Tips for Smart Money Exchange

Answer 1

veling abroad can be a lot of fun but visiting Another Country also has its share of challenges. Among these is dealing with foreign currencies. There are a few ways smart consumers can ensure they get a good value when exchanging money.

There are many options available for money exchange. Which method is best depends on the type of transaction and the amount of money involved. Many travelers will exchange their cash at the money exchange counters found in the airport. This is an easy trap to fall into because it is very convenient but these places almost never offer the best rate. On a long layover, it doesn’t hurt to exchange small amounts of cash to buy lunch or pay for snacks on the plane but there are better options for exchanging the bulk of your vacation spending money.

In most international cities that are popular with tourists, there are plenty of money exchange booths that offer slightly different rates so it pays to shop around rather than just exchanging all your money at the first place you see. Exchanging money in a bank usually gets an even better rate but this requires a little more effort. Bank workers might not always speak your language and banks in foreign countries aren’t open for long hours, but if you want to save some money it is worth the effort.

In some cases, it is not necessary to exchange money at all. In all but the most provincial destinations, credit cards like Visa and MasterCard are universally accepted. The credit card is charged in local currency and the card company sets the exchange rate. Calling your credit card company before your trip to check the exchange rate and fees can really pay off because these rates vary wildly depending on the card issuer. Many debit cards can also be used at international ATMs to withdraw foreign funds for a small fee. Both of these options help you avoid exchanging too much money and having to change it back at the end of your trip, thus paying the exchange fees twice.

For big purchases such as cars, international money transfers can offer substantial savings. Large amounts of foreign currency can be purchased for a bulk rate as these companies buy currency when the prices are at their lowest.

A little bit of research can really help maximize savings when it comes to money exchange.