Travelers experience different challenges when traveling overseas. One of the challenges they face is to look for a money exchange provider with a low commission fee.
Ways to Exchange Foreign Money
- Online Currency Exchange
Everything can be done online now, even currency exchange. It is one of the effective ways of having to exchange your money to foreign currency, but this also involves some risks. When having this kind of transactions online, pay close attention to the provider’s fees and shipping services.
- Credit Card
Another way is to apply for a credit card that has 0% commission on foreign exchange transactions. There are several credit card companies that offer cards, especially to travelers to help them save money exchange fees. However, credit card processing machines on stores may be limited, depending on the country. Moreover, most credit cards have high ATM fees if you use them for cash withdrawal transactions. Cash advances also incur interest charges from day one, so carefully read and understand the terms and conditions of the card credit agreement.
- Money Exchange in International Airport
Most international airports have the lowest commission fee on money exchange. It will also give you, in no doubt, legitimate notes and coins.
Tips on Foreign Money Exchange
- Make sure to search currency exchange rates. This can be done online through currency converters or search engines such as Google or Yahoo or can be seen at signs at the local banks and currency exchange companies.
- Have a mobile foreign exchange app. There are several applications available in the App Store and Google Play. Make sure to install one before going overseas to have readily accessible currency exchange rates at your mobile phone.
- Make sure to buy your foreign currency in your local area before traveling abroad. Doing so will make you less vulnerable to counterfeited notes and coins.
- Do not overbuy foreign currency. Currency exchange rates are constantly changing and it is possible to lose a great amount when you convert your money back. In addition, you still have to pay for the commission fees.
- Spend all the foreign coins before leaving the currency zone. Most countries do not exchange coins to their local currency. You will only have a pocketful of worthless coins when you go back to your country unless your country uses the same currency.