TOP FOUR (4) FOREIGN EXCHANGE MISTAKES TO AVOID

2018-06-07 12:58:46

Whether you are going on a business trip, vacation, or travelling to shop abroad, it is important that you avoid the risk of losing money on Foreign Exchange transactions. It is germane that you stay careful and pay attention to exchange rates and fees.

Before exchanging currency, take steps to avoid these common mistakes associated with Foreign Exchange:

1.        Lack of Information

2.        No Patience

3.        Exchanging currencies at the last minute

4.        Assuming the street brokers have the best rates

 

1.        LACK OF INFORMATION

It’s easy to be overcharged when you have no idea what the exchange rate is and you go in blind with no one to guide or put you through. Luckily, Protrade provides the best rates for Foreign Exchange.

 Exchange booths take advantage of their captive market by exchanging currency at higher-than-market rates, on top of significant fees. Protrade guarantees you get fairer rates when you exchange currency with us before you jet off.

With Protrade, you get stellar exchange rates on a regular basis to avoid mistakes, or even worse get swindled.

 

2.        NO PATIENCE

One of the most effective weapons of Foreign Exchange is PATIENCE. Patience is a necessary ingredient for a successful Foreign Exchange transaction. It is probably the most important ingredient. Without patience, you are almost guaranteed to struggle or fail as a buyer.

The old saying, “patience is a virtue” is as applicable to the world of Foreign exchange as it is to any. Patience also happens to be the main virtue that most buyers are deficient in, and this helps explain why most buyers exchange currencies at exorbitant rates.

The importance of being a patient buyer cannot be emphasized enough. In other words, the more patient and careful you are, the better your exchange rate.

 

3.        EXCHANGING CURRENCY AT THE LAST MINUTE

Exchanging money at the airport counters will see you get a far from perfect deal than anywhere else. These agents pride themselves on offering a “premium” service, as they are open from first to last flight, 365 days a year. Essentially, you’ll pay a lot more for a little extra convenience.

Beware of signs saying “zero commission” when you’re exchanging your currency. While it’s likely that you’ll save on fees, it isn’t always indicative of a good deal. Banks often make up for the loss of commission by offering you a poorer exchange rate.

You may wonder “now what”? Protrade, will give you a better exchange rate than any bank branch or airport counter. If you want to get the best rates for your money, it’s best to use Protrade.  We monitor the market and give you the best rates. With Protrade, you don’t have to worry about changing currency at the last minute.

 

4.        ASSUMING THE STREET BROKERS HAVE THE BEST RATES

            This is a very common assumption among travellers, as they are led to believe that their street brokers have their best interests which in most cases, the street brokers are out to make profits and in some cases, give ‘’fake currency’’ which according to a recent research is 10 out of 18 times.

In order to avoid this kind of error, switch to Protrade. We have your back 24/7, all night, and every day.

We are just a click away at your fingertips.

All you need is one transaction and your days of going to the street brokers are over.