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Buying foreign currency

Cheapest, easiest ways to buy it

Yanksalot
post 24.Sep.2009, 09:14 AM
Post #1
Location: Helsingborg
Joined: 31.Jul.2007

Hey,

Just want to get your opinions on this.

I am planning to take a trip to the US over the holidays and would like to take advantage of the low dollar, buying some now thinking that it will raise by the holidays. Is simply using a credit card the best way to make purchases or buy USD here and take it over with me?

I often see/read people talking about the different currencies and the rates of exchange. If I simply want to buy some USD for some SEK, what would be the best way to do that? Best meaning easy and cheap.
IE. does Forex have a good exchange rate or is it a rip off?

thanks for the tips
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Essingen
post 24.Sep.2009, 09:40 AM
Post #2
Joined: 2.Nov.2008

Forex is an excellent organisation in my humble opinion. I'm not sure about the US but rates are always better at forex than in my own home country (the UK).

Credit cards are a good way to pay, but most of them have a margin of around 1.65% on the exchange rate which actually is pretty fair. Avoid Diners and AMEX which seem to have higher margins. If you are mean, like me, get a GE Master card (free of charge) before you go and avoid the 1.65%.
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smokin joe
post 24.Sep.2009, 05:10 PM
Post #3
Joined: 11.Aug.2009

peeps send me yer cash ok
i'll then give you a good rate

forum for nutters www.hifitalk.forumotion.com
 
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krzyz21
post 25.Sep.2009, 10:01 AM
Post #4
Joined: 25.Jul.2007

This is debatable.

I always prefer to use my Skandiabanken debit card to withdraw cash in the country I visit. I have noticed, usually I get better rate. Kiosks like Forex, they charge a little more. If its large amount, I prefer ATM in the visiting country. If its small amount, I would go to Forex.

The argument for doing so is, as I read around, when you use your debit card, your transaction becomes a part of big transaction at the end of the day. For a 'big' transactions, banks get a better exchange rate, which is later on passed on to you, unless your bank charges commission separately. Skandiabanken charges 1.65% (I don't know as what) but even after that I am happy with the exchange rate I get.

I would like to hear what others members do..
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