5 Smart Tricks to be a Pro at Currency Exchange
Currency Exchange process can seem to be a challenging task, especially if you are travelling abroad for the first time. The nervous jitters to get the best exchange rate have certainly been experienced by a majority of first time travellers.
But, do you know, by applying some currency exchange tricks, you can actually save yourself from the expensive currency exchange fee?
Wondering how? Let’s have a look at these smart tricks that will help you to find the best exchange rate.
Avoid Last Minute Exchanges:
Last minute currency exchanges often cut down on your chances of getting the best exchange rate.
Therefore, as far as possible, plan your currency exchanges in advance as that will help you to get sufficient time to compare exchange rates of all financial institutions.
Check the Present Market Rate of Quote Currency Exchange:
Based on your destination’s currency type, make it a point to go through the present currency market rate.
Such checking will spare you from the horror of hidden commission fees and frauds that are prevalent in the markets.
If currency calculations seem to be confusing, then avail the service of online currency convertors to avoid calculation errors.
Refrain from Currency Exchanges at Airport:
Generally, the exchange fee charged by airports is relatively expensive owing to the operational costs being involved in it.
Moreover, the presence of limited options further eliminates your alternative solutions.
Hence, with an exception to the emergency scenarios, it’s always better to refrain from exchanging currencies at the airport.
Opt for ATM Withdrawals
In comparison to exchange centers at airports, an ATM withdrawal is relatively a cheaper option. Thus, by opting for an ATM withdrawal at the airport, you can save a considerable amount of your money.
Likewise, if you wish to save more, opt for one bulk withdrawal over the frequent withdrawals as that will further cut down on the service fees levied by the banks.
Also, some banks with international partners have perks like free ATM withdrawals for their account holders. To avail such perks, enquire with your banks for such overseas partnerships.
Use your Credit Card
Managing too much cash can turn out to be risky as tracing stolen cash is a bit difficult. On the contrary, in event of pick pocketing, credit cards can immediately be suspended by informing your banks.
Therefore, for hassle-free and safe purchases, it’s better to have a credit card with you while travelling overseas.
But, before using your credit card overseas, make sure to inform your local bank about your travel plans or else in view of safety, your bank will simply freeze in your accounts.
Having said that, we hope these tricks will prove beneficial for you on your next overseas trip.