Friday, August 31, 2012
VISITING GREECE FROM COUNTRIES OUTSIDE EUROZONE
Ten quick tips from Peter Lavelle
Planning a holiday to Greece? Then of course you'll want to get the best euro exchange rate when you buy your travel money.But how do you do it? How do you maximise your euro exchange rate? In this article I want to share with you ten quick tips to put you on the right track.
1.Don't change currencies at the airport.
This is because you are a captive customer at the airport,meaning the bureaux de change can charge whatever rate they like without giving you the chance to compare.
2.Beware using your domestic debit or credit card.
This is because,though they might be free to use at home,use them abroad and you could be subject to a host of fees.This can include a fee to withdraw cash and use the card in shops,depending on your bank.
To be absolutely sure,it's best to call your bank and ask what fees they charge if you use your card abroad before you travel.
3.Beware using your debit or credit card to change currencies at home.
This is because,as above,you can be subject to an extra fee forusing you plastic to exchange currencies at home.
To be safe,withdraw the sum you want to convert from a cash machine first for free,and then exchange this cash direct at the bureau de change or post office.
4.Consider alternatives to travel cash.
Prepaid travel cards can make a good alternative to cash because, unlike cash,you can get them replaced if you lose them with your euros intact.In addition,the exchange rates they provide can be better than those you receive from bureau de change.
Of course, before you buy a prepaid travel card, make sure to look at the fees and charges attached to make sure you're getting the best deal.
5.Begin looking at the rates as far in advance as you can.
This is because,if you leave it to the last minute,you'll have to accept whatever rate is available there and then.
If you look in advance on the other hand,you give yourself a better chance to find a good rate in the available time.
6.If a good rate is available,accept it there and then.
If you look at the exchange rates one day and like what you see,exchange currencies there and then.
This is because all to often people decide to hang on to see how high the rate will go.By the next time they look however,it's already sunk beneath the point the saw in the first place,so the lose out.
7.Use Google to find out the latest interbank exchange rate.
If you enter the curencies codes of the curencies you want ot exchange ,Google will deliver the latest interbank exchange rate for you.
For instance,if you want to change US dollars to euros,enter 'USD to EUR' into the search engine.This will give you the rates accurate up to 15 minutes.
However,do bear in mind that Google will return to the interbank rate,which is a rate used by international banks to exchange currencies.This is not totally indicative of the rate you'll actually receice.
8.Compare exchange rates.
Don't accept the first exchange rate you're given.Instead,use a website like moneysavingaexpert.com to find out where you can find the best exchange rate on a given day.
9.Seek guidance if you're unsure.
If you're not sure,if the current exchange rate is good or not ,or you're unsure about the process,seek guidance from your money exchange dealer.
They should be able to tell you how your currencies are performing compared to a recent past,and advise you as to how best to exchange currencies for you.
10.Avoid exchanging currencies at the low of the day.
On any given day,the exchange rate will go up or down from where it started.At its lowest point, that's what we call the low of the day.Avoid exchanging currencies here, because it means you'llreceive less of whatevwer currency you're buying.
Find out more
I do hope this post has been useful.
To find out more about getting the best exchange rate when you travel to Greece,visit us at foreign exchange specialist Pure FX .We'd be delighted to help.