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Your Vacation Budget and the Currency Market

When is the best time to exchange currency for a vacation in another country?
Vacations are considered the highlight of the year for almost everyone. Taking a break from the 8 to 8 work day is sacred time and is treated with care, consideration and thoughtfulness. Vacations take planning; finding the right hotel, good restaurants and attractions that arenít budget busters requires research and good information. A travel budget can make or break a trip and the currency exchange market can make or break a budget.

The old days of exchanging currency the day before the trip or waiting until you arrive at Cairoís International Airport in Egypt to exchange Dollars for Pounds can become a bomb that blows your vacation budget apart. The volatile global economy keeps different currency pairs in a state of flux. The Pound can surge in value due to a weak Dollar. A drastic 1600 point swing can cost you $160 for every $1000 you exchange. In order to make a travel budget work for you, a currency exchange strategy should be put in place while youíre planning the trip. Exchanging small amounts of money as you plan, protects you from market surges and you also know exactly what each exchange costs, so you can put together a budget in your host countryís currency. Averaging takes the guess work out of budgeting. It is cost effective and easy to implement if you have the right help.

Where should I exchange my money?
Most of us run to the bank to exchange money. After all they are in the money business so the rates should be good, but banks actually add a fee to every exchange and they may only post one or two rates a day which means you may not get a real time rate. The currency market changes every hour. Credit card companies use their own rate which includes their profit, plus they add a surcharge to every vacation purchase, so you donít know how much the trip costs until you get your monthly statement. Thatís definitely a budget breaker. Airport currency traders may add a hidden fee to the rate which means you have less money to spend.

A reliable currency trader can help you average your exchanges while youíre planning the trip. A professional will give you a real time rate so you avoid hidden fees, surcharges and bogus rates.

Other travel thoughts
Some countries put limits on the amount of cash you can carry through customs. If you exceed the limit and a custom search finds it, your money may be confiscated. Always carry cash in a hidden pocket or a money belt thatís secure and out of sight and use a wallet or a purse to carry a small amount of cash for trip incidentals. Common sense is your best security tool especially when you remember to use it.

Additional information on foreign currency exchange and the forex market can be found at ForexTraders.com. The site has endless resources and articles ranging from; broker reviews, tips on how to improve your strategy, different analysis, overleveraging and the risks of forex leverage, psychology of trading, along with an extensive free forex course.

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