5 Practical Tips to Find the Best Travel Money

Posted by on October 11, 2019 in Loans and Frugal Living with 0 Comments

Anytime you travel, you will be spending money. If you travel abroad, you will likely be spending money in a foreign currency which can be challenging. In order to save time, money and to get the most out of your trip, follow these five practical tips to find the best travel money.

1.    Do Your Research

The first thing you should do when you start your quest to find the best travel money is to find out what the current exchange rate is. This is fairly easy to do and you can discover how much your local cash is worth overseas in a matter of minutes. You can also simply look for an online currency conversion calculator which will instantly show you what your money is worth in foreign currency. Knowing the rate is essential to getting the most for your money.

2.    Plan Ahead

Before you jump on a plane, consider converting your money to the foreign currency before you leave. There are a few benefits to exchanging your money beforehand. First, you are likely to get a better rate in your home country. You can research the exchange rate, think about how much you need and choose the vendor with the best rate. Second, you will be prepared when your plane does land abroad. With the local currency in your pocket, you will be ready to go! The best travel money is definitely the cash in your pocket, making you a prepared traveler!

3.    Look Online

You may not be aware of the wide array of online currency exchange companies that are out there. Exchanging your money doesn’t have to be done at a bank anymore! In fact, online vendors can give you some incredible rates and very low fees. You are sure to find the best travel money when you shop through FXCompare.

4.    Not For Tourists

If you are traveling to a tourist driven location, you may see many exchange counters and kiosks where you can conveniently exchange your money. However, you will definitely be paying for the convenience. The currency exchange centers that operate in tourist locations charge inflated rates and also high fees. Avoid these places at all costs in order to get a better trade.

5.    Look For Your Bank

If you are a member of a bank or credit union in your home country, you may be able to find that same bank overseas. If your bank does not have a branch in the country you are traveling to, look for an affiliate bank. Most banks are now global businesses with locations or partners in every country. This can be quite beneficial as your patronage can lead to reduced fees or even waived charges when you do an exchange. It can be very practical to find your own bank when traveling!

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