| A few weeks ago I attended a wedding in California. | | | | on to their cardholders. |
| I flew into the Bay Area a few days early and met | | | | Foreign Exchange Tip #3 - Don't Tip Your Bellboy |
| up with some old co-workers and friends. I had a | | | | With A Credit Card |
| great time seeing everyone, and catching up on the | | | | Sometimes you have to pay with cash. It's a fact of |
| latest gossip. But those stories are for another time. | | | | life. Cabs, bars, museums, and public transportation |
| The wedding was for a good friend of mine. The | | | | usually don't take credit cards. This is where a little |
| gathering was small, and I felt honored to be part of | | | | advance planning can really pay off. Call your bank a |
| the celebration. The ceremony was beautiful, and for | | | | few weeks before you leave. Most major banks can |
| an outdoor wedding you couldn't have asked for | | | | convert hundreds or thousands of dollars at a decent |
| better weather. The reception was great. And If I | | | | exchange rate. |
| do say so myself, my moves on the dance floor | | | | The fees are nominal and depending on your bank |
| were second to none. | | | | you might be able to do this with only a day or two's |
| Later on I found out the happy couple would be | | | | notice. I've found that exchanging currency through |
| traveling to Europe for their honeymoon. As a matter | | | | my bank is easy. . . . as long as I plan ahead. |
| of fact they're there right now! | | | | Foreign Exchange Tip #4 - ATM's Are Good In A |
| A few days ago though they called me from the | | | | Pinch |
| currency exchange window at the airport. They were | | | | As an investment banker when a client called we |
| concerned that the posted exchange rates looked | | | | jumped. Sometimes that meant dropping everything |
| off. And the fees . . . let's just say the mob has | | | | and going straight to the airport. On several instances |
| nothing on these guys. | | | | I barely caught my flight with bag in hand. Getting to |
| After traveling the world and exchanging more | | | | the bank beforehand just wasn't possible. Short of |
| currency than I care to count I've learned a few | | | | keeping a stash of various currencies locked up at |
| things about the currency markets. Armed with this | | | | home I discovered a secret. |
| experience, I focus on finding ways to profit from | | | | ATMs work overseas. If I'm traveling internationally |
| fundamental and technical movements in the global | | | | and find myself short of cash I head right for an |
| currency markets. | | | | ATM machine. Flip your ATM card over. On the back |
| Now, I don't usually give advice to tourists about | | | | are logos of various ATM networks. Some of the |
| exchanging money for vacations or honeymoons . . . | | | | larger ones are Plus, Star, and Interlink. If you use an |
| but this was my good friend. I had to help him out. | | | | ATM displaying those logos the withdrawal process is |
| After passing along my sage advice, it occurred to | | | | very easy. |
| me that my readers would benefit from this | | | | Just remember you are traveling internationally so |
| knowledge as well. Keep these tips in mind when you | | | | use caution when flashing your cash. One other thing. |
| travel and you'll be able to save yourself some | | | | Local ATM are used primarily by natives. Don't be |
| money. | | | | surprised if the ATM uses the native language of the |
| This is what I told him. | | | | country you're visiting. Even so, they're still very easy |
| Foreign Exchange Tip #1 - Notify Your Bank and | | | | to use . . . the process is just like it is in the US. |
| Credit Card Companies Before You Leave | | | | The nice thing about ATMs other than convenience is |
| Let them know that you'll be traveling abroad. I | | | | that they also offer competitive exchange rates. |
| learned this lesson the hard way. My credit card | | | | There is a nominal fee of $3 to $5 but that's a small |
| company didn't know I was in Europe. When | | | | price to pay for the ease of getting foreign currency. |
| international charges started appearing they tried to | | | | Foreign Exchange Tip #5 - Your Hotel Will Usually |
| contact me. When they couldn't reach me my card | | | | Exchange Small Amounts Of Cash |
| was canceled. They assumed the charges were | | | | If you need a quick $20 or $50 you can try your |
| fraudulent. | | | | hotel's concierge desk. The rates won't be great, but |
| It was nice of them to protect me like that. But you | | | | they'll be better than the currency exchange huts. |
| can imagine the look on my face when I tried to pick | | | | This is convenient, but sometimes you'll have to pay |
| up a dinner tab and my card was rejected. | | | | a small fee. Remember, since this isn't the main |
| Foreign Exchange Tip #2 - Most Banks and Credit | | | | business of the hotel they'll limit the amount you can |
| Card Companies Provide Good Exchange Rates | | | | exchange. Also they sometimes run out of money so |
| Since you're calling anyway, take an extra minute to | | | | don't wait til the last minute. |
| find out what fees they charge for foreign exchange. | | | | When you get back. |
| Usually the fees are between 2% and 3% per | | | | I hope these tips help you to get the best exchange |
| transaction. Surprisingly, I've found that I get better | | | | rates and lowest fees on your next trip overseas. |
| exchange rates using my credit card - even with the | | | | Remember, when you come back to the US the |
| additional fees. | | | | left-over currency in your pocket has a lot of value. |
| Now, when I travel internationally I use the credit | | | | Call your bank and have them exchange your paper |
| card that offers me the lowest fee. Because the | | | | foreign currency back to US dollars. Your leftover |
| credit card companies handle huge numbers of | | | | coins can be a great gift to the children in your life. I |
| transactions they're able to get very competitive | | | | give mine to my nieces and nephews . . . always with |
| exchange rates. Many of them will pass these rates | | | | a great story filled with international adventure. |
