5 Tips to Save Money on Your Foreign Currency Exchange

Want to save up money? You have to bear in mind many considerations when exchanging currencies because this will save time and additional costs. There are many things to consider when exchanging currencies. And that will save you time and additional costs.

Here are the most important tips you need to consider in order to save money on currency exchange.

Exchange Rate

When buying or selling a currency, the exchange rate is crucial in this exchange process. It is important to know the highest and lowest rate for buying and selling the currency you hold. Prior to travelling, many tourists ask about the rate of the currency of the country they are intending to visit. Hence, they will get an idea of the exchange rate offered and know the best price for the currency exchange. Unlike some countries, in Jordan, it is not common to deduct commission fees on any money exchange transaction. 

Moreover, when transferring money the currency rate is mainly based on Forex (Fx) rate. In money transfers, a commission is added to or deduct from - based on the sender’s request- the amount of money sent. The transfer commission varies depending on the service and the destination country. 

Check updates in Exchange Rates

Foreign exchange rates do not change once a day, they are constantly changing every minute. That’s why foriegn exchange markets are live and always open, even at night.

The reason behind the constant exchange of rates is that the price reflects the economic status of each country. For example, the exchange rate of the British pound to the Euro is calculated based on the economic and political strength of the United Kingdom compared to the European area.  

Therefore, it is important for clients to pay attention to exchange rates updates because there are specific seasons that witness drastic changes in rates. 

Exchange Houses with Best Rates 

Many customers prefer currency exchange through money exchange companies, especially that there is a competition which creates a difference in rates offered.

Some exchange houses offer privileges in order to win customer trust, such as lowering exchange rates or exchanging rare currencies in less time.

There are exchange houses that offer average currency rates online which saves you time and gives you an idea of a currency exchange rate.

Exchange houses offer a wider range of services such as money transfer and foreign currency exchange. It’s like a one-stop shop for all money services. 

In addition to that, Central banks in the Middle East play an important role in stabilizing the foreign currency exchange rate, aiming to stabilize markets and reduce economic turmoil, as the central bank  determines the exchange rates.

An exchange house is always the best choice as it provides the best rates for money exchange.

Payment Method: Cash vs. Credit Card

While many use cash to exchange money, some use credit cards when they are short of cash. Use your credit card with great care to avoid the high fees charged by banks and the high exchange rates. It is smart to have both ,but be careful when using your credit card.

It is always recommended to have sufficient money when travelling. However, it is not safe to hold large amounts of cash on vacations. Usually, airports limit the amount of cash you are allowed to carry and large amounts should be declared. 

AbuSheikha Exchange offers a variety of services in addition to providing the best rates for currency exchange and  money transfer fees in the market.

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