If you are an avid traveller, constantly visiting new places and learning about foreign cultures, at some point during your journeys you must have faced the problem of money exchange. After all, it’s only natural to expect that not all counties widely accept dollar or euro as the means of payment, preferring instead the local currency. Do you know what the best way to exchange money during your travels is? If not, then look no further – this article contains everything you need to know with regards of what to do and what to avoid.
Everyone thinks that obtaining foreign currency is a simple procedure. However, this is not always the case, especially if you leave it to the very last minute. Some ways of money exchange can add extra fees on to your cost. This is something that everyone wants to avoid. In this article, we are going to explore some of the best (and cheapest) ways to exchange your money to guarantee stress-free travel.
THE BEST WAYS TO EXCHANGE MONEY DURING YOUR TRAVELS
There are a few ways to ensure cheap money exchange during your travels.
Below we have outlined 3 key ways which are proven to be the most popular with regards to travellers.
First of all, we have what is called ‘cryptocurrencies’. Basically, this is a digital asset which allows you to exchange money. Think of this as a virtual bank, whereby money can be transferred from one currency to another. Besides numerous advantages of using cryptocurrencies in business, they are also great for travellers, as they provide an easy and cheap means of exchanging money, with the added bonus that you do not have to pay any additional fees.
- Local ATM Cash Machines
Another great way to exchange money is via local ATMs. ATMs have a standard +2.5-3% fee, which is significantly less compared to other ways of money exchange. That being said, it is important that you notify your bank about your travels, otherwise they might suspend your ATM card as it could be deemed a suspicious transaction.
- Credit Cards With No Foreign Exchange Fee
Thirdly, another way to exchange your money during your travels is with the use of a credit card. Some credit cards offer exchange rates with a 2.5-3% added fee. However, you might opt for credit cards that have no foreign transaction fees, successfully eliminating any additional costs and giving you a truly stress-free travel.
WHAT NOT TO DO WITH REGARDS TO MONEY EXCHANGES DURING YOUR TRAVELS
One of the most cardinal things to remember while traveling is to make sure that the method you choose to exchange your money overseas does not add any extra fees.
Below we have outlined some of the key methods that we highly recommend to avoid. Although they might seem like a good idea to begin with, there are far better options out there for you to choose from.
- Avoid using banks
Generally speaking, the exchange rates provided at your bank are usually much greater than alternative money-exchanging options. Banks are renowned for trying to make a profit. They can legally charge up to a staggering 10% increase for money exchanges, especially if the currency you are using is not common.
- Foreign exchange offices
Another method to avoid with regards to exchanging money whilst you travel is foreign exchange offices. Although some exchange offices might offer excellent rates, not all of them will, and therefore you will want to do your research prior to heading out on your journeys.
- Travellers Cheques
Have you heard of the phrase ‘travellers cheques’? This is a method which has been dying out for the last few years, and therefore can make exchanging money extremely difficult and long-winded. There are not many places that accept this method of money exchange, and therefore could cause you some disruption during your travels. If you do decide to use this means of exchange, it’s highly recommend that you do some research beforehand.
As you can see, there are loads of things to consider when exchanging money during your travels. At the end of the day, whatever method you decide to use with regards to exchanging your currency is ultimately down to you. However, if there is one thing that you take away from this article, it should be this – prior to your travels, make sure that you research the different ways of exchanging money whilst abroad. This will allow you to be aware of any additional fees that you may encounter and ensure that you have a stress-free journey!
Author Bio: Sienna Walker is an avid traveller, an adventurous spirit, and a blogger, whose dream is to set foot on every continent. Feel free to reach out to her on @SiennaWalkerS.