Categories: Business

What Are The Best Way to Get Foreign Currency?

One of the most common travel questions is what is the best, and cheapest, way to get foreign currency when traveling abroad. Travel money Sydney – It may seem like a complex subject, but technology and changing times are making it easier than ever.

Follow a couple of simple rules and you’ll be able to stretch your money even further while abroad. For More Info visit travel money Sydney.

Ignore Travelers Checks

Travelers checks are quickly becoming a thing of the past. What used to be one of the only ways to spend money while traveling are now rarely seen. Traveler’s checks come with high fees and some banks have even stopped carrying them altogether.

Don’t Exchange Currency Stateside

Because of awful foreign exchange rates inside, you shouldn’t be tempted to acquire foreign currency before you leave. There are notable exceptions, like when traveling.

Stick to Airport ATMs

Quick and convenient, almost every international airport is full of ATMs. As long as you take money out as you arrive you will be fine. Just remember not to leave the airport without some local cash.

If your trip is relatively short, I would say a week or shorter, try and only take out cash once. Before you leave estimate how much you will need for the whole trip and research if credit cards are accepted in most establishments. The less you use the ATM the less you will pay in withdrawal fees.

You can avoid ATM fees, and in turn take out cash as many times as you want, if you use a card that reimburses ATM fees. Many banks are beginning to offer this, but I suggest Schwab. They are one of the best banking institutions to use when traveling abroad for a variety of reasons.

Avoid Airport Currency Exchange Booths

When you arrive at the airport you will most likely see ATMs as well as currency exchange booths – like Forex and Travelex – close by. Try to avoid using these booths. They give the worst rates and sometimes even charge you a commission.

Don’t Be Too Trusting

When paying in cash, for anything, make sure you receive the correct change back. While most locals are kind, and you don’t want to assume the worst about foreigners, there are some individuals who don’t care about shortchanging unsuspecting tourists.

Credit Cards in Foreign Countries

As I touched on above, before you head out, do some research on whether the country is credit card friendly or not. Some countries will surprise you! For instance, Iceland has moved to a completely cashless society – even in small towns with less than a hundred permanent residents. While Japan, who on first look seems extremely tech advanced, barely accepts credit cards anywhere and cash remains king.

Always Pay in Local Currency

When you pay with a credit card, you may be prompted to pay with USD or the local countries currency. Always choose the later. If you pay in USD, not only will you get charged an inflated exchange rate but there is also a hidden 3-3.5% fee associated with this privilege.

This rule also applies to cash. If they accept USD, prices tend to be higher – so stick with the foreign currency.

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