When you are going to travel abroad, you will need to exchange your currency for the relevant currency. The reason is that your currency will be nothing for the locals, so you can’t make your purchases. For this purpose, you will need to visit an exchange outlet or digital kiosks that allow you to exchange curruncy easily. In this article, we will tell you how to get the best exchange rates when traveling.
Tactics to Get the Best Exchange Rates
Daily travellers need to know some tactics to get the best exchange rates when travelling to make their journey comfortable. In this section, we have compiled a guide on getting the best exchange rates:
- Use a Debit Card at an ATM
- Use a Credit Card for Purchases
- Use a Multicurrency Banking App
- Use a Credit Card for Cash Advance at an ATM
- Use a Currency Exchange Kiosk
Use a Debit Card at an ATM
The world is going to evolve its currency-exchanging methods. Already, several methods are available in the market to get the best exchange rate, but utilising debit cards is convenient. By using debit cards, you can convert your currency to a foreign currency to put it in your pocket. When travelling abroad, you will get a favourable exchange rate from your bank rather than using an airport exchange kiosk.
Moreover, you are free to get favours by exchanging money, paying no extra fees and drawing cash from your bank. You can exchange your money by the partnering bank of your bank account, if you didn’t get any branch nearby.
Use a Credit Card for Purchases
No worries if you don’t have a debit card in your pocket instead, use the right credit cards to purchase. This approach helps you to get your plastic swipe just like you do at home. Firstly, you need to ensure that your credit cards are usable for international transactions or not. Secondly, many credit cards don’t have that option to offer their users, and if some do they charge transactional fees.
Further, these transactions may vary every time you make a transaction and can be varied from 3 to 4%. The worst part is that vendors charge some fees on transactions of one dollar; you have to pay 3%. However, your credit can get a competitive edge by providing you with simple and fee-free international transactions.
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Use a Multicurrency Banking App
There are multiple multicurrency banking apps available in the market that can get you the best currency exchange rate. Revolut, N26 and Wise are some examples and the most popular alternative to physical exchange rate commissions. If you are a daily traveller or a professional and can’t open a banking account, then you can use them. By using these banking apps, you are free to store and share money directly to the merchant in their own currencies.
Many new apps are adopting this technique to enable travellers to get exchange rates at decent rates, like Apple Pay. These types of apps usually come up with a subscription fee to allow international transactions. You should choose the app that best suits you and your preferences with low transactional fees.
Use a Credit Card for Cash Advance at an ATM
A cash advance option from an ATM is a helpful method to get a cash withdrawal. Further, if you are in a hurry or have not cash in the bank account, you can use this option. You will be able to get a loan type advance that you can use for making purchases of your needs. Firstly, you need to get an advance from your ATM, which is easy by following these instructions.
- Enter Your Credit Card into the ATM
- Type Your PIN
- Select the Cash Advance Option
- Select the Amount of Cash You Want
- Confirm the Transaction
- Accept any Fees
- Finish the Transaction
- Take the Cash Out
Further, you are free to exchange your currency into the relevant and needed currency type. This will make you able to make purchases in every country whether you are in Europe or Asia. Moreover, you are allowed to fulfil your basic needs by exchanging your current available currency.
Read Also: Tips to Keep Your Money Safe While Traveling
Use a Currency Exchange Kiosk
Once you have landed at the airport, what you will do first? I think you will get your luggage and run for a taxi, but how you can pay? Because your currency has failed for them. So what you will do next? You need to exchange your currency first from the airport’s Currency Exchange Kiosk. Whether you are an American or an Asian, you have to use this vendor to get the exchange currency. By doing this, you will be able to make purchases of your basic needs and requirements to survive in that country.
Normally, you will see a board of currency exchange Kiosks at the airport that are calling for exchange money. However, they do make more exchange rates but also including heavy fees for exchanges. There is a 12% chance of a higher exchange rate with high exchange fees. So if you do have not your debit and credit cards then you have to exchange your money with that airport vendor.
As the world is growing it becoming a mess due to the potential of money that makes it monetary. If you are a daily traveller or a professional visitor, you have to exchange your money before making a plan to go abroad. Further, you need to exchange your currency to make purchases abroad or to make international transactions. In this way, many banking apps are trying to help you out of the exchange money problem by providing you with international transaction options. They usually come up with some subscription fees that can allow you to make international transactions.