Many are worried about the safety of accumulated funds, whether it is significant savings or small amounts intended for everyday expenses. Anxiety also arises in cases when it is necessary to purchase currency or transfer money from one currency to another.
Almost everyone faced the need to change currency. There are many situations in which you may need to pay with the money of a foreign state. Among the most common: leisure and business trips abroad, the purchase of expensive goods or real estate, the repayment of loans taken in foreign currency, the opening of foreign currency deposits. However, not everyone knows how to change currency correctly, and what pitfalls await customers near the "exchanger" window.
Currency exchange at home
Those who are going to change currency while on the territory of their country usually have no problems. Now in any city there are a large number of banks and operating offices where you can make all kinds of transactions with major currencies (US dollars, yen, euros, British pounds sterling).
The only problem customers can face is a disadvantageous conversion rate. Therefore, before going to the bank to change the currency, you need to find out its official rate. In addition, you should carefully study the offers of banks for currency exchange, which can be found on specialized financial portals of your city or on the websites of credit organizations.
Conversion operations abroad
Many businessmen and tourists, having arrived in the country of destination, re-perform conversion operations, exchanging dollars or euros purchased at home for the local currency. Unfortunately, when exchanging convertible currency for local money, the risk of running into scammers increases significantly.
For example, when you change your currency at the airport, remember that it is almost always overvalued when buying and undervalued when selling. But it is safe to make conversion operations here, in addition, you can exchange large bills for small ones.
When exchanging currency at a bank branch, you need to pay attention to the size of the commission fee and be sure to check with the cashier how much money you will receive when carrying out the conversion. Please note that in any city there is usually the following pattern: the farther from the center and popular tourist routes, the more profitable the exchange rate.
In hotels, the exchange rate is often unprofitable, in addition, sometimes additional commissions or tips may be required from you. However, it is better to change money at an unfavorable rate than to run into "black" money changers or swindlers on the street.
