Necessary tips during currency exchange and the use of currency before traveling and during your trip that will avoid you losing a lot of money
Currency exchange is one of the most important things that we should consider during our travel and one of the most important topics that we should discuss before traveling.
One of the main questions the traveler asks himself is that, where should he transfer his money during his travels without suffering heavy losses, because many people have suffered exorbitant losses due to transfer of their currencies. Therefore, in this article, I will give you some tips that I have learned through my travels that will save you a lot of money.
The first thing that may come to your mind is to transfer your money at the airport, but don’t do such thing, because the money exchange shops at the airport are bad, as their exchange rates are low and their fees are high, so I will give you some tips to avoid losing money and cash transactions:
Convert Your Local Currency to Dollars or Euros:
It is always preferable to convert your dollar or euro currency while you are in your country to avoid losing a lot of money during the conversion process and for the destination country convert some dollars or euros to its local currency, and if the country uses the dollar or eu
ro in addition to its local currency, use one of the mentioned currencies above in your transactions and don’t forget to convert small amount of money into local currency to pay tips and simple things.
Choosing the Right Place to Transfer Money:
You should avoid converting any currency at the airports, because it will lose you a lot of money. You have to d
o your research online and to find the most appropriate stores where you can spend money while you are at the destination, and if it’s difficult, you can withdraw the local currency through cash exchange machines, but make sure that you find the right bank as we mentioned earlier.
Download the Bank Application:
Download the application of your bank in advance to know the nearest place where an ATM is located in relation to your destination. The application also helps you clear your financial transaction from anywhere in the world.
Inform The Bank of Your Travel:
To inform your bank that you are traveling and it will take the suitable procedures to authorize external transactions and lift any restrictions on future cash transactions or any limits that may have been previously imposed. (But on your personal account).
Choosing The Correct Currency While Using Your Credit Card:
Pay attention when you use your credit card, because you’ll be asked about your desire to pay the purchase price or to withdraw in your local currency instead of the currency of the country in which you are, so you must choose either to withdraw or pay according to the currency of the country you’re going to in order not to lose a lot of money, since if you use your currency into their currency the bank you’re dealing with will convert them from their currency to your currency, thus three transfers for one purchase, but if you paid in their currency, it will be one transfer.
Download The Currency Converter Application:
Download a currency converter app before you travel and use it during your transfers, for example: XE currency app.
Get A Suitable Credit Card:
Get a credit card that is exempt from external use fees, because most credit cards issuers charge fees for external use of cards. Get your credit card before booking airline tickets and hotels and make sure that the card issuer does not ask for this type of international fee to avoid shocks when you disclose your account and check the countries covered by your credit card.
Keep Cash With You Before Traveling:
Make sure you have enough cash for transportation and for the value of the visa or airport fees for simple banknotes, because of the airports lack exchange. (Meaning if the visa costs you 25$ and you have 100$, the airport employee may not have an exchange).
In the end, you must find a good service for transferring your money, because that may make a big difference depending on how much you spend during your travel, all you have to do is a detailed research to spend your money fairly and don’t forget to insure your travel to reduce any unexpected costs, thus achieving peace of mind. I hope the article was useful and that you benefited from it
Nagham Al Badawi @nanotraveldiary
Marwan Al Turk
Translated by Naser Al Turk