Things You'll Need:
- Currency :)
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Step 1
The exchange rate is constantly changing. Often multiple times in a single day, but normally only by cents and decimals. There are web sites you can go to get the current exchange rate for that day.
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Step 2
Normally when entering a foreign country there will be places to exchange your currency close to the boarder. An airport will normally have a currency exchange kiosk somewhere within the terminal. Most Duty Free shops will also exchange currency for you.
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Step 3
Beware of currency exchange places that do not frequently update the rate. In fact many places will inflate the exchange rate to cover any daily fluctuation. This way they can change the rate less frequently and profit off the difference. They will NEVER exchange currency at a loss. Always ask first if the rate they offer is the current daily rate.
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Step 4
If possible visit a bank or casino. A casino will always pay the current going rate. Just don’t spend all your money right after you exchange it. ;)
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Step 5
Using a credit or debit card: A credit card will always convert the currency at the current rate for that day. However it will normally take several days for your credit card company to update the conversion on your statement. Also check with your card company. Certain companies may charge a fee for foreign transactions.
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Step 6
Also note, the rate for exchanging your money back is always slightly less than your original exchange. Example: Lets say you’re an American and you visit Canada. You swing by the bank and give the teller $100 American dollars. The exchange rate is 1.20. The cashier then gives you 120.00 Canadian dollars. Sweet! right? Not realy. Lets say you want your American dough back. You hand back to the teller the exact same 120.00 Canadian dollars she just gave you. Don’t expect to get your 100 bucks back. You’ll more than likely get around 95 to 97 American dollars back. The rates are set up this way so you can never profit from just exchanging the money back and forth, unless you actually hold on to the currency long enough to for the rate to change significantly in your favor. (Some people make a living at this.)
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Step 7
The best thing to do is only to exchange what you need so you don’t have to exchange it back at a loss.
