If you are preparing a trip abroad, knowing how to convert currencies online is essential so as not to end up with one of the nasty surprises in your statement at the end of the month.
Have you ever bought a souvenir or dinner abroad, paying a foreign currency and then paying find a nasty surprise in your statement? Exchange rates can be misleading.
Nowadays, thanks to credit cards and ATMs, it’s possible pay virtually in all countries of the world with any currency. Unfortunately, however, there is a very high risk of losing control and spending more than necessary. Already with the credit card it is easy to get carried away with respect to cash. And if we get in the way of a different currency, our heads really risk exploding. Thankfully, there are very easy to use ways to convert free online currencies that work online and are constantly updated with the latest rates.
Online currency conversion: how to face a journey without surprises
When we visit a country that uses a currency other than the euro we must pay attention to the currency exchange which can deceive us and push us to spend more than we think. The first step is those of check the conversion rate online currencies to get an idea. For example, today the euro yen exchange rate is equal to 1 at 147.40. We can first approximate the value to 150. So we know that to get the approximate value of a product in euro, we need to divide by 150. This will allow us to do some quick approximate math in mind. For example, if a dinner costs us 10,000 yen we will be charged about 65 euros.
This can help us when we have to quickly choose a product among many or to direct us towards one product rather than another. And if we want to have a precise estimate, we can entrust an online currency conversion tool. Just enter the amount in foreign currency and in a second we will have the equivalent in euros or another currency. In this way we will be able to know precisely what we are spending.
Beware of commissions
Banks often apply foreign currency transaction fees. Usually the rates applied are around 2-4% of the total cost. So be careful to take this variation into account. Another additional cost may be due to the exchange rate applied by the bank which may not be the official one of the forex market. One trick to avoid this problem is pay directly in foreign currency if possible, many POS in fact give you the possibility to choose whether to pay with your own national currency or that of the country where you are a guest. There are also special services for those who spend a long period abroad, such as MoneyGram o Wisewhich allow you to pay and withdraw various currencies without incurring large commissions.
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