Whether it’s your first time or your tenth time traveling abroad, you’ll need help exchanging foreign currency. Unless you travel to the same country or continent on a weekly or monthly basis, it may take some time to get used to the exchange rate. Luckily, there are tips to help you accomplish this, both with apps for automatic exchange rates and some other basic foreign currency-related travel tips.
Use the ATM
This is often the easiest, and sometimes the cheapest, way to exchange money into foreign currency when traveling. All you have to do is use your regular debit card or credit card at an ATM, and the money you withdraw will be in foreign currency. It’s also a way to automatically get an idea of what the exchange rate is. Keep in mind that there will be fees from your bank to use foreign ATMs, but compared to other forms of exchanging currency, it may sometimes still be the cheapest way to go about it. Because of the fees, exchange larger amounts at one time rather than paying fees multiple times for smaller withdrawals.
One of the most important apps you can download when traveling abroad is a currency converter app, like Oanda. No matter which you choose, they all relatively work the same way diet sehat. You simply enter an amount in US dollars and the app will convert the amount to whichever foreign currency you choose. It is the easiest way to know what the currency rate is so you can make sure you’re not being scammed. There are free currency conversion apps available for most operating systems, including Android and iPhone.
Using Credit or Debit Cards
The general rule for foreign currency exchange is that you should use credit cards instead of ATM or debit cards. When making a large purchase, use your credit card. The transaction fee for the foreign purchase will be between 1% and 2%, which is relatively low. It is also the safest way for you to make large purchases when traveling abroad.
The reason you should never use your ATM or debit card for in-store purchases abroad is the money comes straight from your account. If a mistake is made, it won’t be corrected for several days. This means you could go without money for up to a week. Only use your ATM or debit card to withdraw cash from the ATM.
Foreign currency is a must when you travel abroad. So, whether you’re visiting Europe or off on a fun Philippines investigation tour, make sure you get the best value for your currency.