October 19, 2018

Simple Tips for Exchanging Your Money Abroad

If you’re a frequent traveler overseas, you already know by now the importance of finding the best currency exchange rates to get the most out of your Australian dollars. Spending money abroad can be done through a wide range of options. Aside from cash, you can use credit cards, debit cards, traveler’s cheques, and prepaid travel cards. Sad to say, there are some people who do not consider looking for the best foreign exchange rates before and during the trip, making them waste money on unnecessary charges. Here are some simple tips for exchanging your money abroad:

Why use a travel cheque?

This is a great backup option because if you lose them, the provider will give you a replacement.

Cash will always be an option

No matter where you go, there will be some establishments that do not accept cards, so it is still best to bring some cash when traveling abroad. Prepare enough cash for expenses for the next two or three days.

Exchange money at the airport

This is another option but bear in mind that it comes with fees and exchange rate profit margins. You can reach out to some airport providers before the trip so they can give you better foreign exchange rates.

Use traveler’s cheques

While most people prefer to use credit and debit cards, there are still some who bring traveler’s cheques with them. It’s a great backup option since if you lose them, the provider will give you a replacement. Just make sure to keep a record of the serial numbers so you will be protected in case of loss or theft. There are also foreign exchange providers that will refund unused cheques without any extra fees.

Exchange money at the bank

In general, banks offer competitive foreign exchange rates and fees, but you can save some cash if you look around first so you can have an idea of how much the current rates are. It is also wise to place your currency order several days before your trip, or even more than a week for exotic currencies since the banks may not have these on hand.

These are some of the simple tips for exchanging money overseas. Knowing the best way to exchange money will definitely help you save money. It pays to include foreign exchange-related matters when planning your trip to avoid any surprises such as high fees and other charges. It is also advisable to bring more than one money option to avoid any inconvenience abroad.

Got other tips on the best way to exchange currency? Share your ideas in the comments section.

About the author  ⁄ Marxa Dillan

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