Most people make it a ritual every year to travel to places they have never been before. It is an exciting idea to explore a new destination for you, explore the region’s local delicacies, meet with new people, and chill out. It is fun to travel when the destination is completely unknown, and you do not know what to expect or what adventures you will encounter. However, even if you are a seasoned and savvy traveler, it is always a thought that pours cold water on your excitement when you think of currency exchange procedures.
It is a very complex procedure when you have to exchange your international currency. Today, various easy and convenient methods are available for currency exchange, which always leave travelers confused.
Your travel budget can be significantly affected by currency conversion. Currency conversion typically requires you to pay a mark-up that is charged on the exchange rate, along with a service charge. Various factors can influence the mark-up, and depending on those criteria, you could be paying anything from 3% to a massive 15% mark-up.
Therefore, you must remain watchful and take note of the below-mentioned essential currency exchange tips for use when you next travel abroad.
1. Track the Exchange Rate Regularly
Earlier, knowing the currency exchange value was a pain, as one had to run all over the place from one source to the other when traveling abroad. Today, thanks to the internet, several apps and forex websites make it easier to keep track of the currency value.
These websites and services save your time and effort and do all the complex calculations for you. You can also find real-time information on these sites. Tracking the exchange rates from genuine websites will give you the correct value of that day. There are no chances of getting conned using such apps.
2. Learn About the Destination Country’s Currency
Most major currencies of the world, such as the Dollar, Yen, Pound, etc., are very forthright, and exchanging them is simple. You can spend those currencies anywhere in the world and get the exact currency value. However, some countries have perplexing and strange exchange rules.
Moroccan currency cannot be exchanged outside the country. Cuba has a different currency for tourists. Before you decide to visit a new country, make sure that you explore the currency exchange rules of that country.
3. Do Not Exchange at The Airport
You can find the highest conversion fees for currency conversion at the foreign exchange offices situated at the Airports. The margin they charge you could be anywhere from 8 to 12% of the cash you are paying. Always get some foreign cash in advance before landing in the country, and you can exchange the rest later during your stay, after adequate transfer.
4. Always Pay in Local Currencies
The dollar is one of the, if not the most popular currency around the world. It is accepted as a second currency in many South Asian Countries.
Many times, when you are out shopping in a foreign country, you might be given the option to make the payment in dollars. They will give you this option because paying in dollars makes it easy to track the expenses.
You should never agree to such requests and insist on paying local currency. These are common ways in which the shops and establishments cheat customers by charging unwanted conversion fees for what is known as dynamic currency exchange.
5. Do Comparison Between Multiple Shops
There is constant fluctuation in the currency exchange rates. The rate rises and falls daily, and there is also heavy variation from one trader to another.
When you exchange near the airport or major marketplaces, you will find that the rates are comparatively higher than other less popular areas around town.
You just need to research a bit for the trader who will provide the best value and benefit to make the trip a success without losing money.
6. Watch Out for Opportunities
Inquire whether your native bank has a partner ATM network in the country you are visiting. Banks that have a tie-up in a foreign country can help you avoid high transaction costs associated with ATM usage abroad.
Avoid withdrawing cash from any ATM you find. Firstly, it is not a safe practice to do so. You also run the risk of other threats. You might end up paying for currency conversion charges along with transaction costs, apart from another fee for non-customer/non-network service usage.
Another smart tip would be to look out for government agencies in the foreign country, like post offices, where they provide subsidized exchange rates. Of course, you wouldn’t go out searching for such agencies while on your travels, but if they happen to be on the same route as you are traveling, you’ve got nothing to lose in trying them out.
Conclusion
These simple suggestions can help you save a lot of cash on exchange rates and save yourself from getting cheated. The money you save on the trip can be used for other travel purposes. Do remember to complete all regulatory compliance procedures before embarking on the journey to ensure that your transactions aren’t declined. If you need currency exchange in Los Angeles, please connect with Altour.
