Devin Thorpe, founder of the Your Mark on the World Center, calls himself a champion of social good. He writes about, advocates for and advises those who are doing good. He travels extensively to share his message as a keynote speaker, emcee and trainer. As a Forbes Contributor he covers social entrepreneurship and impact investing. His books on personal finance and crowdfunding draw on his entrepreneurial finance experience as an investment banker, CFO, treasurer, and mortgage broker helping people use financial resources to do good. Previously he worked on the U.S. Senate Banking committee staff and earned an MBA at Cornell.

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I’m planning a vacation abroad; how do I avoid currency related problems?

Travel abroad is exciting, fun and scary. There are so many new things to worry about: language, traffic patterns and signs, delicious food, strange food and colorful money. Virtually every currency in the world, except U.S. currency, is bright and colorful. Figuring out how to use the beautiful, colorful money without overpaying in country or being charged high fees along the way takes planning.

The following are currency related issues that you should plan for when traveling abroad:

  1. Exchange rates:Exchange rates, the price of foreign currencies in terms of U.S. Dollars, will vary from one day to the next. In fact, they vary from one moment to the next, though in most retail exchange locations you won’t see changes happen throughout the day. On the internet, you can watch exchange rates fluctuate moment to moment. The rates you’ll see on the internet will always be better than the rates you can get when you are exchanging currency. There is no easy way for consumers to hedge or protect themselves against painful swings in currencies while planning for or going on an international vacation.
  2. Exchanging Money:As a general rule, you want to exchange money as seldom as possible. Do some research and careful budgeting for your cash use on the trip and exchange once at the beginning of the trip all the cash you plan to spend so you won’t have to frequent money exchange services, banks or ATMs with frequency.

This article was first published at FamilyHow.com; to read the entire article, click here.  It is also included in my latest book 925 Ideas to Help You Save Money, Get Out of Debt and Retire A Millionaire So You Can Leave Your Mark on the Worldavailable for free at Smashwords or for $0.99 at Amazon.

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