If you want to get the best bang for your bucks when it comes to money changers, this article is perfect for you.
It shows you how to find the best money changers, not just for the convenience but at the best exchange rates.
So yes, if you want to exchange your money without the risk of getting ripped off due to paying super high fees you absolutely should take the time to find a reputable changer.
And not just any type of money changer but one who will ensure you get the best exchange rates for your currency.
Finding the best money changer isn’t something you might want, but is something you should do.
This is especially as every extra money you get from the exchange can go a long way, particularly when you really need money.
We know it can be tough to locate one in general, forget about finding one and on top of this hoping that they’re good.
Well don’t worry because we’re pretty good in this area. We’ve put together 10 of the best tips you can use in order to find a top flight money changer, whether far or near you.
Take a careful look at these and focus on finding the one tip you know is really going to be applicable in your case.
Money Changer Near Me – Finding The Best Ones for the Best Exchange Rates Is Possible
Yes, that’s the first fact to point out.
Just as it’s smart to use online shopping apps, cash back apps, money saving apps or investment apps to save as much money as you can, it certainly smart to find the right options when exchanging money.
This also helps you save a lot of money you would have otherwise had to pay with shady money exchangers.
That said, below are the top 10 tips…
10 Top Tips for Finding the Best Money Changer for the Best Exchange Rates
1. Don’t Focus on Getting Your Money Exchanged at an Airport
Yes, don’t, even if you’ve been told the rates aren’t as bad as you think they are.
Here’s the thing, the money changers near you might sometimes be located within airports. So what you’re really getting here is convenience, but are you really?
Even if you saved money for your travels by say, looking for cheapest days to travel by air, why spend that extra money on higher exchange rates at the airports?
Yes, there is an ease that comes with using an airport near you to get money converted, but boy does it not come cheap.
Firstly, there are airports that have deals with certain companies to offer these services exclusively.
What this means is there won’t be any other competition, which means you can really get gauged.
Secondly, if an airport near you has an exclusive provider they use than this is likely the case at any airport you go to in the area.
You’ll just end up paying more if you go this way.
And in this case you’ve been told the rates aren’t as bad as you think, ignore this.
Airports are very strategic and will likely build fees into other areas without you being aware of them.
You’re still getting gauged.
2. Go Where There’s a Lot of Competition for the Services of Those Who Exchange Money
Yes, you should go to an area where you can be confident that there’s a lot of competition for the services of those who exchange money
It doesn’t matter if it’s just two different options on one street, you’d like to see competition.
You’ll likely have some form of difference that will make using one better than using the other.
Now if there are several options offered in one area, then chances are high that some of them work together or are owned by the same person.
The best way to get around this would be to collect the information from the different money changers and then call them on phone, in advance.
Learn what their rates are and if it’s worth it to use one option over another.
Also don’t focus just on upfront rates, but other conveniences such as changers being willing to buy currency back you don’t use.
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3. Stay Away From Areas That Are Known to Be Tourist Zones
This is obviously because you’ll pay extra high rates when exchanging from such areas.
No matter where you are you’ll want to do your research and try to not exchange money in an area that’s known to be a tourist hot spot.
Even if you are doing jobs that involve travel and have so much extra money to spend, it’s still smart to save money on exchanges and avoid known tourist hot spots.
The reason why is because even if there are several money exchange options there they’ll likely be very similar in terms of rates you’ll pay on major currencies.
It’s best to look outside the area, even if it’s further out and will require a little extra time to get there in order to get a better deal.
You want the best exchange rate you can get. Options in tourist zones are geared towards squeezing you for every penny usually.
4. Learn Which Money Changers in Your Area Are Most Active for the Currency You Want to Exchange
The purpose of these types of businesses is to make money on trading currency.
So they’ll focus on the particular currencies that people most frequently use.
This doesn’t mean they won’t carry different currencies, They’ll just have less.
Due to this you can expect to pay higher rates when you need them, thereby making easy money for the money changers.
The best way around this is to find a changer that is highly active for the particular currency you need in your area or close to it.
This will at least ensure you get a lower rate than going to an option where they are less active or even significantly so.
5. Use Cash Instead of Credit Card When Exchanging
If you do find a money changer near you, make sure to not use a credit card.
Use cash instead to avoid extra fees.
Yes, some changers are willing to accept a credit card in order to give you access to the money you need, but it usually comes at additional costs.
Not just in the form of fees you pay with your credit card, but those imposed on you from the business itself.
It’s also smart credit management to avoid using credit card as much as you can.
Also, while it might seem convenient and even safer to use a credit card where the option is offered, all it does it jack up the overall costs of getting the money you need.
Plus the minimums required if you use plastic where it’s offered might be for way more than what you need.
Of course this might be different when using a debit or prepaid card, so make sure you know what the deal is even with using such cards.
By the way, talking about debit cards, there are now kids debit and prepaid cards to get for your kids, as a way to help them get started with learning how to better handle money.
6. Look for Money Changers in Your Area That Don’t Have Really Loose Denomination Requirements
The problem with using money changers that enable you to get virtually any amount you want changed is that it costs a lot.
Versatility might be convenient, but it means a lesser chance for a profit.
Think about it.
Options that allow you to get whatever amount you want, especially on the smaller side, have to make up the difference somewhere, right?
One way the difference is made up is by charging you more money, even having fluctuating rates.
This means the less you need, the higher the overall rate to offset the smaller amount you’re getting.
Think of it like check cashing places who charge less the bigger the check is.
In the case of certain money exchangers this dynamic is reversed.
7. Look at Your Local Bank or Credit Union to See If They Offer Money Exchange Services
You never quite know exactly what type of services your bank offers.
This is because a lot of people usually don’t use even a fraction of the services a bank offers.
Most people only use them as loan places but you can use them for much more.
If you do your banking through a major branch, then you might learn that they offer money exchange services and the rates are actually pretty good.
The only knock is that you might have to be a customer at that bank.
You can order the money you need at the branch, through the phone or even online in some cases.
If you don’t have an account at a local branch that offers this, then consider seeing if you can find someone who does that’s willing to help you out.
8. Look at Local Travel Agencies to See If They’re Willing to Exchange Your Money for You
We believe this may be one of the most effective tips discussed here.
We’re pretty confident that you have several travel agencies near you or close around you, right?
If you focus on the ones who deal in international travel especially, then you may be able to get money exchanged directly through them.
If this isn’t the case you can take the chance to ask questions about some good places to go in order to find the best rates.
We’re not just talking locally, but anywhere you might be thinking about going.
A travel agency that has a lot of contacts and reputation in the business will be able to provide you some avenues you wouldn’t learn about anywhere else.
Note that these are not hobbies that make money for these travel agencies. Instead, these are real business for them and they help you to make money from it themselves.
Even if they can’t themselves, they might even be able to introduce you to some private exchangers.
These are individuals who do this as a business and can offer better rates than any conventional options.
Just make sure in this case they’re someone who can be trusted.
By the way, if you are a female, this can be one of the business ideas for women who love dealing with currencies.
Private exchangers do this on the side and can make a lot of money all year round.
9. Look at Some of the Hotels in Your Area That Specialize in Hosting International Guests
You don’t want to focus on those big motel chains, because chances are they won’t be able to do much to help you.
We want you to focus on hotels that cater to international guests.
It shouldn’t be too hard to distinguish between which hotels have this sort of crowd and which ones don’t.
You can call up and see which ones offer money exchange services and then compare options.
Finding the best option can end up giving you a lot of free money from the exchange that you didn’t previously think you could get.
Once again, the good thing about going this sort of route is that sometimes you might learn about options that aren’t advertised or known about through conventional means.
And we’re pretty sure that in this case you’d get better rates on your exchange than what you could ever hope to get elsewhere.
10. Use Your ATM Card Once You Get to a Certain Destination If They Have ATMs Associated With a Major Bank
ATMs you find internationally will typically offer better rates on currency conversion than what you’d get at a local business.
The issue with this is that you might not have an ATM card you can use with a specific ATM.
You may also not be able to takeout money at all, this means through any ATM machine.
It’s best to make sure this isn’t going to be an issue before you even leave the country.
Set things up in advance so you can know you have this as an option.
If you aren’t leaving the country, but need to exchange currency than you need someplace to buy it back.
Local banks (preferably the larger branches) will offer this most likely, buy usually only for major currencies.
You can still be forced to have to go through another option if you have a lesser used currency and this is going to cost you more no matter what you do.
Questions To Ask To Help You Find The Best Money Changers
We’ve included a few additional questions we feel are important in helping you find the best money changers:
1. What Type of Person Is Going to Need to Use the Services of a Money Changer Near Me?
Someone who has a lot of foreign currency they need to convert.
It can also be someone who has their own counties currency and want to convert it to another before traveling.
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2. Why Would It Be So Important in Order to Find a Money Changer That’s Close to You at the Moment?
An option that’s close means convenience and a less likelihood that you won’t be able to find one later.
Close options are also easier to investigate in person.
3. Why Is It So Crucial That You Find Not Just a Money Changer, but One That’s Considered to Be the Best?
A top flight money changer isn’t going to charge you an arm and a leg to convert currency.
You’ll truly get a good rate for your currency exchange.
The fact that you can end up getting a lot more than you would otherwise, means you should not bother having to go through a little trouble to find the right one.
4. What Will Happen If You Are Unable to Find One of These Near You?
There’s a chance you might be forced to use an option known to not be so good or have to use another service where they charge absurd rates.
If you have no money at the moment and really need to get what you can, there and then, you should.
5. How Will You Be Able to Know If a Money Changer Is the Best or Not the Best to Be Using?
Others might speak well of them or you may even be able to find some reviews online for them.
They’ll be known for not taking advantage of people.
As you can see, there are smart ways of finding the best money changers near you or even far from you, beyond just going with the first one you can find.
Whether the goal is to do it locally where you love or do it once you get to an international destination, knowing what your options are will enable you to compare and contrast.
You work hard for your money we assume and you don’t want to get nice pieces of it taken away just to convert it and enjoy it.
No, be diligent and don’t opt for convenience.
Convenience, such as the kind airports try to sell you on with using their currency exchange options, will conveniently cost you a lot more.
It’s a game and you have to know how to play it in order to win.