The Dos and Don’ts of Foreign Currency Exchange
FIGURING OUT CURRENCY EXCHANGE DOESN’T HAVE TO BE ROCKET SCIENCE. FOLLOW THESE SIMPLE TIPS TO MAKE EXCHANGING MONEY FOR YOUR NEXT TRIP A BREEZE!
It’s vacation time! Your plane tickets have been bought, bags are packed and the camera is fully charged. There’s just one thing left to handle before you embark on your adventure…MONEY. Figuring out how to get and spend money when it’s in Indian rupees is easy, but figuring out money issues in a foreign country can be a challenge even for experienced travellers. Here are a few dos and don’ts to make exchanging foreign currency as simple as 1, 2, 3!
DO: Know The Country’s Currency And Exchange Rate
Sometimes we get so caught up in the excitement of planning that we forget about what we’ll need when we get there. Make sure you know the local currency for the country you’ll be visiting and check the exchange rates . It will give you an idea of how much money you will need in order to plan better and avoid over spending.
DO: Spend All Of Your Foreign Money
Normally trying not to spend all of your money is a good thing, but when it comes to foreign exchange…spend it all! Some would say to simply sell it back , but doing that will actually cause your money to lose value since in essence you’re exchanging it twice.
DON’T: Exchange All Of Your Money in ONE form
You know how they say don’t put all your eggs in one basket? The same theory applies to money overseas. Don’t exchange all of your spending money in cash form, mix it by exchanging some for travel card, traveller cheques and leaving some in your bank account. Why? For one, you don’t want your trip to be ruined if for some reason you lose your cash, splitting up your spending money will ensure the party keeps on going.
DON’T : Use Currency Exchange Counter at the Airports
When you’re at the airport you see them everywhere, currency exchange booths , offering quick and easy foreign money exchange. Sound like a sweet deal right? No! As convenient as these currency exchange services are, they can eat into your bottom lines with transaction/commission fees and exchange rates that can be much lower than you may get here .