PRO INSIGHT
Recently on photographic assignment
the exchange rate was 1600TZ for
$1US. Just doing the calculations in my
head caused several costly mistakes.
Being facile in mental conversions is
an artform. For certain spots on the
globe, negotiating, bargaining are part
of the social fabric. How to navigate
financial protocol can make or break a
photography excursion.
Tourists unfamiliar with transferring
money around the world are often
confused by local customs. They can be
complicated. Money looks different. It
is printed in another language. Intricate
math is involved.
Many travelers pull out calculators, special
devices and cell phone apps to help with the
arithmetic. They become mired in the fact
that money does not translate one-to-one
and fluctuates daily. Retail “sticker shock”
can be daunting.
Rate of exchange has little or no bearing on
the strength of one currency against another.
Leave high finance to the speculators. Your
primary quest is to find who consistently
offers the most favorable rate. Convenience
is expensive. So your hotel may be an easy
resource but not the best place to convert.
Banks, even ATMs, are usually better.
Remember you pay a fee each time you trade
back and forth. So do it as rarely as possible.
PicsArt Monthly |9