Money exchange – things to know before you go

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Currency exchange is an important traveling item that you may not think about very much when planning a trip. After all, it is much more fun to pick out a hotel and plan a meal at a fancy restaurant rather that figuring out money exchange.

Here are a few things you should know before you hop on that airplane:

No Fee ATM Card

A little known travel fact is that ATM’s are actually one of the best places to get the foreign currency. ATM’s will have the same exchange rate as the local banks, meaning the rate you get will be the same as say the commonwealth bank exchange rates.

Most ATM’s are bank owned after all! An ATM may charge a flat service fee but this is typically less than any other conversion center will charge.

Before you travel, get an ATM card that does not charge for foreign transactions so you avoid any additional fees from your own personal bank.

Follow these tips and the ATM will be your best friend when traveling abroad.

Image: Roman Synkevych on Unsplash

Convert Before you Travel 

One of the best things you can learn about money exchange is that you can do it before you ever leave the comfort of your own home. You can convert your money into the foreign currency you need in a variety of ways.

First, you can simply go to your own personal bank and ask for the currency you need. While you bank may not have the money on hand, they can order it for you and typically get the cash within a few days.

In addition, your bank will likely give you a good exchange rate for being a valuable customer. 

Another way to get money before you travel is to shop online. That’s right, you can buy foreign currency for your trip online! There are many websites where you can do a simple currency exchange quite quickly.

Since there are so many online options, you can shop around for the best rates and lowest fees.

Order the money you need and it will be delivered right to your door! After that, you are ready to hop on a plane, cash in hand, and be very prepared when you arrive at your destination. 

Look For Your Bank

Chances are, you belong to a bank that is part of a global banking network. Most banks have an international presence or are affiliated with a foreign bank.

Before you head off on your trip, see what banks are in the area where you will be traveling. Look for a bank that is partners with your hometown bank. When you are away, use these affiliate banks to exchange any money you may need.

You are likely to pay less fees and get a better rate at a bank where you are a member. 

It definitely pays to be a smart and money savvy traveler. The best thing you can do when traveling abroad is to learn about money exchange before you go.

Start with these tips, check that commonwealth bank exchange rate and build your knowledge from there. When you know about the tricks to exchanging money, your trip will be even better.

 
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