Forex for Travelers

Forex Bonus Lab will be covering currencies for people less interested in speculating fx, but more into using forex for traveling purposes!

Whenever you consider going to a foreign country you are often curious about the bang you can get for your buck. While many developed countries get to enjoy a higher purchasing power when visiting cheaper countries, this is not always the truth. In most of the cases, 1 dollar would buy you less items in Europe than in the US. Especially considering that the EUR is more expensive than the USD. Well, it is important to say that if you were planning to visit Europe soon, you would rather harry, as currently the EUR/USD rate has dropped almost 20%. This means that your Euro trip not has gotten 20% cheaper! Of course, if you are from Europe and were planning to visit the States, this works completely the opposite. Your US trip will now come with 20% of extra costs attached to it.

Observing the currency rates fluctuations could be a great way to save up on the traveling. Yet, this is not the only way to save up.

When it comes to traveling, especially to not so developed countries, you may rarely find the places that accept credit cards. This is why you need to keep quite some reserves of the national currency in cash. And that’s the field where you can lose quite some money too. The rule of thumb – never use your credit card for ATM withdrawals in the foreign currency. In most of the cases you will be supplied with a terrible exchange rate. The best way to approach this issue is to carry quite some amount of EUR or USD whenever you go to travel. Later you can exchange your currency into the local currency and this way you will get much better rate.

Last but not least, always keep in mind that traveling is an ultimate experience. Forex Bonus Lab recommends you to get the most of it from the local country, it could be drinks, food, transportation and so on. Purchasing local stuff is quite nice and is also way cheaper than getting the products you are used to!