Whether you’re looking to travel abroad for business or travel, making sure you have enough of the local currency on hand can make a world of difference. While you’re certainly able to take local cash out of ATMs or use your credit card, traveling anywhere in the world without having that cash on hand ahead of time can be a bit risky.
However, you also need to make sure that you’re able to exchange your money for the best possible rates, and with constantly changing economic situations around the world, this can often be a day to day challenge. Here are the top four things you should do to guarantee that you end up with the best currency exchange rate today.
- Know Where You’re Traveling
First things first, taking a good look at the country you’re visiting will be incredibly important. In fact, in some cases an exchange may not even be necessary. Many cities and countries around the world will actually accept US dollars as a form of currency including the British Virgin Islands, Ecuador, the Bahamas and many more. Make sure you find out for sure whether or not an exchange is actually needed because, if not, using your dollars may give you the best overall rate.
- Watch the Exchange Rate Move
Exchange rates change on a daily, sometimes hourly basis, so to make sure you’re getting the best rate possible you’ll need to keep an incredibly close eye on the movements of your particular exchange. There are many websites and even have smartphone applications which you can download that will help you easily watch where the rates are heading and when they reach their highest point, allowing you to make your transactions at the best possible moment.
- Look for a Reputable Team
The currency exchange broker you choose to work with can actually play a huge role in the rate you actually end up with. Some brokers will try to tack on fees and extra expenses, resulting in significantly less money for you at the end of the transaction. Because of this, making sure you work with a reputable establishment like Interchange Financial will be key. Take a look at reviews and testimonials from past clients so that you can feel confident you’ll get the best possible rate whenever you choose to visit them.
- Know How Much to Take
While you might think that the more money you take out, the better the rate, the fact is that this isn’t always the case. More often than not, taking out a lower amount will result in you getting a better overall rate. Additionally, you never really want to travel with more than the equivalent of 100 US dollars in your pocket whilst abroad. Many foreign countries target travellers for pick-pocketing, and if you’re just arriving and have all that cash with you on hand, the loss can be significant.
