Last updated on October 1, 2019
Everyone loves saving money, especially when they are traveling. After all, you want your travel budget to go as far as possible, so every amount you can save is beneficial! Use these foreign exchange tips to save money abroad.
Avoid the Airport
When your plane first touches down in a new country, you may be excited to see currency exchange counters right inside the airport. While this may seem like the perfect place and time to stop and grab some of the local currency, you should definitely bypass these exchange locations. Airport currency vendors charge high rates as well as excessive fees simply because they can- they do have a captive audience after all!
Exchange Your Money Once
Every time you convert those AUD to USD, you are going to have to pay a small service charge. Those little charges can add up quickly. One way to avoid paying excessive fines is to simply convert your cash once. Plan how much money you will need when traveling and convert that much cash into the local currency. Not only will you only pay one service charge but you will also save time. You can also search online to find the best AUD to USD exchange rate and get your currency transferred right into your bank account!
Partner Bank
Many large banks have locations worldwide. If the bank isn’t in a certain area, they may have an affiliate bank instead, one they work closely with that you could use. If your personal local bank does have an overseas location or partner, use them for all your currency exchange needs. Banks and credit unions where you are a member will give you the best deals when it comes to exchanging your money and certainly save you cash.
Use the ATM
It may surprise you to learn that ATM’s are actually one of the best ways to exchange currency while overseas. ATM’s have surprisingly low fees and very competitive exchange rates- exactly what you are looking for to help save you money while abroad. Before you travel, check with your bank if they have their own fee for using a foreign ATM and, if so, look for a bank that will not charge you when using your card abroad.
Don’t Convert Too Much!
Planning and budgeting is everything when it comes to saving money while abroad. Figuring out exactly how much cash you need is not only smart budgeting but it will also save you money at the end of your trip. If your trip is winding up and you still have a lot of local currency left over, you will have to pay once again to convert it back to your native cash. This means you are paying double conversion fees, something you definitely don’t want! Budget as accurately as possible to figure out how much cash you will need and stick to that budget to avoid paying too much.
Following these tips will guarantee that you save money while abroad on currency exchange. When you save money, you will be happier and have a much better trip! Plan your trip well and you are sure to save.
