When you are traveling abroad, you will obviously need some local currency. You are basically ready, since you have booked the flight and you have your agenda all planned out. Getting foreign currency is not a problem; the only concern is how you go about it, because this can make a big difference in terms of how much money you can save.
Of course you want to save, right? Then, you will have more to spend if need be, so it does not end up being too tight, otherwise, you will be watching pennies. You need to be aware of all kinds of hidden fees which can add up. Let’s take a look at some of the money exchange options for travellers.
1. The ATM
Using the ATM is arguably the best money exchange technique for a traveler to use in order to get a very low exchange rate. You can virtually spot an ATM anywhere you go, so getting access to them in a foreign land is never going to be a problem. ATMs are the cheapest way to get money plus it is also safer because this way, you do not really need to carry a ton of cash with you. However, do be aware that your home bank may charge you an additional amount of up to $5 for using an ATM in a foreign country. Remember though, you cannot use any ATM. It must have a matching network, such as the PLUS for VISA, so look for the symbol.
2. Credit Cards
If you are a traveler, why not get yourself a credit card without foreign transaction fees? When you buy something in another country, you will not be charged any additional fees. Of course, this is a card you should only use when traveling and this way, you can avoid fees completely. You may also want to consider a travel rewards card. This will allow you to have a lot of benefits that can help you save a fair amount of money. A lot of these types of cards have travel medical insurance and delayed or lost baggage insurance, but make sure to read the fine print to know what is covered and what isn’t.
3. Foreign Exchange Offices
Many of these offices are located in airports and tourist areas. You may want to ignore those at the airport though, otherwise, the exchange rates tend to be competitive. However, bear in mind that each exchange office may have different rates. A bit of research can also help you. A premium of around 2.5 percent is not too bad a rate.
4. Buy Online
You can buy foreign currency online, but again, do a little bit of research. If you are about to travel abroad, plan ahead and conveniently take care of your money exchange online. Nothing can be more convenient. In fact, with some time and organization, it can come right to your door.
With some of these options, it pays if you do your research beforehand so that you go to reputable sources and get decent rates. You will also know which places to avoid so that you save money.