Know Currency Exchange Rates Before Traveling from the U.S.

 

Summer is vacation season, so play, relax and have some fun! And if you choose to travel outside the United States, you should be aware of currency values before leaving home, advises Victory State Bank.

As explained by the federal government website USA.gov, “Each country has its own currency or monetary system for buying and selling products and services. The exchange rate between two countries tells you the price you pay to buy another country's currency. When you travel internationally, you will want to have some of that country's currency to buy products or services.”

To assist you in preparing for foreign travel, Victory State Bank, the only community-based business bank on Staten Island, is sharing the following advice from USA.gov:

Exchanging Currency

Research the costs and process of purchasing currency for a foreign country:

 

§  Use online currency conversion tools to compare the value of your country's currency with the value of other countries' currencies. Each week, the Federal Reserve Board lists the currency value of over 20 countries against the value of the U.S. dollar. The rates are not in real time. 

  

§  Check with local banks to learn how to buy currency for another country.

  

§  Use currency exchange booths, exchange vending machines, and ATMs at international airports or train stations. These booths may charge a fee for the exchange service.

 

If you plan to use a credit card or ATM card abroad, the exchange rate may be different than the rates at currency exchange booths.

Cash Limits When Traveling Abroad or Entering the U.S.

 

§  Look up the country or countries you plan to visit for their currency guidelines and country information.

  

§  Find out if you must declare the amount of money you take out of the United States.

 

 

ABOUT VICTORY STATE BANK

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island, including the main office in the community of Great Kills and branches in West Brighton, St. George, Dongan Hills and Rosebank.

A planned sixth branch, to be situated in Meiers Corners, has received both regulatory and building department approvals.

For additional information, Victory State Bank may be reached at 718-979-1100, or visited online at www.VictoryStateBank.com.

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