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The Best Exchange Rates When Travelling

Published on 9 February 2017 in News - Pages by Raffick Marday

Whether you're travelling in Sydney and need to convert your money back to Euros or you need to send your travelling child money to tide them over until they get home, finding out the bank exchange rate before you convert or send can save you some big bucks.

There are several things you should think about before you make these costly transactions. One thing you should always do before travelling or spending your cash is to check the bank exchange rate on the Internet or your smartphone app. By educating yourself ahead of time, you'll know if you want to use your credit cards or your cash.

Before you cash in your currency, compare rates with online sources, banks and brick and mortar currency exchange stores. This will help you determine which source will get you the best deal. Don't feel like you have to take the deal that one place offers. Walk away if the costs and fees are too high. In some locations, individuals on the street may offer to exchange your money for you.

Finding The Best Exchange Rates When Travelling

This is a bad idea and you should avoid them at all costs. Additionally, do not change your money in airports or train stations if at all possible. It's much better to exchange a small amount if absolutely necessary until you can get into better bargaining location.

Another good idea when travelling is to carry two widely accepted forms of currencies, just in case one is not accepted locally. Euros and dollars are a popular choice for most travellers. But know that you are almost always going to get the best rates when you are spending local currency. Also remember, that you cannot exchange local coins outside of the country, so either donate them, exchange them for paper money inside the country or keep them as souvenirs.

Naturally, for convenience sakes, check your bank's rates on currency exchange, but in most cases, they are indeed higher than online or brick and mortar exchange rate stores. While some people use them because it's easier, still others feel the money they save is well worth the investment in time to shop around for other options.

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