Currency exchange is one of those little tasks that is actually extremely important. When you are planning a trip abroad, you need to know where and how to exchange your money to get the most out of every dollar. After all, you want to spend your money on amazing things in a foreign country, not on fees and surprise charges! Use these tips to get the most out of your currency when traveling.
Know the Rate
Before you convert any of your money, you should know the current exchange rate. Rates for currency exchange can vary from day to day, even from hour to hour, so it is a very good idea to check right before you head to the exchange counter. How else would you know if you were getting a good deal?! Checking the rate is actually quite simple. There are many conversion apps that you can download and use or you can do a quick search online, to check the NAB exchange rates and calculator the amount of money you want to convert. You will instantly see how much of the local currency you can get!
Avoid Tourist Locations
One place you definitely do not want to exchange your money is near a tourist location. Popular sightseeing areas, tourist destination and historical areas will have places for you to exchange your money into the local currency. However, these areas also thrive off of tourists, charging excessive fees and raising the rates as well. While they are convenient, you will not get the most out of your money.
Skip the Transportation Centers
Just like popular tourist locations, large transportation centers will also have kiosks and counters where you can get the local currency. Once again, they will raise rates and have high fees that will not benefit you in the long run. You will be paying for convenience when you exchange your money at an airport, train station or bus station!
Know the Price
When you are in a foreign country, everything will likely be labeled in the local currency. This can be tricky to process as you shop around. You are likely use to thinking in terms of your own currency so seeing new forms of prices may be confusing. Download and app on your phone or carry a piece of paper that says the currency conversion rate. You can type the local price of an item into your app and press convert, changing the price into a number that you can understand easily- that of your local currency. Doing this will help you know if you are getting a good deal or if an item is overpriced. This is a perfect example of how to make your money go further in a currency conversion scenario!
One of the best things you can do when traveling abroad is to be informed and be smart about your currency conversion. Stay on top of the current NAB exchange rate and be sure to only convert your money at reliable places that will not charge too much. Most of all, have fun while traveling!
