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1700 Rockville Pike, Suite 400

Rockville, MD 20852

infoasi@assetstrategies.com

1-800-831-0007 (Toll Free)

301-881-8600

9 am - 5 pm EST

Monday - Friday

 

Asset Strategies International is an industry leading full service tangible asset dealer specializing in precious metals, foreign currency and rare tangible assets.


For other products and services:

www.ASIPMDirect.com

800-831-0007

301-881-8600

Fax: 301-881-1936

9 AM - 5 PM EST

infoasi@assetstrategies.com

 

Asset Strategies International

1700 Rockville Pike, Suite 400

Rockville, MD 20852

The Secret to Hassle-Free Global Currency Conversion

by Madeleine Coe

Planning to travel abroad during the holidays, or spend some time in warmer locales once the winter blues set in? In addition to packing and scheduling your travel itinerary, you’ll probably need to make time to exchange your US dollars for local currency. However, even seasoned travelers can get turned around when it comes to when, where, and how to convert your money.

A smart combination of financial products should help you to avoid unnecessary fees and ensure smooth sailing when you travel overseas!

Foreign Currency Exchange

Where to Exchange Currency Before Your Trip
It’s impossible to anticipate every financial need when you are traveling abroad, so it’s important to pack a combination of financial products for your trip, including foreign currency and credit, debit, and ATM cards. You should carry at least two means of payment and have small denominations of foreign cash to pay for cab fare, tips, and meals. There are a variety of options when it comes to currency conversion, so it’s best to shop around for the most competitive currency exchange rates ahead of time.

  • Airport kiosks or stores. Airport kiosks are super convenient, especially if you realize at the last minute that you forgot to convert your currency before you leave or upon arrival in a foreign country. However, convenience comes at a price. Exchange rates are poor, and fees can be outrageously high. Airport kiosks should be a last resort when it comes to exchanging your money for foreign currency.
  • Your bank or credit union. Many banks do not offer currency exchange to their customers. When they do, this service often carries a fee. You may be able to order currency by phone or online for pickup at a branch location, but since banks do not often carry a variety of currencies, there may be a wait as it is transferred to your pickup location.
  • Order cash through a currency converter. A number of websites sell foreign currency and deliver it right to your doorstep. Some of these companies are not able to provide exchange rates that are quite as favorable as banks, and some charge for delivery, however, there are also some affordable options out there that can be more cost-effective than any other method of currency conversion.

Local currency is indispensable for tips, transportation needs, small meals, and other casual purchases. Avoid exchange line hassles, high fees, and unfavorable exchange rates by purchasing foreign currency before leaving the United States. Traveler feedback suggests taking the equivalent of $100 USD worth of foreign currency per person, per day, to meet incidental expenses. Remember to store your passport, airline tickets, extra foreign currency, and other must-haves securely and only take the cash you need for each day’s outing out with you.

Cash or Credit?
It is handy to keep your credit card with you as you travel overseas, but call your card companies before you go to let them know your travel plans as transactions in another country could be declined as suspicious. If you were to forget to take that important step, it only increases the reason why you should be carrying foreign currency as well, so that you aren’t stranded! Also, be sure to ask your card companies about foreign transaction fees, fees for withdrawals at an international ATM, and your daily card limits to make sure they will fit your needs.

It’s important to note that you could be charged both foreign transaction and currency conversion fees. Foreign transaction fees are charged on credit card transactions outside the country where the card was issued, usually about 3% of the purchase price, where currency conversion fees are charged by overseas merchants to convert transactions into USD. To avoid both fees, get a credit card with no foreign transaction fee or simply refrain from using your card while abroad, except in case of emergencies.

Buy or Sell Foreign Currency

Exchanging Currency While Abroad
International wire transfer service makes sending and receiving one-time or recurring overseas payments simple and efficient. Wire transfers are one of the fastest ways to transmit money to or from individuals or businesses. If you are using your bank, you should speak to them before you leave about how to send a wire when you’re abroad as banks require you to enroll prior to leaving the country.

By sending an international wire in foreign currency, you can convert and lock in the exchange rate upfront and know how much foreign currency your beneficiary will receive, as well as potentially benefit by negotiating prices in an overseas vendor’s currency.

The ASI Difference exchange currency
ASI can help you with your foreign currency needs and offers over 100 currencies for exchange. We are a non-bank, foreign exchange dealer who offers foreign currency banknotes and international wire transfers. We offer some of the lowest premiums on foreign currency exchange available, and our rates are even more competitive than most banks.

ASI also offers an online service to purchase over 60 foreign currencies in amounts less than $2,000 USD. This service provides the ease of purchasing online and extremely competitive fees. With any amounts over $2,000, our preferred client relationship representatives would be pleased to assist you over the phone at 800-831-0007.

Avoid the hassle of exchange offices and high rates by diversifying now, and always having currency on hand for immediate expenses whether you plan to travel immediately or not. Diversify out of the US dollar with global currency and your portfolio will thank you. You can consider global currency as a type of uncorrelated asset class and for a truly diversified portfolio, one must consider a varied allocation of assets. On average, over time, asset classes perform differently, exhibiting less variation in returns than a portfolio with only one asset class, so diversification should lower risk, help investors stay the course, and achieve financial goals over the long haul.

Currency Exchange After Your Trip
Your bank may not buy back all types of currency. Before leaving, find out whether your bank will buy your foreign money back after you return. If not, you can exchange your money at a currency exchange store or kiosk in the airport abroad or in the U.S., but you likely won’t get the best rate.

ASI offers a foreign currency buyback program, so no worries if you didn’t end up buying as many souvenirs as you thought. You can give our representatives a call at 800-831-0007 or email us to purchase or sell your foreign currency.

Contact ASI

1-800-831-0007 (Toll Free)
301-881-8600

Fax: 301-881-1936

infoasi@assetstrategies.com

8AM - 5PM EST, Monday - Friday

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    1-800-831-0007
    301-881-8600
    Fax: 301-881-1936 infoasi@assetstrategies.com
    Monday - Friday
    8:00 am - 5:00 pm EST
    1700 Rockville Pike, Suite 400, Rockville, MD 20852

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