Are you travelling and worried about how to convert cash? It is nothing difficult as you can easily reach upto the foreign money exchange locations situated everywhere and can be accessed with ease. Mostly, you can get this done in the travel agencies, railway stations, banks, airports and other places like hotels, tourists destinations, department stores etc. You can also find several private parties doing this job in a small way to make their living.
When it comes to cash transactions, strict rules are being applied and should be followed. The same applies here too. There will be variations in the rate at which you get your currency exchanged and it is true that at established locations like banks or other bigger financial institutions you can get foreign money at better rates as the commission charged with be pretty less. This is because they focus on a larger turn over and so they earn enough profit with more customers. On the other hand, if you visit the small parties or the private ones, they ask for increased rates that might put you in real trouble and mere loss. pound to naira
Every day the rates keep changing and you can have a clear sight of this at any of the foreign money exchange centers as they will have a board in front indicating the present currency rates. There are few people who are aware of a shocking fact that there is yet another sector who charge nothing as commissions and so you get more money when compare do these bigger institutions. The only thing is to spend some time finding such a place which is of course trustworthy. This will apply to be profitable if you are exchanging a lump sum as the difference will add up to a huge sum. Mostly, notes are being exchanged and coins are either less or not used at all.
As the commission amount keep fluctuating, it is always wise to collect all the cash you want to be exchanged at once instead of doing it little by little every time. If you are travelling, you can get the exchange done before you leave the place so that you need not wander about in the new place looking out for a foreign money exchange counter.
Even though ATMs, online transfers, debit and credit cards are all on the top lists, foreign money is still on the hype as you can’t live without hard cash if you are travelling from one country to another!