October 24, 2018
We all work hard for our money and that majority keep our money in a bank for safety. The huge majority of us are used to being paid in the one currency, buying our grocers and paying our rents in the one currency. If facet many people will only have the need for the one currency during their lifetime.
Travelers know first hand that there is more than their home currency out in the world and trying to figure out the conversion rates can be mind-bending. If you are an American you have a good idea of what the US Dollar is valued wise at a restaurant or clothing store but when traveling all of this changes. If you take a trip to Djibouti, then you are in luck as the American Dollar will get a good rate of exchange currency wise. On today’s exchange rate you would receive 177.99 Djiboutian Francs. This is somewhat easy to follow but trouble comes when you go out to dinner and peruse the menu. Dinner for 2 with drinks could cost up to 12,000 Fdj, which is 12,000 divided by 177.99 equals the number of US Dollars. After a few drinks, this becomes significantly more difficult To make matters worse the exchange rate will most likely be different tomorrow and again the day after.
Local Currency Converters are known to add on a raft of commission. Some of these are to pay the hotel or restaurant staff that referred you to their office. It can be difficult to know if you are getting a good exchange for your hard earned dollars.
If you are planning on traveling then you need a good currency converter. You can find a number of them online and companies such as Continental Currency converters are well established and work to federal law processes when it comes to changing your money from one currency to another. While you may not get the absolute best currency exchange that locals may promise to give you around a corner and down a dark alley, you can be assured that reputable companies like Continental are legal and work to protect your money while you are traveling.
They also help in other ways – If you return home with a pocket or two full of exotic currencies companies like continental will purchase it from you at the current currency exchange rate. These companies also have wire services so that you can money across the world for whatever your need. If you are going traveling I suggest that you begin looking into how different currencies work and the best was that you can change currencies from one to another. American dollars to Australian Dollars and over to New Zealand dollars before exchanging them back to US dollars is what I have had to do in a recent overseas jaunt.
To learn more about how all of this works have a look at the site and begin your education in converting currencies so that you are prepared when you land on foreign soil!