It is easy to make strategy for travel budget when planning a trip to local attractions. But figuring out the best plan for spending money for an international trip is a challenging task even for an experienced traveller. Because getting the best exchange rate is most important as well as difficult thing in this process. With the proliferation of the travel cards, credit and debit cards, most of the people prefer to use plastic while travelling abroad. But having some cash in the pocket is a good way to deal some immediate expenses. So using a mix of cash and cards is the best way to spend travel money.
Don’t know when is the right time to buy travel money or from where you should exchange or where you shouldn’t exchange currency? Here is the complete guide explaining do’s and don’ts of currency conversions that will surely help you in getting the most bang for travel buck.
Do’s Of Foreign Currency Exchange
- Investigate Local And Foreign Currency
Most of the people decide to exchange currency in the foreign country and sometimes travellers face a problem in finding the terminal exchanging that specific currency. Because the travel money companies, banks and specialist money changers probably have the popular and common currencies. Travellers having exotic currencies usually face this problem. Additionally, investigating your local and foreign currency will help you in getting the best change rate. So, investigate both currencies while planning an international trip to avoid such problem.
- Take Out Cash Of Local ATM
Using ATMs is the best and convenient way to exchanging money. It is suggested to use ATM of a bank who has international branches or affiliated with an international bank who won’t charge you fees for withdrawing cash using their ATMs.
- Negotiate The Rate
Banks and currency exchange companies have a fixed rate but if you’re buying travel money from specialist money changer then there is a chance of getting the best deal by negotiating the price. However, the some currency exchange companies also negotiate the rate when you’ve to exchange a big amount. Planning travelling to Australia? Negotiate the rate with a company offering the best currency exchange in Melbourne and Sydney.
Don’ts Of Foreign Currency Exchange
- Exchange Currency At Airports
Avoid exchanging currency at the airport kiosks and exchange de bureau terminals because they offer a high exchange rate and charge high commission fees and rip off travel money. So don’t exchange currency at airport and popular tourist destinations.
- Exchange All Of Your Money
The most important thing is getting the best exchange rate but it doesn’t mean to exchange all of your money at once. It is recommended to mix up money in the form of cash and cards. Make a plan for spending and tracking your travel money. Use cards for making big purchases and cash for other expenses. Don’t exchange all money because you also have to pay commission when converting foreign currency into local currency.
- Use Credit Card To Get Cash
Using a credit card for getting cash may be tempting but it is like an unsecured loan. When you use credit to withdraw cash you’ve to pay the interest with cash advance fee. That’s why credit cash advances are so expensive and that’s why avoid using credit cards for withdrawing cash.