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While working in Saudi Arabia,Abu Dhabi and some other Middle East countries,I often faced the problem of getting the correct exchange rate for salaries paid there in Arabian currencies.Several Americans and people belonging to different nationalities also often faced this issue.Attracted by the tax free domain and salaries paid in those countries,several thousand people are lured to work in those countries.who are very rich with their remarkable oil revenues in petro dollars.

The need for converting currencies arise for people visiting and working in foreign countries.The problem arises since the exchange rates published in local exchange houses are mostly directed towards deriving maximum benefit for themselves.This is the reason for many visitors and workers to places ranging from Bali to Hawai often get frustrated with the issue of currency conversion.

With this background information, one should be always prepared, when going to convert the hard earned money to local currencies and vice versa. We often stand to lose than make any money in such transactions; with associated bank charges and all. If at least a certain minimum amount is not converted, we will certainly lose. Because the final calculated rate that we get while exchanging say $1000 is quite different from what we will get when exchanging say only $100 OR $ 50!

To be forewarned is to be forearmed. Hence we should always do a little homework, well in time, so that we can get the necessary information updated by browsing from the internet. It will be a good idea to compare the rates published by several sites on the net such as Yahoo currency converter, forex.com and others. Have the information ready on hand while doing the transaction. Beware of pitfalls such as service charges of the local exchange houses as this information is not available on the net also. We must ask around and check with the concerned officials.

It is also a good practice to go to only reputed money exchange firms such as Thomas Cook for example so that you can be sure that you are not taken for a ride.

So when we travel either as a tourist or go for employment in some attractive destinations (money-wise), it is better to have full information about exchange rates. Several internet sites such as
www.forex.com;
www.x-rates.com;
www.finance.yahoo.com
offer this information.
Browsing, Google and Wikipedia searches will also yield more results.We should have complete and comparitive information,before the transaction is carried out.

Learn more about this author, Madhusoodanan.K.P..
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