Exchanging money while traveling isn’t always as straightforward as it might seem. If you don’t approach it the right way, you will fall victim to unfavorable exchange rates and high fees. To save money on your next trip, make sure you follow these tips for currency exchange.
Get Familiar with Currency and Exchange Rates
Before traveling to a foreign country, make sure to get familiar with its currency and research the exchange rates. This way, you will avoid potential scams and know which exchange rates are appropriate.
Do the Exchange Before the Trip
A great way to ensure you don’t have any issues with currency exchange is to do the exchange in your bank before the trip. This way, you will have money on you as soon as you land and won’t have to put much thought into it during your trip.
Avoid “No Fees” Exchanges
Exchanges that charge no fees on the currency exchange look attractive. However, in most cases, they offer substantially lower rates, costing you more money than if you have paid a fee somewhere else.
Visit Several Exchanges
Don’t exchange your money in the first exchange you see. Instead, visit several different exchanges and pick the one that offers the best exchange rate.
Reject Offers to Pay in US Dollars
You will be able to pay in US dollars in a number of countries around the world, even if that’s not their primary currency. However, you should avoid doing this because you will be given an unfavorable exchange rate and probably charged a “conversion” fee.