A process that should be relatively simple can turn complicated or even disastrous if it isn’t approached with caution and careful consideration. We trust exchange brokers to deal honestly with us when we travel, believing that they exist to make our international movements easier, and that they surely must have our best interests at heart. While this is a wonderful idea, the simple truth of the matter is that currency exchange and brokerage is a profit-making business, and like any other business, there are those who have rightfully earned their dirty reputations.
How does an expat or other traveler avoid the dangers of a dishonest exchange broker? The answer may not be as complicated as you think. The image of a sleazy, backroom money handler is easy to imagine, but avoiding that same slimeball can be just as easy providing you keep your wits about you and maintain a healthy suspicion. Employing a few simple practices when faced with the prospect of international travel can alleviate the worry and concern that comes with managing your money abroad. We’ve provided some helpful Do’s and Don’ts that can keep you out of some very dangerous international waters.
The Do’s:
-Do your research. There is a wealth of information available both online and through many travel agencies and financial institutions. Make sure you obtain your recommendations from a reputable source, especially if you’ve never dealt with currency exchange, and have no previous knowledge of the subject.
-Do ask for opinions and recommendations from fellow expats or frequent travelers. Some of the best and most reliable recommendations can come by word-of-mouth. This kind of promotion is only earned by providing consistent, trustworthy service, and usually indicates a broker who values integrity and good customer service. One the same note, pay attention to negative reviews – these can help steer you away from bad situations.
-Do educate yourself ahead of time. One of the easiest traps to fall into is trusting the “expertise” of a “professional” without understanding the process yourself. Prior to your journey, investigate things like currency value, exchange rates and brokerage fees. Significant differences between your research and the numbers given to you by a broker can serve as red flags that you may be dealing with a dishonest firm.
The Don’ts:
-Don’t go blindly into a currency exchange situation. Criminals and crooks prey heavily upon the trusting natures of many travelers, so be prepared with at least a basic knowledge of the exchange process when you visit a broker for the first time.
-Don’t be afraid to ask questions. Remember that this is your money at stake, and you have every right to be informed as to how it is handled. An honest, well-reputed exchange broker should be willing and able to answer practically any question involving exchange rates and the exchange process with little effort.
-Don’t let yourself become involved with a broker that has inflexible or muddled business practices. Complex does not necessarily mean correct. Dishonest firms and brokers will often resort to procedures, payments and practices that are complicated or even impossible to track as a way to discourage customers from investigating their business too closely.
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Using a Foreign Exchange Broker – The Dos and Don’ts
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