September 22, 2017

How to Exchange Currency without Paying Huge Fees

Going on an overseas trip? One of the things to take into account is your travel money. If you’ll be using a different currency, chances are, you’ll deal with several fees that can dramatically reduce your budget. Charges vary, but add them all up and you may need to forego that dinner in a fancy restaurant or get some cash from your shopping budget.

Do some research before you go and set yourself an exchange rate that you are happy with and that will save you money. Write them in your travel documents.

If you want to save cash on your trip, get the most out of your travel money by avoiding various charges that come with using a different currency. In this blog post, learn some ways to exchange currency without paying huge fees:

  • Use a connected ATM.

    Some banks have partner ATMs and/or international branches in other countries, eliminating the regular fee when you withdraw money. Make sure to get cash from a foreign ATM that is connected with your bank back home.

  • Identify a base level of fees and an acceptable exchange rate.

    Do some research before you go. Set yourself an exchange rate and fee level that will save you money and write it in your travel documents.  Then when you come across one of the many exchange rate options you will be able to easily work out if it represents a good deal.

  • Do it in advance.

    Don’t wait until you’re already on your destination before exchanging currency. After all, you need some cash to buy snacks or get a cab when you reach the airport. Take advantage of stronger rates by trading cash for the currency that you need weeks or even months before your trip.

  • Pre plan where to exchange currency without paying huge charges.

    There are many areas where you can exchange currency. Whether it’s in the airport, bank, currency exchange outlets or even online, make sure to check their offerings first and cash up with which ever offers better rates and lower fees.

  • Have a mix of cash and cards when traveling.

    Cash is suitable for your day-to-day expenses, and you can look for a bank or exchange outlet that offers better rates at lower charges ahead of your trip. Credit cards are useful for major purchases which come with charges. Make sure to check with your provider about the corresponding fees. You can also use prepaid cards which enable you to avoid fluctuations in currency exchange rates.

Having cash and a back-up plan is important, both for convenience and security reasons. This also enables you to check different fees from different providers and choose the ones which offer lower fees, saving you some money in the process.

You cannot completely avoid charges when exchanging currency, but there are ways to do it at lower fees. Consider checking several currency exchange outlets and choose the one that can give the best deal. Huge fees can dampen any overseas trip especially if you want to save money. Prepare and have a buffer so you can cover all of your expenses without a glitch.

Got other tips to exchange currency without paying huge fees? Share them with us in the section below.

Do some research before you go and set yourself an exchange rate and fee level that will save you money, write them in your travel documents.

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