Exchange Rate Transactions

If you have any idea of how forex and money exchange transactions work then you would surely know that how fluctuating the rates are, sometimes it is a matter of hours and not even days where exchange rates could impact on a transaction because of the fluctuation, companies or investors who often deal in foreign exchange transactions do their preparation in advance and book forward exchange contracts and that is quite feasible for them, if you are an individual who requires exchange of money from time to time because of travelling then you also have that option, but that for an individual with small amounts of transactions is not viable.

What an individual must do to avoid facing a huge currency exchange loss is to buy a currency where he/she would be travelling and keep that until it is used, or one can always open a foreign currency account with debit/credit cards which work internationally, this is one way of avoiding 10 to 15% of transaction loss which we would suffer if we fail to get the currency in advance and we are vulnerable in a country where the currency notes we have do not work, and the bargaining power are in the hands of the money exchange vendors who always make you suffer a transaction loss, their rates are different from the rates currently running in the forex markets and they are exploiting your vulnerability.

If you are headed to any part of Europe you would have to carry Euros, some countries have their local currencies as well but Euro is valid all over Europe and Italian money exchange vendors also entertain euro exchange customers better than any other one.