Tips When Exchanging Currencies Abroad
There are countries where using cards is easy. Almost any establishment accepts cards. There are other countries though that only allow cash transactions. You have to prepare enough cash before you head to these destinations. Even if you have already exchanged currency, you could still end up not having enough cash on hand to carry you until the end of the trip. You have no other choice but to have your currency exchanged for local currency.
The problem is that not all currency exchange centers offer fair rates. If you are not aware of the rates in general, you could end up being cheated. Here are some tips to help you when converting your currency abroad.
Use the ATM
Yes, withdrawing money from an ATM using a foreign card has a crazy rates, it is still the best choice for you. To begin with, there is a guarantee that you are getting genuine cash. With the rise of fake money in several countries, you would rather stick with the safest choice. You can check in advance which bank overseas is a partner of the bank you have at home so the charges are lower.
Don’t immediately trust no-fee money changers
You might think that you are actually getting a better deal when you opt for a no-fee money changer. The truth is that they make it up by giving you a lower exchange rate. You will still end up losing more. You would rather pay a standard fee for their service if this means getting an honest deal out of the transaction.
Increase withdrawal limit prior to departure
If you are already know that you are using lots of cash during your trip and the country you are visiting requires cash transactions most of the times, it helps if you call your bank prior to the departure and ask for an increase in withdrawal limit. You won’t have to worry about not having enough cash for as long as there is an ATM nearby.
Credit card cash advance is not an option
Never opt for a cash advance on your credit card except for the most difficult of situations. You will get a really bad deal in doing so. The interest rates are to the roof. You will surely regret this decision as soon as you start paying for the loan.
Avoid debit card for purchases
It is advised to use the debit card to withdraw money and get cash, but not for purchases. For purchases, you should credit cards instead. This allows you to return the items you have bought without going through tons of trouble. The amount will just be credited back to the card and you are good.
Exchanging your money when traveling abroad should be taken seriously. You need to be wise in using cash and credit. You should also understand the currency exchange rates so you won’t be easily tricked. If you want to get money from exchangers, find the most reputable options so you are guaranteed genuine money and reliable rates.
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