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Understanding Travel Exchange Rates
How Much Can You Save? $200 or more per month if you travel a lot
Making It Work:
If you travel frequently for work or fun, you can take advantage of the power of exchange rates. You can stretch your money by focusing on getting the best exchange rates.
Consider these travel exchange rate tips:
Understanding travel exchange rates
If you’re traveling in another country that has a different currency, then you must exchange your money and use the local currency.
Related: Shopping For The Best Travel Credit Card
Unfortunately, exchange rates can vary on an hourly basis, and each location that exchanges money can have a different rate.
It’s not easy to find the lowest currency exchange rates, but a little research can pay off big!
Find a Location To Exchange Your Money
You have several options as you travel. Banks are considered to be the traditional place to exchange your currency.
Related: Your Guide To Purchasing Foreign Real Estate (A Beginner’s Guide)
But, you can also exchange it at airports, hotels, online, stores, and many other locations. You may also see currency exchange businesses in some cities.
First, you *must* investigate your chosen exchange location and ensure it’s a legitimate business that won’t scam you.
Second, ask about hidden fees and other costs because the exchange rate isn’t your only concern.
Where To Get The Lowest Rates and Save Money
Although your options are extensive, some locations are known for where they generally fall on the rate exchange fee scale.
Surprisingly, banks and your in-network ATMs have reasonable fees and rates.
Hotels, airports, out-of-network ATMs, and Travelex have higher fees and rates.
Before you take a trip, consider the exchange rates for your currency.
You can save big by finding the lowest rates and exchanging at the right times.