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Courtney Frazer | (TNS) Bankrate.com Exchanging currency is vital to international travel, whether you’re visiting for leisure or business. Understanding the nuances of currency exchange can help you avoid costly mistakes and make the most of your travel budget. Before you exchange money, you should know how to choose the right place to exchange your money, time your transactions for the best rates and estimate the money exchange fee. Currency exchange involves converting one country’s money into another’s. Because currencies have different values from country to country, exchange rates fluctuate based on factors like political stability, economic performance and global market conditions. Without proper knowledge of currency exchange, travelers risk losing money on unfavorable exchange rates, excessive fees and even fraudulent practices. It’s important to know how currency exchange works and where to do money exchanges so you can get the best deal. Exchanging money abroad often comes with various fees, so it’s important to understand what you might encounter. Flat fees Some exchange providers charge a flat fee per transaction. These can make smaller exchanges expensive relative to the amount you’re converting. Always ask about any flat fees in advance, and consider exchanging larger sums to minimize the impact of this fee. Percentage fees Many currency exchange providers charge a percentage-based fee on the total amount exchanged. This fee structure can become costly if you’re exchanging large amounts of money, so compare percentage-based fees before making any decisions. ATM withdrawal fees If you’re withdrawing money from an ATM abroad, your home bank and the foreign bank may charge withdrawal fees. Some banks refund these fees, while others may partner with international banks to provide fee-free withdrawals. Before traveling, check with your bank to understand what ATM fees you might face and whether they offer any reimbursement options. Foreign transaction fees Foreign transaction fees are often charged when using credit or debit cards abroad. Depending on the card issuer and payment network, these fees can range from 1% to 3% of the transaction amount. Many travel-focused credit cards offer no foreign transaction fees, which can help you save money when making purchases abroad. Check your card’s terms and conditions before you travel to avoid surprises. If your card charges foreign transaction fees, consider limiting its use and opting for other methods, like cash or prepaid travel cards. Not all currency exchange options are equal, especially for travelers. Some places offer better rates and lower money exchange fees, while others provide more convenience. Here’s a breakdown of the most common currency exchange options. Banks and credit unions Banks and credit unions are generally the best money exchange options, offering competitive exchange rates and transparent fees. Many banks provide foreign currency services for their account holders, and some even offer currency at a better rate when you order it in advance. If you have a major bank account, the bank may offer international ATM withdrawals with little to no fees. Banks tend to have the most secure exchange process, so you can avoid the high fees and markups that are common at airport exchange booths. Currency exchange kiosks Currency exchange kiosks, often found at airports and tourist destinations, are convenient but have significant drawbacks. They frequently offer lower exchange rates and higher fees, taking advantage of travelers who need quick cash. If you need to use a currency exchange bureau, only exchange a small amount to cover immediate needs and seek out better rates at a local bank or through an ATM once you reach your destination. Always check the exchange rate and fees before completing any transaction at these kiosks to avoid unnecessary charges. ATMs abroad Using ATMs to withdraw local currency in your destination country is one of the most convenient ways to get cash while traveling. Many banks are part of global ATM networks, allowing you to withdraw money with minimal fees if you use ATMs associated with their partner banks. However, it’s important to check with your bank ahead of time to understand what fees may apply to international withdrawals. When using ATMs abroad, stick to machines from reputable banks and avoid independent ATMs found in tourist-heavy areas or small shops. These often have higher fees and less favorable exchange rates. It’s also a good idea to notify your bank of your travel plans to avoid having your card frozen for suspicious activity. Prepaid travel cards Prepaid travel cards offer an excellent solution for travelers who want to manage currency exchange with ease. These cards allow you to load multiple currencies before you travel and lock in exchange rates to avoid rate fluctuations while abroad. Prepaid travel cards can be used like regular debit or credit cards but with the added benefit of lower foreign transaction fees. They also help limit spending, as you can only use the funds preloaded onto the card. However, be aware of hidden fees such as inactivity, ATM withdrawal or reloading fees. When exchanging currency for travel, it’s easy to fall into traps that result in unnecessary expenses. Here are some common mistakes travelers make and how to avoid them. 1. Exchanging money at airports and hotels While airports and hotels may be convenient places to exchange money, they often have the worst exchange rates and highest fees. Airport kiosks, in particular, are notorious for inflating rates, sometimes marking them up by as much as 10% compared to what you’d find at a local bank or ATM. To avoid these high costs, exchange a small amount of money before your trip to cover immediate expenses like transportation. Once you arrive at your destination, use ATMs or banks for more favorable rates. 2. Using dynamic currency conversion Dynamic currency conversion (DCC) allows you to pay in your home currency when using a credit or debit card abroad. While this may seem convenient, it usually comes with a much worse exchange rate and additional hidden fees. Whenever possible, always opt to pay in the local currency of your destination to avoid unfavorable rates. DCC also gives merchants more control over the exchange rate, meaning they could use a rate that benefits them more than you. When paying with a card abroad, always make sure you’re being charged in the local currency to get the most accurate rate. 3. Timing your exchange poorly Exchange rates fluctuate daily based on global market conditions. If you know you’ll need to exchange a large sum of money, it pays to keep an eye on exchange rates before your trip. Use tools to track exchange rates and exchange your money when the rate is in your favor. For travelers planning ahead, some banks and online services allow you to lock in exchange rates before traveling, helping you avoid losses due to unfavorable fluctuations during your trip. When traveling abroad, currency exchange fees can quickly eat into your budget. You can use certain strategies to help you save, avoid common fees and make the most of your money while exploring new destinations. 1. Plan ahead for international trips Before heading overseas, research your destination’s currency and exchange rate options. Many banks allow you to order foreign currency ahead of time, saving you from the poor exchange rates and high fees at airports or in tourist-heavy areas. If your bank offers international ATM withdrawal with low fees, consider using this option to access local currency while traveling. Financial institutions sometimes offer special travel accounts or debit cards with reduced fees for foreign transactions. Check with your bank to see if they offer international-friendly options that can help you save money while abroad. 2. Credit cards with no foreign transaction fees Credit cards that offer no foreign transaction fees can be a great asset when traveling internationally. These cards often offer competitive exchange rates, and some even provide travel rewards or cash back on purchases made abroad. Using a credit card for most of your international purchases can help protect you from currency exchange fees and fraud. 3. Limit currency exchange at high-fee locations Related Articles Work-life balance isn’t working for women. Why? More than a million oven gloves are being recalled after consumers report 92 minor burns Killing of UnitedHealthcare CEO spotlights complex challenge companies face in protecting top brass US added a strong 227,000 jobs in November in bounce-back from October slowdown Federal appeals court upholds law requiring sale or ban of TikTok in the US When traveling, try to avoid exchanging currency at locations that charge high fees, like airports, hotels or currency exchange kiosks. These places often inflate exchange rates and charge large commissions, reducing the value of your money. Instead, stick to local banks or ATMs for better rates and lower fees. If you have to exchange currency at one of these places, try to exchange only what you need immediately and find a better location later. Currency exchange is an essential part of international travel, and getting it right can save you a lot of money. By planning ahead, avoiding high-fee locations and choosing the right method for exchanging money, you can stretch your travel budget further and minimize unnecessary costs. When traveling internationally, avoid airport kiosks and hotel exchange desks, opt for ATMs and reputable banks and consider using prepaid travel cards or credit cards with no foreign transaction fees to simplify your currency management. With a little preparation, you’ll be able to get the most out of your money while exploring the world. (Visit Bankrate online at bankrate.com.). ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.MELBOURNE, Australia (AP) — Australia’s House of Representatives on Wednesday passed a bill that would ban children younger than 16 years old from social media , leaving it to the Senate to finalize the world-first law. The major parties backed the bill that would make platforms including TikTok, Facebook, Snapchat, Reddit, X and Instagram liable for fines of up to 50 million Australian dollars ($33 million) for systemic failures to prevent young children from holding accounts. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
The Pittsburgh Steelers take on what is typically an unenviable task -- traveling on a short week for a Thursday night primetime game. However, a few things are playing in Pittsburgh's favor as Week 12 of the NFL regular season kicks off. Namely, the "trip" to Cleveland is a little more than two hours by road and when the Steelers arrive there, they'll be facing a backup quarterback at the helm of a massively underwhelming 2-8 Browns team. The Steelers (8-2) are coming off a huge win over Baltimore to stay atop the AFC North. And Pittsburgh is beginning to set its sights on potential home-field advantage come playoff time. ODDS AND TRENDS The Steelers are a consensus 3.5-point favorite. That includes at BetRivers, where they have been backed by 80 percent of the spread-line money. Pittsburgh's -195 moneyline to simply win the game has been even more popular, drawing 95 percent of all money wagered. The Browns enter Thursday night having failed to cover the spread in nine of their past 12 games. Meanwhile, the Steelers have covered the spread in every game during their five-game win streak. The 37.0 total points line has seen the Over backed by 65 percent of the money and 70 percent of the total bets. Each of Cleveland's past eight November home games has gone under the total points line. PROP PICKS --Steelers WR George Pickens Over 50 Receiving Yards (-195 at DraftKings): Russell Wilson has thrown six touchdowns in the four games since he took over as the starting quarterback. Two of those have gone to Pickens, who has at least 74 receiving yards in each of those games. There is some concern that Pittsburgh gains a big early lead and turns to a run-heavy attack, but Wilson throws an excellent deep ball and that plays into Pickens' strength. This is the most popular player prop at the book. --Steelers RB Najee Harris Anytime TD (+100 at BetRivers): That potential for a run-heavy approach should benefit Harris, who found the sledding tough against Baltimore with 63 yards on the ground. He was also held out of the end zone for the second time in three games. Keep in mind that Cleveland has allowed only three touchdowns on the ground all season, but the Browns have allowed 12 through the air. Harris has a trio of scores on the ground and receiving through 10 games. KEY STAT The Browns have won the first quarter in five consecutive home games against the Steelers. THE NEWS The Steelers have certainly been locked in. They are currently riding a five-game winning streak, most recently edging the Baltimore Ravens 18-16 on Sunday. Chris Boswell booted six field goals against Baltimore, while Wilson completed 23 of 36 passes for 205 yards and an interception. Meanwhile, Cleveland continues to go through the wringer. The Browns ended up on the wrong end of a 35-14 blowout while facing the host New Orleans Saints on Sunday, marking their seventh loss in the past eight games. Cleveland now has to go up against one of the most unforgiving defenses in the league. Browns quarterback Jameis Winston is determined to direct a fundamentally sound performance against Pittsburgh, which allows the second-fewest points per game in the NFL (16.2). "It's precision passing. Getting the ball out on time. Elite operation and just doing our job. It's the simple things," Winston said. "This team (the Steelers) is not going to try and fool you. They're going to line up and say, 'Give us your best, we're going to give you our best.'" Winston threw for 395 yards and two touchdowns on 30-for-46 passing in the setback against New Orleans, with Jerry Jeudy hauling in six catches for 142 yards and a score. Star running back Nick Chubb continued to struggle since his return from a knee injury that cut his 2023 season short, finishing with 50 yards on 11 carries. INJURY REPORT The Browns could be without standout defensive end Myles Garrett, who missed practice on Tuesday because of a hip injury. Wide receiver Elijah Moore (shoulder), guard Joel Bitonio (pectoral) and cornerbacks Denzel Ward (ribs/ankle) and Greg Newsome II (shoulder) were among those limited during the session. Linebacker Alex Highsmith is dealing with an ankle issue and was ruled out by the Steelers along with cornerback Cory Trice Jr. (hamstring). THEY SAID IT Wilson is starting to feel like he might be part of something special, but he also doesn't want Pittsburgh to get ahead of itself. "I definitely think that we have a chance (to make a deep playoff run)," said Wilson, who has played in two Super Bowls. "I think the biggest thing for us is continuing to just take each week as the most important week of it all. "I think that it's not really even just the week, it's just the day, it's just the moments in between. I think the greatest teams, the greatest players, in any sport, especially the teams I've been on, is the moment -- it's never too far away. It's right here, right now. And you're just locked into that." PREDICTION Divisional road games on short weeks typically shape up as a daunting task. That's not the case for the Steelers, who will be hyper-focused to put this one out of reach early before enjoying 10 days ahead of a trip to Cleveland. With a second game against the Browns before a huge game at Philadelphia, this is not an under-manned opponent Pittsburgh will look past. --Steelers 27, Browns 19 This article first appeared on Field Level Media and was syndicated with permission.