Finance

Why We Suffer a Transaction Loss When Exchanging Currency

Countless number of currency exchange transactions take place every single day all over the world and most of the times we are the ones who suffer the exchange loss, the transaction cost is transferred smartly upon us by the dealers and we can suffer up to 10 to 15% loss on the entire transaction, exchanging money becomes necessary especially when travelling and if the currency you have does not work in the country where you are headed to then you would definitely have to visit a local money exchange dealer, but you can avoid that if you done some homework in advance.

First of all what you need to do is get all the information regarding the currency of the currency where you are headed to and check conversion rates with your local currency, then what you can do is buy some of that currency in advance and keep it with you, that is one common solution to this issue and it is widely used by people all over the world, second option is the most convenient one in my opinion and that is to keep a debit/credit card which works internationally, make sure that you have international transactions enabled and keep that with you, you wouldn’t have to go to any local money changers who are there to fraud you at first opportunity, even if they don’t do that they would make sure that you suffer the highest loss and they get the most out of this exchange transaction, euro is the currency which is used all over Europe and money in Italy is also Euro so if you are headed to Italy then you should either buy euro in advance or ensure that you have a debit/credit card which would work there.

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