Are you going away on holiday for Christmas? if so you may need to change some currency, i always get confused about how to get the best rate, but here is an article to bookmark that will help you save money!
Are you looking to get the most bang for your buck when travelling abroad? Of course, we all know that the time and money it takes to plan a vacation can quickly add up. But did you know there are ways to save money on currency exchanges that could give you more spending power while away from home?
With a bit of preparation and research, you'll be able to make your hard-earned dollar go even further. We've collaborated with Crown Currency Exchange to give you a more comprehensive idea about this topic. Take a closer look at our top tips for getting the lowest rate when converting currency.
Here are six tips to help you save money on currency exchanges:
1. Know the Exchange Rate in Advance
Travelling abroad can be a wonderful experience, but it can quickly become expensive. Currency exchange is an often overlooked cost that can easily add up during the course of your trip. In order to make sure you don't overpay for your travel expenses, it pays to do some research ahead of time and know the current exchange rate. You can find this information online or by calling your bank or credit card company so that when you go to convert your currency, you'll get the best possible rate. Doing this just takes a few minutes of research and could save you quite a bit of money over the course of your trip.
2. Avoid Exchange Bureaus at Airports
One of the most essential travel tips to remember is to avoid exchange bureaus at airports. Not only do these establishments tend to have very high fees, but their currency exchange rates can be less than desirable as well. If you find yourself needing to exchange currency during your travels, take a few extra minutes to shop around for different rates and fees. In some cases, using a credit card that does not charge foreign transaction fees may be the most economical choice.
3. Get Your Currency Ahead of Time
When travel plans involve going to a foreign country, it's a smart move to get the currency you'll need in advance. This allows you to be prepared and to capitalise on any good fluctuations in the exchange rate. At the same time, it can save you from dealing with site bargains and high fees associated with some travel money services overseas. Getting your travel currency in order beforehand can really make life much easier. Especially if your destination is somewhere that doesn't accept credit or debit cards as a form of payment.
4. Use a Credit Card That Doesn't Charge Foreign Transaction Fees
Planning travel abroad can be one of the most exciting experiences, but don't forget to ensure your credit card won't hit you with foreign transaction fees. A lot of travel-friendly credit cards are available today that don't charge these fees. Avoiding these fees means you can travel without worrying about added expenses. In addition, it allows you to enjoy the experience with more financial peace of mind.
5. Bring Local Currency With You When Travelling Abroad
When planning a trip to a country where the currency isn't widely accepted, bringing local currency with you is essential. That way, you'll have enough money for basics like food and transportation and won't have to worry while travelling. Before your trip, make sure to do your research. Find out what the foreign exchange rate in your destination will be and familiarise yourself with the local currency. Preparing puts you one step ahead of the game and allows for an enjoyable travel experience.
6. Shop Around for the Best Rate
When travel is on the horizon, it's important to shop around for the best rate when exchanging currency. Taking a few minutes to check and compare different banks or credit card companies can go a long way in ensuring that you're getting the most out of your money. Of course, it may take some additional legwork and research. But sorting through exchange rates from multiple sources might just end up saving you more than you thought possible.
Conclusion
Saving money on foreign currency exchange can seem like a daunting task. But if you keep these six tips in mind, you'll be able to save some money and ensure that you're getting the best rate possible for your transactions. So shop around for the best rates, pay attention to fees, look into online brokers and apps, make use of your ATM card and use traveller's checks if you need to. By employing these methods, you can save money when exchanging currencies and get the most out of your foreign currency exchange transactions.