Money Exchange: 5 Things to Know Before You Go

Money Exchange-Negosentro

Negosentro|If you are planning a trip, you are likely consumed with planning every little detail. Which hotel is the best? Which restaurants do you need to try? What sites do you have to see? While all of these little details are important, don’t forget to think about the practical things like exchanging your money! Here are 5 quick things that you need to know before you go.

Buy Money Online

Did you know that you can purchase foreign currency online? That’s right! You can shop for currency just like you shop for foreign hotels, conveniently from your home! There are many exchange companies online that offer very competitive rates and fees. In addition, they can ship the cash you need right to your doorstep. You will get a good deal on your money exchange in a convenient way and land abroad with cash in your hand- so simple! Please visit FxCompare for further details!

Avoid the Airport

When thinking about convenience, you may be thinking how easy it will be to walk off the plane in a new country and just exchange your money right in the airport. Sure, this is convenient but it is something you do not want to do! Airport exchange counters charge super high fees, service charges and have inflated exchange rates. No matter where you choose to convert your cash, avoid doing it at the airport at all costs. 

Finding Current Rates

So when you are looking to exchange your money, how do you even know what is a good rate? Some simple, quick research will help you find out what the current exchange rate is so that you can shop for money easily. The NAB exchange rates are a good reference to use as they are updated frequently, staying up to date with the constantly changing economy. You can find other sources online as well to give you a current exchange rate that you can then keep in mind as you look at various currency vendors.

ATM’s

While abroad, an ATM is actually a great place to get some local currency. ATM’s will only charge you a flat, one time usage fee rather than a variable fee depending on the amount you are converting. This one-time fee is likely to be lower than anything a currency kiosk can offer! In addition, an ATM will give you the same rates as the bank as it is affiliated with, it is just more convenient! Don’t be afraid to use an ATM when abroad!

Check Your Credit Card

If you plan to use your credit card rather than convert your money, you may want to see if your card charges fees for using the card abroad. Many credit cards have foreign usage charges that can add up quickly. Be sure to use a card that does not charge you to use it abroad or plan on carrying cash instead. Planning your money exchange is just as important as planning your trips schedule so be sure to invest a little time into this aspect of travel. Consider using an online vendor and skip the airport exchange counters! Follow these tips and you will enjoy your trip for sure!