For many, the task of changing currencies from time to time, which now that the holiday season has come, may be even more interesting.
Let’s look ahead on the net
When going abroad, we first switched from the domestic currency to the local currency. Then, it can also be an important consideration that we can redeem our remaining money without losing much.
It is worth not leaving these steps to the last minute. For example, if we are spending money for the whole family or withdrawing accommodation in foreign currency – which may be because we have not booked every night – these are big sums. But a little ‘failure’ is not worth it as it can be prevented.
For banks, this operation is not cheap
As a rule, everyone knows that no matter where we switch. Illegal street bills should be forgotten, if nothing else, because we can’t go back to complaining.
One of the more expensive locations is the bank branch . Currency exchange is not one of the core services of banks, so their exchange rate is generally far below the central rate.
Abroad: cash withdrawal, card payment
If you are abroad, refrain from withdrawing money from ATMs, you will only have to pay the handling fee if you have a special card for free foreign withdrawal . It is therefore worth keeping this opportunity in an emergency, even switching to a foreign bank branch is a better solution.
If you pay with a credit card abroad – of course, with a domestic forint card – you will still incur some costs, not only at a mid-rate exchange.
What raises our costs here? Our credit card always has a billing currency, which is usually dollars or euros. For example, if you pay with a euro based card in Croatia, the bank will first convert the kana to euro and then to the forint. As a result, we have to pay twice the difference between the buying and selling prices of the currency.
It is worth turning to street money changers , preferably at home. We can choose from a variety of companies and search the Internet for the current exchange rate. However, it is worth looking at not just day by day, but hour by hour as this changes.
After the market closes at four in the afternoon, due to the risk – as they are unable to deposit income in the bank that day and exchange rates may fluctuate the next day – we get the currency more expensive. The difference between buying and selling is much bigger.
This is also the case with foreign exchange sending companies, which is also the case with the popular Revolve. On weekends, we may be worse off by replenishing our online account with our money sending service provider.