When traveling, it is important to maximize your currency by getting the best exchange rates available. There are numerous ways that you incur costs associated with exchanging currency such as ATM fees and credit card charges. These fees and surcharges come with traveling. However, there are ways that you can maximize your currency by learning how to get the best exchange rates so that you can have more money in your pockets to enjoy your travel adventures. Let’s take a look how!
Know the Exchange Rates
The best way to get the best exchange rates while traveling is to keep abreast of the current rates. Perform extensive research before traveling to determine what the expected exchange rate will be such as the exchange rate of AUD to USD.
There are a number of quality online exchange rate calculators that can help you stay knowledgeable about the exchange rates for the applicable countries on your travel itinerary. Even while traveling, it is a good idea to keep one of these calculators handy as exchange rates can fluctuate.
Budget for Your Trip
It is best to determine how much cash you’ll need to have on hand ahead of time. This allows you to avoid incurring repeated fees associated with exchanging currency repeatedly. When you plan to budget a specific amount of money, you are less likely to need to exchange currency – especially at the end of your trip. Having enough cash on you in advance also prevents the need to exchange currency at high rates out of desperation to have funds.
Banks, Credit Cards & ATMs are Your Friends
If you want to get the best exchange rates while traveling, check out a bank. While there are several exchange companies and booths offering currency exchange services, you’ll get the best rates by visiting a local large bank or even a post office.
Using your ATM or credit cards is usually one of the best options for getting the best exchange rate on currency as the exchange rates can be up to 7 percent better when compared to using traveller’s checks.
Be sure to reach out to your bank and credit card companies prior to traveling to determine the cost of fees associated with transactions made in foreign currencies. By doing this, you can choose to use the credit cards that offer the lowest transaction fees for foreign transactions.
Knowing When to Exchange Currency
Depending on where you are traveling, it may not be advantageous to exchange currency. This is usually the case in countries that accept foreign currencies as readily as their own. For example, many Caribbean countries have a fixed exchange rate for American currency. This makes it easier for you to pay for goods and services using American currency.
It is important to note that on occasions when there is a variable exchange rate, even if you are able to pay in American currency, you may want to use your trusty exchange rate calculator to determine if you would be better off exchanging your currency or using American money. Even if an exchange rate seems like a good deal, always shop around and compare to get the best rates.
Make your money work for you while traveling by identifying the best ways to get a superior exchange rate before you depart for your trip. Being knowledgeable beforehand will enable you to have maximum funds throughout your travel experience.