Currency Conversion

• By Nikki B
• Travel Tips
• 07.09.2016

When traveling abroad is important to have local currency to be able to pay for stuff. Your main goal when exchanging your country’s currency into foreign currency is to get as much foreign money for as little of your own country’s money.

There are various places where you can exchange your money at: the airport, the hotel, an ATM, a local bank, or through the credit card when you pay, or even various exchange offices around the city.  It is difficult to say where the absolute best place to exchange money is, because there are several things to consider.

Converting currency at the hotel or airport were the most used locations due to convenience. Many experts advise against these locations because you can be charged higher fees than in other locations.

The popularity of the ATMs is on the rise when it comes to cash withdrawals. All ATMs will give local currency but might charge a small fee. Make sure you inform your bank about your travel plans, otherwise enjoy as much or as little cash as you need, at any given time.

Having your currency converted at a local bank ensures you get real money, especially in countries where forged money is everywhere. Make sure you check the exchange rate before proceeding, to ensure you choose the best rate. The exchange offices in the city operate at a similar rate as the banks and are quite safe.

Most countries and businesses now accept the 2 major credit cards, Visa and MasterCard. Paying directly with the credit card when going shopping could be much cheaper because banks get better exchange rates deals than individuals. Not needing cash makes life easier for many. Experts recommend this method, but they still advise to be careful of how much you spent.