Business & Finance Finance

Why it pays to plan your travel arrangements well in advance

If you're traveling abroad, it is common to focus on the more fun and exciting aspects of the trip. Often times, however, the boring details such as booking hotels and arranging foreign currency are left to the end and as a result a lot of potential savings are wasted. One of the things that are most often left to the end is foreign currency exchange. After booking the air tickets and the hotels, most travellers feel they've taken care of everything that they have to before embarking on their trip. However, the one thing that doesn't occur to most is approaching a money exchanger to buy foreign currency.

Approaching a money changer, well in time before a trip is as critical, if not more, than trying to book air tickets and hotels in advance. Most travellers are aware of the fact that air tickets and hotel bookings vary in price and almost always increase in price as time lapses. Even though, this isn't true for foreign currency, it is indeed true that currency exchange rates for almost all currencies tend to oscillate between a range at any given point in time. Booking your forex at the last minute, will prevent you from capitalizing on the getting the best currency exchange rate for the currency that you need to buy. Keeping an eye on the currency that you want to buy will help you figure out what this range is and subsequently also give you enough time to buy at the right time. If this sounds like a difficult task, there are several money exchangers who can also help you figure out the range of the currency you're interested in.

To make matters easier, some online money changers also allow you to set rate alerts. These are similar to flight fare alerts and notify you via email/ SMS when the rate of the currency you want to buy reaches a threshold that you set. Sites like the above also provide live currency exchange rates 24x7. Observing the rates on these sites can help you figure out the range of the currency you're interested in. Once the exchange rate is favourable enough you can place an order to purchase the currency online from the site directly.

Currency exchange can indeed be one of the biggest expense on your trip abroad and it is wise to try to save on it. Normally travellers spend tons of time getting good deals on hotels and airfares and it would be prudent to do the same with foreign currency. Getting favourable currency exchange rates can save you more than the savings you may obtain from an airfare deal or a hotel deal and checking for currency exchange rates should be a task every smart traveller should undertake.

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