No Commission Charges
No commission charges Currency companies
We always tend to take extra precautions when we want to do something regarding currencies. Whenever we travel abroad we came across a problem with currency exchange.Which sometimes cost us very much in shape of commission charges. In this article, we will briefly discuss commission charges and how to prevent them.
Firstly we have to understand what commission charges are. In terms of currency. Commission charges are actually an amount charged by currency companies as a service fee for providing a facility for your currency operations. In simple words, its a services fee charged by a currency company who acts as a bridge between the bank and a customer.
Some companies also claim to provide zero commission charges. But that is what you see in front of your eyes as they try to accumulate the commission in form of exchange rate fee. When you are a foreigner you must need a currency exchange and as per rule of every currency exchange. There is a policy in every country to charge on the exchange of currency. So companies take this policy to their advantage so if you haven’t done your research. You will be most likely to be getting ripped off by these companies.
Methods to prevent Commission Charges:
Research
If you are a foreigner in some country make sure that you have properly researched about the country exchange policy before coming here. As the currencies, companies can hit you with high exchange rate than the one mentioned in the policy. The Same thing can also happen with the money transfer from one country to another. So I proper research and understand can prevent you from frauds.
Compare currency Companies:
When you are living or working in abroad lot of people find the whole currency exchange thing quite confusing. Especially when it comes to getting value for your money it is almost impossible to ignore the issue. As you most likely need the money to buy a house. Send money to home to your family or you just want to take your savings to abroad with you. All of these simple transaction can frustrate you the most.
There are many methods adopted for these overseas transactions. Like traditional bank transfer but banks also charge you with hidden exchange rates. Another option is to use the third party broker who also claims zero commission rates. But hit you with exchange rates more than that of banks. So all this might get confusing for you that which methods are best for you. Well, there is no escape from the exchange rate. As you can see that there are many methods for transactions so it is essential for you to do your research. So the best way is to compare your methods of the transaction and choose what is less costly for you.
Concern with an Expert:
If all the stuff about currency companies and their policies seem confusing for you. Then this calls for an advice from an expert. The very first option for you is to talk to your bank manager. But this might not be helpful for you as banks also tend to make huge money on exchange rates. So you should only take advice from a banker. If you are in good terms with him/her. But getting advice from a person who is been through the currency operations. Is more suitable for you as that person can properly guide you through his experience.
