Two men in suits are doing business and exchanging different currencies.

What important tips one should know about money exchange?

Money exchange is one of the many hassles a person faces when deciding to travel abroad whether for business or leisure. The demand for settling to a new environment, diet and people is enough to worry about rather than exchanging money. Many currency exchange kiosks might use your naivetés to their advantage and gain illegal profit.

Tips for successful money exchange:

1) Always do your homework:

Money Exchange rates:

Keep yourself updated with the money exchange rates. Before planning a vacation or business trip, get to know the latest exchange rate for the foreign country. There are also apps available or google to know the recent exchange rates.

The process of money exchange:

It is often helpful to get knowledge of the money exchange process before you travel. Usually, a small fee is charged when getting money exchanged. Compare the various exchange rates being offered and always get the best deal.

Visit your bank:

The least bothersome method of money exchange is available at your bank. Inquire your bank for their policies on charging your card overseas. You could either open a traveler-friendly account in a bank that charges the least fees. In case of exchanging a large amount of money, you can also buy it online.

Planning your budget:

Once you are aware of the currency exchange rates, plan your budget. Consider your period of stay in a foreign country and estimate the all inclusive vacation costs. This way, you will know the amount you may require beforehand.

2) Exchanging money overseas:

Always have cash in hand:

It would be rather foolish if you decide to get your entire money exchange in a foreign country. You would not find an exchange kiosk as soon as you get off your plane. You may require money to pay for accommodation and other necessary expenses. 

Use an ATM:

Find out all the ATMs near you. This will save you time and effort while transacting money. You also get the best rates and almost no extra charges if you have a traveler-friendly account.

Use your card where possible:

Businesses that charge cards would have no issues accepting your credit card. Especially if you have a VISA or Master Card. In this way, you do not have to go through the entire money exchange process. The bank does it from their end.

Prefer using your own currency:

If your home currency is a strong one (USD, Euro, Japanese Yen) then you can pay in your own currency in many places overseas. If your currency is minor, you would seldom find places that accept your currency.

Remember; always have some cash handy while traveling. Have different methods of carrying money in case of an emergency. Do not exchange money at airports, tourist center or hotels. You will not get the best rates. Organize your schedule before traveling and inform your bank about the same. Use an ATM or Credit Card for money exchange or purchases. Keep aware of your transaction through online banking or apps.

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