Do you have a plan to trip abroad? If you have the plan, you might need to know the current currency exchange rates so you can plan your financing need. Usually, your money is not worth the same in the destination country compared to the country where you came from.
It is better to check the value of your money at the destination country before you take your trip. You will have to convert to the local currency when you reach there.
You don’t want to be shocked when you reach the destination and realize that there is a big difference in your value of money. And, it is not close to the value in the country you came from.
Sometimes you may be surprised that your value of money is double or triple in the country that you are going to be visiting compare to the value of money in the country you came from.
Get The Best Foreign Exchange Rates
You have to get the best foreign exchange rate when traveling, so you can save more money for your budget. There are many steps to do. You can start by doing your research.
Search on the internet and get any information about foreign exchange, local economic conditions, and travel tips for the country that you plan to visit.
If the country is struggling economically, it might offer you better foreign exchange rates. If necessary, you can compare the currency price of that country over a year. Then you see how the currencies exchange rate changes.
Exchange rate research will give you all information that you can use as a reference. So people in that area will not cheat you if they realize that you know all information about forex exchange rates in their area.
Places to Exchange Money
While you are traveling, keep on checking the currency exchange rate through the internet, newspaper or local bank.
These are the places where you can exchange your money when traveling overseas.
- Transportation terminal (such as airports, ferries and trains). Usually, these places offer a little bit higher foreign exchange rates
- Tourism areas. These areas may have expensive foreign exchange rate services
- Hotels. There are hotels that offer decent foreign exchange rates as a service to their customers.
- Foreign Exchange Brokerage. Usually offer better rates than banks, but also have higher fees.
- Bank. Banks serve individuals and businesses that need foreign exchange services.
You can use your debit or credit as an alternative for your payment. But you have to remember that some banks or credit card companies will charge you a 3% fee for all you’re purchasing with local currency. Or you might be able to use your ATM card to withdraw the local currency from the Automated Teller Machine (ATM).
You can do this if you have an account in a major bank that is part of the global network. And don’t forget that there might be an ATM fee charged.
Tips on Exchange Rates
Before you travel, you have to do your research into your financial institutions regarding the most current policies, rates, and fees for exchanging foreign currency.
And you can use a currency converter to calculate your exchange. You can find this tool through the internet and most of them are free.
Plan your budget ahead of time. You will get more options for foreign currency exchange in the big cities.
Maybe you need to carry some local currency to smaller towns due to fewer foreign exchange rates options. You have to avoid the exorbitant cost by planning ahead.