Whether you are shopping online in a foreign currency or traveling to another country and buying things during your trip, foreign transaction charges can quickly accumulate.

Read on to understand how you can avoid foreign transaction charges so you can save your dollars.

How to avoid international transaction fees on credit cards

Credit and debit card companies, and payment networks, charge foreign transaction fees for any transaction you make abroad. For example, if you are buying a dinner in Paris with your credit card, it could cost you international transaction fee. This fee could also be applicable when you use a bank at an international destination for a transaction.

The foreign transaction fees can be anywhere from one to three percent for every completed transaction. They are charged to cover the cost of the card company or bank for converting currency for you.

The foreign transaction fee includes fee charged by the –

• payment network
• credit card issuing bank

In addition, you might have to pay a high margin on the exchange rate, even if you are able to dodge the transaction fee.

All credit cards do not charge foreign transaction fees. So, compare this with your bank or various credit card options available and save a great deal of money while shopping internationally. Don’t forget to read the fine print that came with the credit and/or debit card that you are planning on carrying.

How to avoid international transaction fees at ATMs

While traveling, if you withdraw cash at a foreign ATM, you would be charged a fee, even if your credit card does not charge fees for international shopping. You might also have to pay a currency conversion fee, which is usually a percentage of the amount that you are withdrawing. And you might also be paying an ATM access fee to the company that owns the foreign ATM.

Read your bank’s terms and policies about using a foreign ATM. For example, your bank might waive the ATM fees if you withdraw cash from a partner bank abroad. A bank within the Global ATM Network could also help you save international transaction fees. This is a network of banks that allow consumers to withdraw money from partner ATMs for a lower fee.

Remember cash is still king, in foreign currency. Use a reliable foreign currency exchange service to exchange your currency into currency of the destination, you are traveling to.

If you are looking for foreign currency exchange without any hassle in Fort Worth or San Antonio, Texas, call Texas Currency Exchange at 888-975-6009. At Texas Currency exchange, we will help you with any questions about exchange rates, the type of currency you will need for your travels and more.

Currency market fluctuations can be a big concern for multinational businesses. Geo-political and natural events can trigger currency fluctuations. And hence, affect revenue and profit for businesses that have foreign operations. This is often referred to as Foreign Exchange risk.

In other words, foreign exchange risk is the risk of a business’s finances being affected by fluctuations in the exchange rates between currencies.

3 types of foreign exchange risk

• Transaction risk

This is the risk faced by a company when it’s buying or selling something from a foreign company. The risk here is the adverse effect that the forex rate can have on a completed transaction before settlement.

If a vendor’s currency appreciates vis-à-vis your currency, you will have to make a larger payment in your domestic currency. This risk increases when there is a long time between entering a contract and settling it.

• Economic or Forecast risk

Economic risk is the way in which a business is financially impacted by an unavoidable exposure to currency fluctuations due to shifts in the economic landscape.

Such risk can be the result of macroeconomic conditions, such as exchange rates, government regulations and geopolitical stability.

• Translation risk

Translation risk or exposure refers to a situation where a parent company has a subsidiary in another country and the latter’s revenue is converted to the former’s currency at a lower value. As exchange rates fluctuate, there can be variation in the financial figures affecting the company’s stock price.

If you are looking for best currency exchange without any hassle in Fort Worth, Texas, call Texas Currency Exchange at 888-975-6009. At Texas Currency exchange, we will help you with any questions about exchange rates, the type of currency you will need for your travels and more.

Foreign exchange exposure is the risk to a company while making financial transactions in foreign currencies. Currencies can go through periods of high volatility which can negatively affect profit margins if your cash flow is not protected from sudden fluctuations. Exchange rate risk can usually be managed with proactive hedging.

If your supplier payments or accounts are based in foreign currencies, you may choose a targeted currency strategy to reduce foreign exchange exposure. These strategies usually involve contracts that allow companies to lock in an exchange rate for an extended period of time, say one to two years.

How can I limit foreign exchange exposure to my business?

There are a number of tools that can help you limit your foreign exchange risk.

• Spot transfers

Spot transfers specify the terms of an exchange of two currencies between an end user and their financial institution.

• Forward Exchange Contract (FEC)

If you need to lock in a rate but aren’t ready to transfer now, you can use this option and use today’s currency rate for a future transfer. An FEC can eliminate the worry of future market movements.

• Limit Orders

Market risk can also be managed with a Limit Order, where you can set a target rate and then experts monitor the market for you. If the rate hits that target, you’ll be notified and you can make the transaction. This allows you to select a rate that works for your business, and protect you if markets become volatile.

If you are looking for foreign currency exchange without any hassle in Dallas, Texas, call Texas Currency Exchange at 888-975-6009. At Texas Currency exchange, we will help you with any questions about exchange rates, the type of currency you will need for your travels and more.

All of us that if we want to survive, as a species, on this planet, we need to be environmentally conscious. However, for many, when they are traveling, the green attitude takes a backseat in exchange for convenience. Here are easy-to-follow tips for the environmentally friendly travelers.

Say NO to travel sized stuff

Remember all those mini packings of shampoo and toothpaste that you buy while you are traveling? These bottles are thrown away and end up in landfills.

Instead, you can buy reusable empty bottles (you can easily find them in the travel or luggage section of a store) and refill them with the products you use at home. And you can reuse them. Get creative and use your old prescription bottles that have tight seals.

Go Local

Eat, drink and buy local on a trip. It not only avoids you contributing to any further carbon emissions, but also boosts local economy and saves you a lot of money. Try the local beer and wine, buy groceries at farmer’s markets, and buy locally crafted souvenirs. Apart from helping the environment, you’ll have a more authentic experience of the destination.

Travel Light

Every extra bag that you carry on the plane adds to the carbon emissions. So, carefully decide what you definitely need and only pack the essentials. You’ll not only save the environment but also the extra checked-baggage fee. Check out smart packing hacks such as rolling up your clothes.

Fly only when necessary

Jet fuel is one of the biggest air pollutants. Try to avoid flights, especially in places that have a great public transit system, such as Europe. Or you could drive a little further to an airport that offers a direct flight to your destination. You’ll get to see more of the world this way.

Take Public Transit

While renting a car may look more convenient, taking transit is a better option. It is cheaper, more environmentally friendly and allows you a closer look at the local sights.

Small things go a long way. Turn out your hotel lights when not needed, reuse the same towel before asking for a new one and keep showers short.

If you are looking for foreign currency exchange without any hassle in Dallas, Texas, call Texas Currency Exchange at 888-975-6009. At Texas Currency exchange, we will help you with any questions about exchange rates, the type of currency you will need for your travels and more.

An increasing number of countries have been moving to polymer currencies for their security, durability and cleanliness. Yet some of the world’s largest economies have not made the switch and don’t seem likely to do so anytime soon. So, how do these countries protect their currency from counterfeiters? Read on to know more about the most secure currencies non-polymer currencies.

USD

The US dollar is still made out of paper, but remains the most traded and sought-after currencies on the market!

If you take a close look at the new $100-dollar bill, you may be able to spot a few innovations – raised printing, a portrait watermark, color shifting ink, and a 3D security ribbon that’s woven into the paper rather than being printed on. The US banknote is printed on a distinct paper too, made with ¼ linen and ¾ cotton, with security fibers woven in.

All these features have made the new US bill one of the most secure currencies in the world, even when compared to polymer ones.

Swiss Franc

In addition to an incredibly beautiful design, Switzerland’s recent banknotes also come with high security features to prevent counterfeiting. The Swiss franc notes are made of paper, with an inner layer of polymer. Staying a paper currency allows for features, like watermarks, and polymer allows incorporation of a wide range of security features. For example, the Swiss franc has perforated digits, micro text and tactile features.

Japanese Yen

Japan is one of the largest economies in the world and the Japanese Yen is among the most traded currencies.

The Japanese Yen comes with several security features to prevent counterfeiting. A watermark bar pattern incorporates 3 vertical bars, a feature that is difficult to reproduce with a computer. A latent image and luminescent and pearl inks also make the yen harder to counterfeit.

South African Rand

The most widely traded currency, South African Rand holds great significance in Africa as well as the world. The South African currency is still non-polymer but has a number of cutting-edge security measures, such as microprinting, security thread, watermark, and a see-through perfect print registration.

Euro

While the Euro remains a paper currency, great efforts have been made to prevent counterfeiting.

Apart from cutting-edge printing technology, the Euro is made with a security thread, a hologram doorway, and infrared properties that reveal just the far-right portion of the bill under IR light.

If you are looking for foreign currency exchange without any hassle in Fort Worth or San Antonio, Texas, call Texas Currency Exchange at 888-975-6009. At Texas Currency exchange, we will help you with any questions about exchange rates, the type of currency you will need for your travels and more.

If you are traveling to or planning to do business in a foreign land, you would need local currency. So, everyone tells you to get FX. But what does it mean?

FX

FX or Forex or foreign exchange refers to exchanging one currency for another.

FX is essential if you are going on vacation, studying a semester abroad, trying to get an overseas deal, or a business paying the bills.

Everything, from the imported fruits you buy at the grocery store, to your newest smartphone, depends on foreign exchange. Businesses, that are run overseas, have to pay their employees, vendors and taxes in the local currency. This means like individuals, companies also exchange their home currency for a foreign currency.

FX experts buy your home currency and exchange it at the current exchange rate. They charge a small fee for each transaction. So, even though global exchange rates may be same, the cost of exchanging currencies may vary. For example, foreign currency exchange services at airports charge more because they know their customers are in a hurry and the airport is the obvious place to exchange currency.

FX Rates

FX rates change from day to day, even minute to minute. The foreign exchange market changes quickly which is why most people depend on foreign exchange or Forex experts to change currency.

If you are looking for foreign currency exchange without any hassle in Frisco, Texas, call Texas Currency Exchange at 888-975-6009. At Texas Currency exchange, we will help you with any questions about exchange rates, the type of currency you will need for your travels and more.

While the pound sterling, the Euro and the US dollar are widely known as some of the strongest currencies in the world, there are some which hold the lowest value.

#5 – Laotian Kip

Laos is a hilly country landlocked between China, Vietnam, Cambodia and Thailand. Laos is rich in minerals and hydroelectric potential but most people still rely on subsistence farming for their livelihood. The Laotian kip is among the weakest currencies in the world.

1 USD = 8705 Laotian Kip approx.

#4 – Guinean Franc

The Guinean franc is the currency of the Republic of Guinea. Despite its richness in natural resources, the country has suffered major setbacks due to political instability and the 2014 Ebola outbreak.

1 USD = 9199 Guinean francs approx.

#3 – Indonesian Rupiah

The Indonesian rupiah has repeatedly undergone demonetization since the country became independent. The rupiah continues to decline despite efforts made to stabilize and strengthen its value.

1 USD = 14,199 Indonesian Rupiah approx.

#2 – Vietnamese Dong

Since the reunification of the country in 1978, the dong has been the official currency of Vietnam. A few years later, the dong was revalued but it set chronic inflation in the economy. Vietnam has tried to take positive steps towards entering the international economy but the dong continues to be one of the most devalued currency globally.

1 USD = 23208 VND approx.

#1 – Iranian Rial

Iran has been subject to international sanctions since 1987 which have taken a toll on Iran’s currency. In 2013, the Iranian Rial was devalued to half its previous value against the dollar. It slightly revived in 2016 with the signing of the nuclear deal and lifting of some sanctions. But the sanctions were restored by President Trump in 2018. The Iranian Rial remains the weakest currency in the world.

1 USD = 42,105 IRR approx.

If you are looking for foreign currency exchange without any hassle in Fort Worth, Texas, call Texas Currency Exchange at 888-975-6009. At Texas Currency exchange, we will help you with any questions about exchange rates, the type of currency you will need for your travels and more.

Despite regulatory changes and media’s and social media platforms’ hype about Cuba travel, there are still many myths about Cuba travel. You may have heard –

• The embargo has been lifted (No, it hasn’t; only an act of Congress can do this)
• Cuba is going to get Starbucks and McDonalds soon (Nope!)
• Americans can’t travel to Cuba (American tourists can legally travel to Cuba)
• You can’t use CUP as a tourist (you can use either currency)
• The food in Cuba is bad (actually, there’s been a culinary revolution in Cuba these last few years)
• You can travel like a local (you can definitely try)
• It’s a dangerous country

The list goes on but the one myth that is constantly repeated is that you MUST exchange your US dollars to Euros or Canadian dollars before traveling to Cuba.

Can you Bring USD to Cuba?

Yes, you can bring US dollars into Cuba. And you can exchange American dollars to Cuban pesos (both CUP and CUC) once you arrive in Cuba. And you can exchange what is left on your way out, at the airport.

What Currency should I take to Cuba?

In Cuba, American dollars are subject to an extra 10% fee. So, many travelers rush to the bank to convert their US dollars to other currencies, like CAD or EUR to save that 10%. But this is not true, unless your bank offers super low exchange rates.

However, changing currency before you leave saves you the time and effort at the destination. For this reason, it makes sense to change your currency before you leave for any destination, not only Cuba. If that is your reason for changing the currency, by all means you should. The best pace to do is at established currency exchange services, such as Texas Currency Exchange, offer you the best rates and provide change for a wide range of currencies.

If you are looking for foreign currency exchange without any hassle in Frisco, Texas, call Texas Currency Exchange at 888-975-6009. At Texas Currency exchange, we will help you with any questions about exchange rates, the type of currency you will need for your travels and more.

It may be cheaper to buy your foreign currency abroad than at home, but it also depends on your destination.

As a general rule of thumb, destinations that are very popular with people from your country tend to be cheaper to buy currency than buying it before you go. This is because the steady flow of tourists selling Australian dollars allows money changers in those destinations to pool your currency together and then sell in bulk to a foreign exchange wholesaler. The margins they charge are usually smaller than banks so the exchange rate is more favorable, making it cheaper to buy currency at such a destination.

Unfortunately, the opposite is also true.

It may be costlier to exchange your currency in countries that aren’t particularly popular destinations for people from your country.

When you exchange your money before leaving your country, you’ve several options. You can buy it at the airport, from a currency exchange service or from your bank.

Buying Currency Online

Some travelers have started buying foreign exchange online. But buying currency online using a credit card can incur more bank fees. Also, when you buy currency online, it may take a few days before you can pick the cash up.

Buy from a Currency Exchange Service

This is a really good option to buy currency because of their low fee and better exchange rates. Currency exchange services are also excellent if you are traveling to more than one destination and need to buy several currencies. Established currency exchange services also allow you to sell the remaining currency back to them upon your return.

Buy from a Bank

Using your own bank only offers the safety of familiarity. Their exchange rates tend to be worse than an independent currency exchange.

At the Airport

Airport exchange services are only conveniently located but also the costliest. They offer far worse exchange rates than in the city because they don’t have to be competitive.

If you are looking for the best foreign currency exchange services in Dallas or San Antonio, Texas, call Texas Currency Exchange at 888-975-6009. At Texas Currency exchange, we will help you with any questions about exchange rates, the type of currency you will need for your travels and more.

Exploring a foreign land can be the most exciting thing you would ever do! However, one not-so-exciting aspect of international travel is exchanging your US dollars for the local currency. The currency exchange kiosks at airports and tourist destinations feel like a rip-off, and you obviously don’t want to start a trip with poor exchange rates and paying too much in service charges.

While there’s no perfect answer to currency exchange, some options are cheaper, faster and more convenient than others. Here are 4 popular ways to exchange currency, including their pros and cons.

Remember that the ideal currency exchange rate is the market rate but it is almost impossible for regular consumers to get market rate currency exchanges. You can only aim for an exchange rate closer to the market rate.

Credit cards

A credit card is one of the commonest ways people exchange currency while traveling internationally. Credit cards are convenient and secure but they usually charge a transaction which nullifies any benefits like a good exchange rate.

Getting cash with a credit card usually incurs high fees and high interest rates that start accruing the moment you draw cash. In some cases, if you don’t let your issuing bank know you’re traveling, your vacation shopping could be mistaken as fraudulent and they may lock down your card.

ATMs

ATMs are the most obvious way to draw cash, aren’t they? But do you know that they would charge you an international transaction fee, about 3%, and you will be using your bank’s exchange rate, which may or may not be the best rate possible.

Domestic banks

If you have the time, your local US bank can most likely get you foreign cash. But banks usually charge hefty fee and you do not even get a good exchange rate.

Prepaid travel cards

The modern travel or forex card is like the traveler’s checks of yesteryears. You can load money in them in different currencies and then use them like a credit card. But they often have a fee attached. So, check before you buy it.

Currency Exchange Services

Since currency exchange services are in the business of buying and selling forex, they can give you the best rates. Many even buy back what your currency that you bring back home upon your return.

If you are looking for the best Texas currency exchange rates in Dallas or San Antonio, call Texas Currency Exchange at 888-975-6009. At Texas Currency exchange, we will help you with any questions about exchange rates, the type of currency you will need for your travels and more.