Do you like saving money? Don’t we all! This is especially true when you are planning a trip abroad. You want to save money anyway you can to get the most out of your trip. Saving money on currency exchange will definitely help you conserve cash.
Here are 5 great currency exchange tips that will save you money on your next adventure!
1. Ask Your Own Bank
Your own, hometown bank may be able to help you with your currency exchange needs. Your bank can give you very good rates and low fees since you are a bank member. If they do not have the currency you need on hand, they can order the money for you! Plan ahead and visit your bank a few weeks before your trip so you can place an order for foreign currency and get it delivered in time. Who knew you could save on currency exchange from your own home country!
2. Plan Your Cash
Before you exchange any money, think about how much you really need it. If you are able to convert your currency once, you will only pay service charges and fees once, saving you money by doing everything in one shot rather than multiple expensive transactions. In addition, you never want to have foreign cash left over at the end of your trip. If you do, you will have to pay to exchange it back to your local currency, getting hit with another charge. So check those NAB exchange rates, plan when and how much money you need to exchange and do everything in one shot! It will save you time and money- the best combination!
3. Online Vendors
You can plan your currency exchange in advance in another way too- by going online! Banks aren’t the only ones who convert cash anymore. In fact, there are many online vendors that you can shop from to exchange your money. Online currency exchange centers can give you really good exchange rates and also competitive fees. You can order your money and have it delivered straight into your bank account, ready for your trip when you are!
4. Low ATM Fees
One of the best places to exchange your money when abroad is at a bank-owned ATM. The ATM will give you the same as a bank but they are way more convenient! In addition, ATMs typically charge a one time, flat rate use fee, unlike other conversion centers which may charge a variable rate, making you pay more when you convert more. Using an ATM abroad will definitely save you money!
5. Walk Through The Airport
Once your plane lands abroad and you are inside the airport, keep walking until you reach the doors! Do not stop at the currency exchange counters inside the airport! While they may seem convenient, they are very expensive places to exchange your money. These exchange counters have high rates, high fees and high service charges- all things you want to avoid. So, be sure to follow this tip and keep walking right through the airport, no stopping allowed! It will save you money for sure.