Planning a big trip? Heading to a country that uses a different currency than your own? Wondering what the best way to convert your cash into the local currency is? Well, this article will definitely help you! Here are the best ways to change your money while traveling and also some methods which you should avoid.
Use the ATM
If you have a debit card of a credit card that allows you to withdraw cash, an ATM is likely your best option while traveling abroad. On average, ATM’s offer the lowest exchange rates and also very few (or even zero) transaction fees. Some banks do not charge foreign transaction fees at all so it may help to open an account with a bank like this before you travel. However, even if there is a single-use fee, it is often still lower than what a bank or other exchange shop would give you. ATM’s are also incredibly easy and convenient, giving your local currency anytime you need it! Always look for a bank-owned ATM as these are the most reliable.
Opt For a Bank or Credit Union
One of the best pieces of advice to follow is to exchange some of your money prior to traveling. There are plenty of online websites where you can compare the best exchange rates and use your personal bank to transfer money straight into your bank account. This option will give you the best rates (some banks even waive exchange fees for their members) then you will cash on hand when you arrive abroad. If you need further information visit FXCompare.
However, if you still need to exchange your money while you are abroad, look for a bank or credit union to help you. Larger, international banks tend to be best for offering the most competitive rates and the fairest fees. Credit unions fall into the same category, being reliable and economical. If you can find a branch of your own personal bank from home, that would be the best scenario!
Use a Credit Card
Many places across the globe accept major credit cards and using one on your travels may be your absolute best option. If you can, apply for a credit card that has no foreign transaction fees and will only charge you the exact amount of the item you are purchasing. If you opt to use a card, you will only need to carry a small amount of local currency, just in case.
Many airports have kiosks or currency exchange counters you can use right when you arrive in the new country. These services are great because they are so convenient. However, keep in mind that you will be paying for that convenience. Airports know that they have a captive audience who needs cash and they will charge the highest fees and give you the lowest exchange rates. Try to avoid using these services if possible. However, when you need the local currency quickly, they will be there!
There are many ways to get the currency you need either before you travel or while you are abroad. Be smart about the vendors you use to exchange your currency and always opt for those that are reputable and reliable! And don’t forget your credit card.