What is the best month of the year to exchange U.S. Dollars for foreign currency?
Asked by
ahyman (
4
)
April 4th, 2009
I am traveling to England and Turkey this summer. I was told that there is a month during the year where the exchange rates are best. I’m looking to get the best exchange rates from U.S. dollars to GB pounds and Turkish Lira.
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3 Answers
ad would know this one he works with the currency every week day but i cant answer this one sorry
there’re really no such thing, with all the economy swings there are too many factors… see for yourself http://www.freeimagehosting.net/image.php?d21e49afae.jpg
If you can find a pattern, let me know and we can become very rich!
I would suggest buying when its lowest relative to the past few weeks.
There isn’t a seasonal one. The practicioners of arbitrage would jump on it in seconds leveling the gap.
I’ve found it was always best to use travelers checks as the buying and selling exchange gap was smaller than cash and you had some protection in case you lost them. It is also possible to use your credit card if you have an emergency.
A couple of quick rules if you do need to exhange:
1) Don’t exchange at the kiosks in the airports. They are shocking ripoffs. (Look at the rates. They are an embarrassment for foreign visitors.)
2) Exchanging cash in the foreign country yields a better rate than exchanging cash at your neighborhood bank.
Enjoy your trip.
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