Currency exchange can be frustrating, especially to first time travellers to a foreign country. The thought of being charged for exchanging your foreign money to the local one, can make your entire trip stressful. Since its hard-earned money, it is best to try to get the best possible rate for it with minimal to zero fees.
The best thing to do is research on currency conversions before you leave your country. This way you make your trip as affordable as possible. As for now, here are currency exchange tips you can use for your next abroad vacation.
ATMs are better when it comes to withdrawing your money into the local currency. Even though there might be some withdrawal fees, it is still better than exchanging your foreign money at any currency exchange business. However, you will not pay any withdrawal fee if your bank belongs to the Global ATM Alliance, banks in the same network.
In case you are worried about ATM fees then you can just withdraw big sums of money once and save yourself from the agonizing expenses.
At times, opt for airport exchange
Even though airports are known tooffer bad rates with high exchange fees, they are at times better than currency exchange businesses located in different parts of the city. However, many will advertise a no commission exchange at the airport, be wary of such adverts, as their rates are likely poor.
Just shop around the airport, look up for the different exchange rates, and ask for the calculations from the attendant. It does not matter which part of the world you are in Belize, Germany, Malaysia, even in Canada’s capital, you can find a good currency exchange Ottawa airport.
Choose to be charged in the local currency
For abroad purchases, always choose to be charged with the local currency and not your foreign currency. The term is often called dynamic currency conversion or cardholder preferred currency, and should be avoided at all cost. This is because if you opt to be charged with your foreign currency, there will be a certain percentage charged on top of the exchange rate.
Moreover, you are risking being charged the worst rate for the exchange with this option, making the whole fees even higher. So just, opt to make your payments in the local currency of your tourist location and not in your foreign currency.
Make the exchange with your home bank
This is always a great option, if you have not left for your trip because your bank is unlikely to charge you high exchange rates.
In relation, if you are staying in a foreign country for a while, and still have some money you have not exchanged to the local currency, you can open a local bank account there, in a bid to get the best possible rates for your money exchange.
Do not change currency in tourist locations
There is no worse place to exchange your foreign money, than at the center of the city. The bureaus are often located in every corner to lure and trap tourists visiting the city, do not fall into this trap. These locations are likely to advertise a no fee exchange but they do not mention that they have bad exchange rates.
If you are to make an exchange in suchplaces, make sure it is just a small amount to get you by.Huge sums can leave you with loads of loses, which you would not have if you just used an ATM. ATMs are also located within the city, so make use of them, but if you just have to use the bureaus try and bargain a bit, you might get far.
Conclusively, if you cannot make your money change at home before you travel. Do your research on other best options to getting a better exchange rate. You can start with the ones listed above.