Money exchange is a phrase that will never be out of any traveler’s trip. As you jump from country to country, continent to continent, you constantly have to exchange whatever currency you have to be able to spend in your present location. I’ve tried out the option of withdrawing using my debit card every time I transfer, but this isn’t always such a great idea especially since banks can be quite notorious for high exchange rates. If you care about your finances as you travel, here are three ways to get more bang for your international buck, wherever you are.
Do not exchange money at the airport and/or banks.
These two are the most convenient places where travelers can exchange their currency which is why they also have the highest rates. I used to have my currency exchanged immediately at the airport of my destination. Since I now have years of travel experience, the only time I do that is when I’m strapped with a real cash emergency. Same goes with banks. More than the low rate you’re getting, most banks also have an additional exchange fee.
Scout different money exchange kiosks for the best deal.
This can take up some of your time and patience, so I suggest you get into this with a good state of mind. There are many kiosks for money exchange, and it takes a bit of an effort to find one that offers the best rate that gets you more. Their rates differ in just cents, but when you’re travelling with a budget, every cent counts.
Try out alternative methods.
Thanks to the handy dandy internet, there are now alternative methods to getting the best bang out of your international buck. There are websites that offer global money exchange wherein you can save as much as 90% in exchange fees. Because they cut out the middle man, there is less to pay and more to get in exchange.
Whatever method of exchange you choose, never forget one of the golden rules in travel: Always keep your money safe!