When traveling out of the country alone or with your family, money is essential. Most people are confused about how to exchange their home-grown currency for the currency of their destination. To have an easy time exchanging currency, take time and research the currencies exchange to avoid incurring extra costs. Most money exchange facilities include hefty fees, which can be advantageous, especially on a budget. Some use casinos to place their bets through sites such as NetBet to lower the cost when exchanging foreign currency. But be careful when using gambling sites, winning is not guaranteed. However, there are other exchange options available. This article outlines the unsurpassed mode to exchange currency while traveling abroad.
Existing Options for Exchange
It’s crucial to know the existing options for money exchange and how they work. Some of the commonly used currency exchange platforms include
- Airport Kiosks and Foreign Exchange Desks
This is an exchange source located around airports. They are tempting as they are convenient if you don’t have enough time to visit your local bank. However, it would help if you avoided this option as it is costly. According to research, most airport kiosks will charge you up to 25% fees while their exchange rates are low compared to other change companies. Some even hide extra charges through these low exchange rates. Unless you are in a hurry or the journey is an emergency, one avoids exchanging money through these airport kiosks.
- Credit card
It would help if you researched to ensure your credit card can work in your travel destination to use this option. It’s also vital you confirm the charges that will apply for using the credit card. Most credit cards will charge you service charges and transaction charges. However, they offer the best deals in exchange rates as they give you money closer to your initial amount.
- Foreign Currency Cards
These cards work more like a credit cards. With foreign currency cards, you have to deposit huge amounts of money before using them. However, foreign currency cards have a lot of restrictions and many fees involved.
- Debit Cards
If you opt to use debit cards, consider using them for withdrawals only. The debit cards have huge transaction fees for ATMs abroad. If an error occurs, your card will still be debited, which may take days to correct. Avoid using this method for other transactions to avoid delays and charges.
- Private Money Exchange
This is the best option to use since private money exchanges compete, resulting in fair exchange rates with reduced charges. To get the most, ensure you use your local area private companies. They give the best deal for the transaction.
Hacks of Avoid Fees on Foreign Exchange
- Use Home-grown Banks
Exchanging money through the local bank will save you a lot of money from the charges and offer you good exchange rates. Always have a plan to visit your local bank before traveling.
- Free Transaction Credit Cards
Unlike your current credit card, consider using international credit cards that offer no transaction charges.
The above is the option you can choose from. It’s important when planning to travel you consider visiting your local bank or private money exchange to get the best deals for your money. However, always be cautious for extra charges that may be placed and also when making transactions.