When you travel from one country to another you will have to convert or exchange your travel money from your country’s currency into another. Exchange rates vary from one place to another and hence the manner of exchange can either cause you to lose money or to save some. Here are ten things that you should look into before you convert your currency:
1. Before you start your holiday or travel to another country find out what the exchange rate of that particular country is.
2. Before you depart, take some travel money with you. Make sure that you already have money belonging to the country you are travelling to. When you travel long distance and reach your destination at dawn or late at night there will not be any exchange desk that will be open; hence this should be taken care of.
3. The first place you will need to go once you reach the country is a conversion center where you can get travel money converted. All important banks have exchange desks. So, before you travel, find out the location of major banks.
4. Even though there are exchange counters at airports, it will be better if you did your exchange at ATMs, these usually have better and cheaper exchange rates.
5. ATM cards with PIN numbers of four digits are the ones that work free of trouble overseas.
6. When you withdraw travel money you will be charged by the bank in your country and the bank you are withdrawing from for each withdrawal. Therefore, it would be better if you made a single large withdrawal instead of many small ones.
7. Keep your cash safe; pickpockets usually target vulnerable tourists.
8. Carry your credit card with you. If there is any dispute in the billing or payment of bill, you can use your credit card and your bank at home will be able to help you settle the problems.
9. Another way in which you can carry travel money is through traveller’s cheques. Talk to your bank about how you can create one before you leave.
10. Some countries accept payment in dollars as well. When you fall short of exchange money you can use your own currency, but remember that when you do so you will be paying more and it will be cheaper to use that country’s currency.