Exchanging money to the currency of your destination can be a source of concern if you’re not sure how to do it; this is as necessary as your passport, however, don’t rush to change your money when you arrive at your destination!
Exchange Houses at the airport, natives who seek to take advantage of tourists, ATMs that arise for your salvation: there are many things to take into consideration before changing your money to foreign currency.
With this in mind, here are six tips you need to know before exchanging money overseas:
Exchange before you go
Some travel agencies offer the possibility of exchanging your money for cash from the destination where you are going. If this is beyond your means, change when you arrive at the airport.
However, do not change too much, since this will only be used to pay things like the taxi to your hotel and your food. After that, you’ll have to look for an ATM where you can get more cash out of the local currency.
Know the coinage
Familiarizing yourself with the local currency is something that you have to invest some time in changing your money.
You need confidence in the currency you are using in public as this reduces your chances of being the target of thieves seeking to take advantage of those tourists who are not familiar with the local currency.
Take a few minutes to know the coinage and avoid someone trying to scam you.
Find the best exchange Rate
Some airport businesses have excessive and inconvenient exchange rates, so be careful where you change your first bills and research which of those businesses have the best exchange rate.
On the other hand, after arriving at your hotel, it’s best to look for banks with better exchange rates or ATMs where you can withdraw money with your debit card.
Use the ATMs wisely
Using ATMs is the wisest decision among all the options you’ll have to change your money, even above any bank. Remember that you have to tell your bank that you are going to travel.
ATMs can charge several types of fees: by conversion, by foreign transaction or by cash in advance (in case of using a credit card), among others that could charge you. These taxes depend on which bank and which card you have.
Minimize cash exchange
Exchanging money means that you will lose a little bit of your budget on taxes that can range from 5% to 15%.
That’s why we recommend that during your stay you only do it a couple of times: when you arrive at your destination, to pay for the taxi and food of the first day; and when you feel ready to change the amount needed for the rest of the trip.
Of course, emergencies may happen; however, it’s best that you avoid changing your money all the time.
Stay calm and collected
Count your money, take into account all the possibilities and, above all, don’t stress. Planning will make exchanging money not a pain for you.
As we mentioned, many locals try to take advantage of tourists to offer them illogical exchange rates.
In many cases they will offer to take you to a kiosk with the best currency exchange rate of all, however, don’t trust in this type of proposal and resort to ATMs or banks.
Got any more tips to add to the list? Comment below!