If you travel to other countries a lot you know it's alway easier to purchase goods and services with the local currency. We all tend to get local currency at one point before, during or after our trip. I've seen many people stop at the local foreign exchange booth whether near the airport, resort or theme park. Did you know that that is the most expensive way to get your money transferred into local currency? It's practically highway robbery and I'm surprised it is legal. Sometimes we look online via our smartphone and see type "USD conversion to (whatever local currency)". Some of us see a number, think to ourselves "That sounds good!" and go to the local currency exchange and make a transaction. For an even fewer percent of us, we check the currency booth rate of exchange against what we found on the internet, note the difference, and continue the transaction never really understanding why the rates vary.


In short, the rates vary because you are getting screwed. The last place you want to get your money exchanged into the local currency is at these booths. They are profit machines for the owners, pocket drains on the customer. Ideally, you want to pull money out of an ATM from a debit account or get the money exchanged at a local branch of your bank. Below offers some information on how this system works giving you an example that I went through.


International Bank Rate - the one found on the internet (Below). Only institutions use this rate to trade money amongst themselves. We do not have access to this rate. Every trader we trade our money with has their own rate.


650EUR converts to $888US = International Bank Rate


TD Bank
$650EUR converts to $821US ($7 fee) You've lost only 7.5%


Travelex - currency exchange chain all over the world
212-363-6206
$650EUR converts to $762US ($126 difference from Int bank rate) You've lost 14%!


In summary, exchange your money through a financial institution you have an account in.

Here is a link to an article that goes into even more depth. Below is a segment of the article you may find helpful.
Say you're traveling to Greece and you want to land with 100,000 drachmas. If you walked into a branch of the Bank of New York, one of the nation's largest banks, you'd pay $335 for them, based on the exchange rate in early March. A travel agent using ezForex would charge you $316. And if you went through Currency to Go, you'd pay $320, including a $10 shipping charge. None of those prices sound outrageous, until you check the wholesale rate: just $289.25. (The wholesale, or "interbank," rate is the one posted in the business section of most newspapers. It's what banks charge each other to convert large sums of money.)

The best option for obtaining cash abroad is to use your bank's debit card at an ATM upon arrival. There are now more than 800,000 ATM's worldwide, including locations in most international airports and on all seven continents (for the record, there's one at McMurdo Station in Antarctica), so you're almost certain to find one where you're going. The two major ATM networks—Plus, run by Visa, and Cirrus, run by MasterCard—both have online ATM locators, so you can verify there's one at your destination before you leave (www.visa.com for Plus, www.mastercard.com for Cirrus). Just be sure you have a four-digit PIN, and know it by numbers rather than letters—many foreign ATM's don't have letters on their keys.

Although you won't secure the wholesale rate using an ATM, you'll come close: Both Plus and Cirrus add a 1 percent conversion fee to the wholesale rate (for example, if you withdraw 500 deutsche marks, your account will be charged the U.S. dollar equivalent of 505 DM, converted at the wholesale rate). On top of that, your bank will usually charge an ATM fee of $2 to $3. Some charge more for overseas transactions, though, so call your bank before leaving to make sure its fee is not exorbitant.

Even paying a surcharge, you'll save over exchanging in the States. If you wait until you arrive at Hellinikón International to get those 100,000 Greek drachmas, you can go to the ATM there and withdraw that amount for just $295.14, including the 1 percent exchange fee and an ATM fee of $3. That's $20 to $40 less than you would have paid at home enough for lunch overlooking the Aegean.

 
 

Don’t be fooled. Suze Orman gives very harmful advice in steering this caller away from getting a whole life insurance policy and I’m gonna break it down to you why. First of all I agree with Suze on this point; life insurance is not an investment, or at least the traditional sense of investment. That’s a misleading tactic slimey insurance agents use to convince people to buy insurance, and is illegal to state. I whole heartedly agree with Suze.

Where Ms. Orman is dead stanking wrong is telling this person term insurance is better than whole life insurance. Let me break it down. Whole Life insurance is in force for your whole entire life. It never expires unless you stop paying the premium. The rate never goes up unless you decide for it to go up. Term Life insurance is insurance for a specified term. 10, 20, 30 years. After that term is up, if you die, nobody gets anything! The insurance company keeps your money. So for example, let’s say Suze’s guest, Deepak is 30 years old. Let’s say he gets a Term Life Insurance policy for a 30 year term which is the typical maximum term. Now, let’s skip ahead 31 years when good old Deepak is 61 years old with his wife and kids. If he dies at this age of 61, or any time after that, nobody gets squat. Is that what you want?






Pro’s
- In force for your entire life, never expires
- Premium never goes up unless you want more coverage
- Accrues cash value
- Automatically accrued cash value can be used to pay missed premiums so policy doesn’t lapse

Con’s
- More expensive

Term Life Insurance overview

Pro’s
- cheaper

Con’s
- expires after term is reached
- after expiration date, re-issuance is not guaranteed
- less than 5% of term policies pay out because people outlive their term

Here’s the part that really sucks for Deepak. Let’s say he does get the term policy at 30. Then let’s also at 61 he doesn’t die, but he his policy has expired. He now has to go out and try to get more life insurance. One of two things are gonna happen:

A) He finds some coverage but since he’s 30 years older the coverage is much more expensive than before. (The younger you are, the cheaper it is.)

B) In the last 30 years he has developed some kind of health condition that makes him too high a risk for an insurance company to take on, so now he is uninsurable.

Both of these situation suck. And Suze Orman knows this. Suze Orman should be ashamed of herself giving this poor harmful advice to people. It’s dangerous. You wind up buying coverage, thinking you are covered, and when the time comes when you and your family need it, it’s not there. There is a better smarter approach to life insurance. We go into this and much more in my quick easy to read book:



This book is written for the person who wants simple straight guidelines on how to buy insurance and what to look for, from someone who isn’t trying to sell it to them and is an industry professional. It’s a fast read that will give you enough understanding to sit down with an insurance agent and know if what he’s saying is BS or not, and most importantly, take care of you and your family. Click on the Amazon link above or right here to get your copy today at a reduced promotional cost. Less than $5.00!! I wish you and your loved ones luck.



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