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Currency Conversion

Written by ForexCult Team
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Currency Conversion When it comes to the issuers of the credit cards that you currently have in your possession, nine times out of ten when you use those credit card for foreign purchases you are going to be charged a currency conversion fee it doesn’t matter if it is a debit card or a check card or even a withdraw from the ATM for cash. This is one of the important things that you are going to want to keep in mind if you are going to be traveling to another country that doesn’t have the same currency that you do and you are going to be using your credit card to cover the purchases that are made there. In case you don’t already know what currency conversion is all about, you are also going to know what currency conversion is as well so that you know what the difference is between the currency of your country and the currency of the country that you are traveling to. When you think about the currency conversion rates in the long run you will see that the different currency conversion charges are going to eventually add up and in turn they are going to cause the cost of your vacation or trip to rise as well. It is a known fact that you will be able to save a lot of money if you take the time to choose the right credit card to handle the foreign purchases with. As you may already know there are several different credit card companies that are out there that are willing to offer you the services that you need and it is actually up to you to choose the right one so that you are able to handle the needs that you have for currency conversion in the right way and so that you are not struck by the large fees that are associated with the credit cards. About Currency Conversion Fees When it comes to Visa credit cards as well as MasterCard credit cards you are going to find that the currency conversion fees are actually twofold because of the fact that both of these credit cards are known to have a one percent charge that is standard on the purchases that you make that are foreign with those credit cards. However, you should keep in mind that the issuing bank in turn is known to also add other different fees as well. When you are considering currency conversion, it is very important that you really take this information into consideration. When you notice that the currency conversion prices are relatively high you may actually want to handle all of your currency conversion needs in your own home country instead of carrying those needs with you to the foreign country. Another thing that you are going to want to make sure that you take into consideration when it comes to currency conversion is the dynamic currency conversion which is known to relate to the financial service that the actual credit card holders have when the transaction is changed to their country’s currency when they are actually making a payment in a foreign currency. At the current time there are only two different credit cards that have the dynamic currency conversion which are the Visa credit cards as well as the MasterCard credit cards. Advantages of Currency Conversion As you know everything has advantages and currency conversion is no different. When you think about dynamic currency conversion, you are going to see that there are a couple of advantages that you are going to want to know about that are related to the proponents. When it comes to the first advantage that you will have, it is related to the actual visibility of the actual charges that are made in foreign countries. The second advantage is that you have the actual ability to enter the expenses that you currently have in an easier manner which is known to be a major advantage for the business travelers. The third benefit that you will have is that there is a less expensive fee that is associated with the dynamic currency conversion than you may have regularly. These advantages should be taken into consideration each and every time that you think about the charges that you will be facing. You should also make sure that you take the time to talk about this with your current credit card issuer so that you can find out if they are offering a rate that is good enough.

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Currency converter


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Interview with Matthew Sheppard

Senior Forex Advisor at XForex

1. What is your name and position?

Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

2. What is your experience and professional background?

In the last 6 years I had filled several positions in financial institutions such as a stock broker, a foreign exchange desk manager, a financial consultant and in my recent role I serve as a senior Forex advisor for XForex which is an online forex company.

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Because of our high presence on the web, most of our business comes from the online world.

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