How’s Content Management Team carefully monitors the work from our editorial staff to ensure that each article meets our high standards. How marks an article as reader-approved once it receives enough positive feedback. Many international travelers exchange currency before they depart, so they have at least a little money for a cab at the airport or other immediate expenses. Once you reach your destination, you are likely to find currency exchange kiosks at airports, ferry terminals, hotels and other areas where tourists congregate.
There are other ways to save, however, if you’re willing to plan ahead a little. Understand the process so that you get the best deal. If you’ve never exchanged currency before, it’s a good idea for you to understand a bit about the process so that you don’t get any expensive surprises. The relative cost of items is determined by the market in that area.
So, for example, a banana in the US is much cheaper than a banana in Sweden, even though the dollar is strong compared to krona. Do exchange some money before you leave. It is important to exchange some money before you leave for your trip. You’ll probably encounter the advice that it’s better to exchange currency in the country you’re traveling to and that’s usually true if you are exploring common countries. Look at the status of the exchange rate. Before you exchange money or decide how much to exchange, do a little research on the exchange rate.
The rate will fluctuate and if you’re likely to exchange a lot of money, you’ll want to time it carefully so that you don’t lose too much money. Generally, you’re better off waiting to exchange most of your money until you arrive. The easiest place to exchange currency when you’re at home is at your bank. Go to the banking institution that you use and tell them that you’d like to exchange currency. Before you leave, call your bank or go in and ask about what their policy is of charging your card overseas. Many banks will charge you a fee for using your card, at an ATM, foreign bank, for writing checks, etc.
If they charge a lot of fees, you might want to see about starting up a separate bank account with another bank. It is possible to order money online as well. This will need to be done before you leave, as it isn’t particularly safe to do once you arrive. The rates tends to be up-to-date and the fees fair, but the cost to have the money shipped to you can make this option undesirable. If you’re feeling a bit lazy, however, this can save you a trip to the bank. When you travel outside of your country, you should be prepared to pay cash for a lot more services and products that you normally would at home. Not all countries have the widespread use of cards that is seen in English speaking countries.
This means that you should be aware that you might have to pay for things with cash that you’re accustomed to using your card to buy normally. Your best bet for exchanging currency when you’re traveling is to use an ATM. Maestro cards, you’ll be able to do basic transactions like withdrawing money. This will usually give you the best rate and if you have a travel-friendly bank, you’ll hardly pay any fees at all. When you can, simply pay for items and services with your card. This is handy because your bank will simply exchange the money on their end and you don’t have to worry about exchanging currency yourself much at all. Again, some banks charge extortionate fees for this.