Taking a trip to the clear water beaches of Ibiza? Or maybe visiting the lush green valleys of Scotland? No matter where you take your next big holiday, getting access to foreign currency is one of the key requirements.
Depending on how well you manage your money, your trip can either be a pain in your pocket or a full-fledged success. To help you make the most of your hard earned money and enjoy the beautiful sceneries of your next big holiday, we have some helpful foreign exchange tips.
Tips to Save Money When Traveling Abroad
Since foreign exchange rates are subject to change, your trip can quickly exceed your budget if you don’t optimize. Here are a few tips which can help:
Carrying cash
Be sure to exchange your currency well in advance before you depart. This protects you from future forex fluctuations and helps you keep a limit on your spend. Additionally, you do not need to incur transaction costs and service charges that are normally associated with credit card transactions.
Look for an exchange with reasonable rates
Whether you’re exchanging currency at home or abroad, it’s best to research a bit before jumping into a transaction. Exchange services make money by hedging the difference between actual forex rates and the rate they offer. As a result, different exchange services offer different rates. Researching a bit might help you save significantly.
Don’t Commit These Common Mistakes
Visiting a new country can be a great experience, but dealing with foreign exchange can be painful if you commit these common mistakes. Here are a few things to avoid:
Exchanging money at the airport
Airport exchange rates are notoriously high. They can become overbearing and spoil your vacation. Additionally, there is a bevy of charges that airport exchanges levy.
Keeping only one travel money option
Do not depend on only one option, whether it be cash or forex cards. Always remember to keep a few backup options just in case.
Exchanging money with street vendors
Street vendors are notorious for lack of consistency and uniformity in dealings. They change the rates depending on their whims and often work in the black market. As a result, integrity is questionable.
Here’s Your Final Roundup on Foreign Exchange Tips
Remember to keep cash with you before you depart. If you want to keep a credit card as a backup, opt for one with the lowest forex conversion fees and the highest rewards on overseas spend. When taking up a travel card or forex card, remember to check if the card supports the local currency. Finally, remain vigilant and always research exchanges rates before exchanging money.