As you travel abroad, you may need to exchange your cash for the local currency. When you go to do this- be careful! Many foreign vendors may try to charge you very high exchange rates or excessive fees. However, there are ways to avoid this and safely exchange your currency without paying huge fees. Take a look at these tips to avoid unnecessary charges and get the most for your money while traveling.
Order in Advance
Before you head out on your big trip, it is a smart idea to order your currency before you leave. You can do this at your local bank or online. Plan the budget for your trip to see how much cash you will need then head to your local bank. While the bank may not have the currency you need on hand, they will be able to order it and will likely charge you a very small fee or no fee at all if you are a bank member.
You can also go online to a currency exchange website and order your cash from there. If you are converting AUD to INR, simply enter the amount you need, pay through your bank account with AUD and you will get your rupees transferred straight into your bank account! These sites offer very competitive rates and often have virtually no fees- much less than you would pay overseas to exchange your cash.
Skip The Tourist Traps
While you are on your trip, you may see convenient kiosks or exchange centers in tourist locations. Airports, train stations and tourist hot spots all will likely have services available to you to exchange your currency. Do not be tempted by the convenience! These places will charge the highest fees and give you the worst exchange rates. Some even charge a commission percentage for every transaction they complete meaning they may actively try to entice you into using the services. You are much better off finding a local bank or ATM!
Foreign Bank Branches
Many large banks will have partners or their own bank branches overseas. You can likely use these banks just as you would use your home branch. Many banks will waive currency exchange fees if you have an account with the bank, whether it be in your own home country or a foreign one. Look for banks within your brand before traveling.
Open an Account
There are many banks that offer fee free foreign transactions and you may want to consider opening an account with one before your trip. Once you have an account with a bank that does not charge fees, you can freely use your debit card while traveling, paying sticker price for each item and never worry about being hit with excessive transaction fees every time you swipe.
When traveling abroad, try not to get hit with lots of currency exchange fees by using these beneficial tips. You don’t need to pay a lot in order to exchange your money. Be smart, plan ahead and assess what each fee is before you willingly pay it!
Hi there! I’m Sethu, your go-to guy for all things tech, travel, internet, movies, and business tips. I love sharing insights and stories that make life more interesting. Let’s explore the world together, one article at a time!
