Travelling abroad is one way to explore the world, as you get firsthand experience to a whole life. This is from eating exotic cuisines to learning a few words of a new language and getting to know more about different cultures.
It is a luxury, few can afford. So when you get the chance to do so, make it as cheap as possible. This can range from knowing when and where to book cheap flights and hotel rooms to the best ways to exchanging money.
It does not matter if you are leaving your home country or already abroad. You must familiarize yourself with some of the best ways to exchange money while travelling. For instance, if you are travelling within or leaving Winnipeg, Canada it would be ideal to know the foreign currency exchange Winnipeg details for a safe, convenient and cheap travel experience.
Here are best ways to exchange money while travelling.
Make use of your debit card
If you need travel money, it would be wise to use your debit card to get the local currency of your destination. However, there are likely to be transaction and withdrawal fees. Nonetheless, you can always apply for a debit card that does not charge any fees on foreign transactions.
You can also research on the bank charges for foreign transactions, so that you are not shocked after a transaction.
Another option is to check if your bank has partner banks in your tourist destination or if it belongs to the global ATM Alliance. This way you can save on withdrawal fees, as it is likely to be low or at zero.
Charge large purchases on your credit card
As long as you have, a credit card that does not charge any foreign transaction fees when you use it for purchases. Make use of it. This can save you from paying loads of unnecessary transaction fees while travelling.
You just need to do your research on the best travel credit cards to apply. This is because there are many out there, with different reward programs. Go for one that makes sense in accordance to your travel plans as well as spending habits.
Also, ensure you apply for it early, before your travel date nears. This way you can guarantee it, gets to you right on time.
Buy foreign currency from your home bank or credit union
Most people like to be all-ready for their travel and this means planning everything at home and even making their currency exchange there. Besides, you will feel ready and confident about your trip if you are familiar with the local currency and have it.
Moreover, at times, it proves cheaper to do the exchange at home, rather than when you are travelling. You just have to do your research on how to go about it, as some banks may require you to have an account with them.
There is also a transaction fee, you will pay, but they usually have favorable exchange rates. So know about the whole process beforehand.
It is also advisable to check if the bank has the currency you want, earlier on as opposed to waiting until the last minute for the exchange. As you might not get the currency you want, or get a charge for immediate delivery.
Order cash online
You can also opt to exchange money while travelling on a currency conversion website. Just make sure it is a reputable one. However, before you choose one to transact with, compare their rates and service fees, as they tend to differ from one another.
Also, make an effort to know the rate being offered by banks and credit unions before opting for a currency conversion website. This way you opt for an option with the lowest total cost of transaction.
Anyway, whichever method you opt for, make a plan for it to avoid last minute rushes. As you would not want your money to arrive in your home address, after you have left for your trip.
Foreign exchange offices
There are loads of foreign exchange offices that offer better exchange rates with low service fees. You just have to research on them, and you will be good to go. However, you should avoid those located in tourist locations, malls and airports, as their rates are known to be terrible.
On that note, foreign exchange offices are the best and quickest way to currency exchange, as they would accept just any world currency.
In conclusion, how you choose to exchange your currency is personal, but it should be convenient and cheap. As the money you save in exchange fees can go along way into helping you during your trip.