Planning a trip to a foreign destination is always exciting. However, the most challenging task is to determine, how you will spend your money. You have to decide whether you want to carry an international debit/ credit card, exchange your money and carry the permitted amount of foreign currency, use travelers cheques and so on. Whatever mode you choose, you will always end up paying a little more in terms of transaction costs, fees etc. Here are a few tips to help you get the best exchange rate and get extra value for your money.
Research about the Prevailing Exchange Rate
In order to get full value for your money, it is recommended to know the prevailing exchange rate. Do a bit of research and keep yourself updated about the exchange rate. You can visit your bank or approach a reputed currency exchange to know about the exchange rates.
Use ATM or Credit Cards
Use ATM cards or credit cards wherever possible. Carrying large amount of cash is risky, if you are on an extended trip. Pay huge expenses such as hotel, restaurant and shopping bills through credit cards. However, make sure that your bank does not charge extra transaction fees for foreign bill payments.
It is advisable to exchange your currency into the currency of the country, you are visiting instead of converting it into U.S. Dollars. Though U.S. Dollars are accepted in countries throughout the world, carrying local currency of the country, you are visiting will help you to budget your trip efficiently and get good deals.
Choose Reputed Exchanges
When you are exchanging currency abroad, it is always safe to choose a reputed currency exchange in the country. Exchanging money at black market exchanges can be risky as you may fall prey to scams and counterfeit currency. Shop around a bit and choose a registered exchange with good reputation.
Avoid Exchanging at Airports and Kiosks
It is better to avoid exchanging your currency at airport and shopping kiosks. The exchange rate at these places is very high.
Keep these five tips in mind and get great value for your money. Be careful to choose a trustworthy currency exchange in order to ensure that you are in safe hands while exchanging your currency.