Here are some ways you can save money on the cost of currency exchanges and purchase transactions:
- Exchange your foreign currency 2-3 weeks before travelling, as to avoid costly airport fees
- Look into buying a Travel Money Card. This card enables you to pre-load funds onto the card (in the foreign currency) and you’ll also cut out conversion rates, surcharge on purchases and generally make things easier for you.
- Check to see whether your local bank offers a credit card that’s exempt from International Conversion Rates
- www.xe.com is one of the best places to check out the current exchange rate, so make sure you use it wisely
- Withdrawing cash from your credit card while you’re abroad will result in seriously hefty cash advance fees, so keep that in mind
- Keep in mind that certain payments can cause your credit card’s funds to be locked, which could land you in a bit of a pickle. Make sure that you’re using more than one credit card if you plan to pay for flights, accommodation and traveling costs with a credit card to avoid an unnecessary embarrassment.
- If you can avoid it, don’t exchange currencies at your hotel, they’re usually a lot more expensive than your local banks are, and even the foreign banks.