When you are planning a trip overseas, one thing you really want to be sure to plan is how, where and when you will exchange your currency. These tips will help you travel smart and get the most for your money when it comes to exchanging your money!
Plan Ahead
You can get some of the best exchange rates by converting your money before you travel. One reason is that you will have time to compare rates and vendors from the comfort of your own home. You can check the NAB exchange rates and see what the going rate is to get the best deals possible. Another reason is that many online currency exchange companies have significantly better rates and fees than any place you will find on your trip. Look for a currency exchange site that has a good deal and can transfer the foreign currency straight into your bank account. If you choose to convert your money before you travel, not only will you get a better deal but you will also be prepared when you arrive abroad with local cash in hand!
Avoid Airport Kiosks
When you step off the airplane, you will immediately see places within the airport to convert your currency. While it may be super convenient to exchange your money in the airport, you will pay a price for that convenience. Airports charge some of the highest rates around in addition to exorbitant fees. So, not only does the airport hit you with an inflated rate but also very avoidable additional charges. Skip the airport currency counters at all costs!
Opt for the ATM
Local ATM’s are a travelers secret to getting local currency at a decent price. ATM’s use the current bank rate (such as the NAB exchange rate) and are more convenient than going into a bank. While ATM’s may charge you a flat fee to use the machine, it is much less than a percentage charge or service fee that a tourist conversion counter may charge.
Bank Family
While you travel, look for a bank that is associated with your hometown bank. Many large banks are international or at least affiliated with a different bank overseas. If you are a bank member, you may be able to get better deals on converting your money, possibly avoiding fees and extra charges when you convert your cash. If you really want to plan ahead, look at the area you will be traveling in and learn where the banks are located. This will make it convenient to convert your cash while you travel as you will know where to go!
Be in The Know
No matter where you go to exchange your currency while traveling, knowing the current NAB exchange rate is essential. You will have no idea if the rate a place is offering you is good if you don’t know what the current rate is! Currency exchange rates can change daily so you should check it right before you exchange money, every time. There are many apps that you can download to help you or just look on your bank’s website!
