Skip to main content

Currency Exchange Converter


Preparing To Travel
As you get closer to your arrival at UC Santa Cruz for International Orientation, we want to share with you this article about Currency Exchange Advice and Oversee Currency Exchange by Susan Breslow Sardone, from About.com Guide. We want to ensure that you have a great travel experience so please read these helpful tips about currency exchange:
Currency Exchange Converter
Before you travel or as soon as possible, learn what the currency exchange rate is in the country you plan to visit by using the Universal Currency Converter. This utility provides an idea of the latest available exchange rates, based on the mid-point between buy and sell rates of large-value transactions in global currency markets.
To Exchange Currency Before You Leave Home
Many travelers, especially those flying a long distance and landing in a foreign country early in the morning or late at night when banks and currency exchange desks may be closed, prefer to acquire a small amount of foreign currency before they depart on a trip. Having the local equivalent of US $100 in your pocket is usually enough to pay for a cab ride to your destination, a snack, and small incidentals without having to search for a currency exchange open for business. In large cities, major banks and travel agencies sometimes feature a currency exchange desk. Some hotels also offer this as a courtesy, but their exchange rate is rarely as good as a bank's.
Where to Find the Best Currency Exchange Rates
To get the best exchange rate, wait until you arrive at your destination. While most major airports feature a currency exchange desk, you are likely to get a better rate directly from an ATM machine affiliated with a major bank. ATM cards most likely to work trouble-free overseas are those with a four-digit PIN number. Since you may be charged a usage fee by both the local bank and your home institution, it's advisable make one large instead of several small withdrawals whenever possible - and keep your cash in a safe place out of pickpockets' range.
Using a Credit Card to Exchange Currency
As long as you have a working PIN number, you can also use your credit or debit card to get cash overseas. Find out if there are credit card ATM machines where you will be traveling:
    •    MasterCard/Cirrus ATM Locator
    •    Visa ATM Locator
Having a credit card is especially useful when you travel. With one, it's unnecessary to carry large sums of money. Use a credit card rather than cash to pay for larger expenses, such as hotel bills and major purchases, since you will have a receipt of the transaction. If a bill is disputed, your credit card company may be able to help you settle the matter when you get home.
Do keep in mind, however, that the majority of credit card companies levy an additional fee for overseas usage. If you're not sure, check with your company before you leave home.

During International Orientation:
You will have an opportunity to go shopping for the basic necessities you will not be (or were not) able to carry with you on the plane.p.

Labels:

Comments

Post a Comment

Popular posts from this blog

Calculating the hidden costs of foreign exchange

Calculating the hidden costs of foreign exchange To calculate the fees hidden in the exchange rate, one can try to compare a specific quoted rate to the mid-market (neutral) rate available on a number of websites, but the mid-market rate changes all the time. The easiest method is to get two rates from the same provider at the same time: both the currency X to currency Y rate, and the Y to X rate. For example, on December 1st, 2015, the CAD to EUR rate offered by a big-5 Canadian bank on non-cash transactions smaller than $1000 was 1.4719, whereas the EUR to CAD rate was 1.3670. Sometimes the second rate looks very different from the first (e.g., the second rate would be expressed as 0.7315), in which case divide the number one by the second rate to get 1.3670. The halfway point is (1.4719+1.3670)/2 = 1.4195. Therefore the bank was charging (1.4719-1.4195)/1.4195 = 3.7% to convert CAD to EUR, or EUR to CAD. Presumably on larger transactions the rates offered would be somewhat ...
Post a Comment
Read more

Advantages and disadvantages of currency trading

Earlier, currency trading was available only to huge corporations and monopolies. They had unlimited resources and investment capabilities. Small scale investors or individuals were unable to participate because it was just too overwhelming. Fortunately things are fast changing now. For the first time in the history of currency trading, even individuals and small-scale investors can think of currency trading. Because of the advent of the Internet and advancement in technology, a lot of information is now available to individuals. They now have the resources to speculate and make investments, oftentimes free of cost. Currency trading is most certainly not risk free. Like any other work that involves financial transactions, it has its own negative points. Just one example is the unpredictability of currencies. Since currencies rise and fall almost every second, they might be extremely high one minute and absolutely useless the next. Thus, currency traders must be o...
Post a Comment
Read more