credit cards, foreign banks, and ATMs.

At Home At home, you can contact your local bank teller and ask about changing your
money to a foreign currency. Experts suggest to only change enough to cover travel
costs until you are settled at your destination though, as the costs of exchanging
money at home can be prohibitive. Another service available is an online money
exchange, which will take your funds and send the converted money to your home. The
risk posed in this service is the safety of your funds during transportation.

In most instances, asking your credit card representative about exchanging money is
the best approach to getting a great exchange rate. Credit card companies have
access to better rates than individuals and often deal in more than one currency.
One precaution to take, nonetheless, is to check if your home currency is losing
value, since not all transactions are converted instantly. Be cautious of the
possibility of receiving a lower than expected rate several days later.

Abroad while exchanging money after arriving to a foreign country is the most
convenient option, the obvious risk is the lack of options. The quoted exchange rate
given may be determined purely by supply and demand, meaning that you will end up
with a price close to what is being quoted in the foreign exchange market globally.
The government of the country you are visiting sets the currency exchange rate,
which must be offered by anyone who is changing money; and a mark-up in the rate is
inevitable. An easy way to see if changing money in a foreign bank is a favorable
decision is to compare currency rates beforehand in a local newspaper.

ATMs of a foreign country may also be a convenient way to obtain local currency at a
reasonable rate. Keep in mind, however, that your withdrawal may be subject to a fee
from both the foreign and your local bank. Another precaution to take is to tell
your bank of your travels, as they often freeze cards if out of the ordinary
transactions take place. As an illustration, if you make withdrawals in four
different countries over the course of a week, your bank may see this as a red flag
and for security, immediately lock all transaction of funds.

Getting The Most out of Your Money Now

Getting the most of your money is a tricky task if you are unaware of all the
options, or have trouble finding good resources. A quick and easy way to decide
which of these options are right for you is to firstly, talk to as many people as
you can (such as your local bank teller and credit card company), and secondly,
obtain rates from the listed options and compare the quotes with one another. As
another alternative, you can compare your obtained rates with the market rates
quoted at GoCurrency.com (www.gocurrency.com), a currency converter that offers
up-to-date exchange rates for over 150 world currencies.
About the Author
Victor Siu is a contributing writer for GoCurrency.com. GoCurrency provides
information on global exchange rates, movements and news related information.


Web Site: http:// www.tours-guide.com

Contact Details: Dharmendra Kumar
# 1320, Sec-45, Burail, Chandigarh
U.T, India
dddmar@gmail.com