The Right Way to Exchange Currency While Travelling Abroad

When you are going to travel abroad then one thing you must need is the local currency of that country. The use of cards is common these days but, in some places, you must have the cash to buy things. There are many mistakes that the travelers made while exchanging the currencies and it can charge them high fees and low exchange rate. Many reputable exchangers charge low to no fee and a good exchange rate. For example, Interchange Financial is one of the best money exchangers in Canada. They offer best-guaranteed exchange rates. In this article, we will give you some tips to exchange the currency in the right way.

Never Exchange on Airport

There are some travel destinations where you will find no card signs and some with no cash warning. Well! That is not the case everywhere but having cash is a good thing. There are various reasons for having cash in your pocket whether you have a debit card or not. Some of the people exchange money at the airport which is not recommended. The airport is one of the worst places to take out money. Some outlets on the airport will say “no fee” and “best rates” but that is not true. They will give you 10% less cash compares to the rate on Google.

The exchange rates on the airport are consumer rate of exchange which is always lower than the banking currency exchange rate. Which means the banking rates are always better than the consumer rates. For example, if you are going to exchange British pound to USD via bank rate, you will get around 1.29 according to the current rate. But if you exchange it at an airport, you will get 1.19 for each pound. These are very bad rates and you can avoid them.

Too Much Money

Another mistake that travelers made is they exchange too much money abroad. In this way, you will get a very low rate at the beginning and high fees. Moreover, when a person is coming back and he or she has some spare currency to get rid of, they will also get bad rates at the end of the trip. So, the best way t avoids this is by exchanging the amount you need. Not too much and not little either!

How to Exchange Money Abroad

We will recommend you to contact your bank and ask them to arrange foreign currency for you with minimal or no fee. Moreover, you will get the best bank exchange rate for every penny. It is also best to have a debit card to use abroad.

Moreover, you can use your debit card to withdraw cash from atm. It is better to withdraw a large amount so you get hit with a single ATM fee. You will also get the best exchange rate of the bank with a small fee. Moreover, there are many apps online that you can use to make money out with no fee.

Image credit: Exchange Currency via Phongphan/Shutterstock

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