As a smart traveler, you are probably deep into researching currency exchange. You may be looking to find the best ways to exchange your money and if it is possible to save money when you exchange your money. The short answer- yes! You can save money when exchanging currency and here is how.
Research Rates and Wait
One of the best ways to save money when exchanging currency is to do your research. After all, how will you know if an exchange rate is good if you don’t know what the current exchange rate actually is? Exchange rates can change daily, fluctuating significantly in just one day. Start checking the exchange rates every day before your trip and when the rates are low, act quickly! When you see a low rate, go online to FX Compare as they update their rates frequently. Buy the money you need and have it delivered transferred straight into your account. You will save money when you do your research and stay on top of the exchange rates.
Exchanging Your Currency Before You Travel
Speaking of ordering your money online, getting your money in just such a way, before you travel, is a perfect way to save money. Many online exchange websites have much lower rates and fees than a bank can offer you. They definitely have lower charges than tourist currency exchange centers abroad who tend to charge very high amounts for the same service. Get the money you need in advance in order to save on currency exchange.
Find a Bank Affiliate
If you are already abroad and looking for ways to save money when exchanging currency, do a little quick research and see if your personal, hometown bank has a branch or affiliate nearby. Many banks are international and work together, making banking much easier. If you can find a bank overseas that is associated with your own bank they will likely give you a better exchange rate or at least waive some of the service charges associated with converting your money. The bottom line, find your personal bank and save money.
Do Not Convert Too Much
When you exchange your countries currency into a foreign currency, you will pay fees and service charges- guaranteed. What you may not know is that you will also pay service charges and fees if you have to convert that cash back into your local currency after your trip is over. In order to avoid paying fees twice, carefully plan how much money you will need while traveling and only take out what you need. This will save you time and money- the best option possible!
Consider a Travel Money Card
With every credit or debit card swipe, there is a good chance you will be charged an international usage fee on your account. This is something you definitely do not want. Consider using a travel money card in place of a debit or credit card when you plan your trip. You can load the card with the currency of your choice (even multiple currencies) and then use it as you would any other debit card. You will not be charged service fees or exchange fees, saving money with every purchase! Get your travel money card here and you will be ready to go!