There’s really nothing more exciting or inspiring than taking a trip to a foreign country and experiencing all the different things that their culture, their cuisine, and their people have to offer. An overseas trip can completely change your perspective on life itself, but you need to make sure you’re able to really make the most of it while you’re there.
Having local currency is a key part of integrating yourself into this new area, and it can be especially important for smaller areas where cash is still the main form of payment. However, before you set out for your local currency exchange business, there are a few tips and tricks you should know.
Here are the top four currency exchange tips before you start out on your trip:
1. Yes, This is Necessary
All too often, travellers find themselves thinking that bringing foreign cash with them on their journey is just unnecessary, but this couldn’t be any more incorrect. While it’s true that you’ll be able to get around by just using your credit and debit cards, having cash on hand can quickly end up being a lifesaver.
First, there’s always a chance that your card provider puts a hold on your cards in fear of fraud, which can leave you stuck and in an embarrassing position, especially if you’re trying to pay for something such as transport. Secondly, what will you do if a restaurant or shop simply doesn’t accept cards? Cash only establishments are still incredibly prevalent around the world, and you don’t want to miss out on amazing opportunities just because you didn’t have cash on hand.
2. Make Sure You Watch the Market
Currency Exchange rates can change on a day to day basis so it’s incredibly important that you keep an eye on the market trends and head over to your local exchange business the day you notice it’s at its peak. Keeping an eye on these rates will also give you an upper hand when dealing with exchangers, as you won’t be able to be scammed out of the money you’re owed.
3. There’s a Difference Between Buying and Selling Currency
When you look at exchange rates, it’s also incredibly important that you make sure you’re looking at the right column. When you buy currency, you’re exchanging your local currency for the currency of the country you’re going to visit, and this is normally the higher number.
Selling currency is when you’re exchanging the foreign currency in your possession for local currency once again, and you’ll usually end up getting less. There is more information on the Interchange Financial website that you may find helpful.
4. Plan Ahead of Time
The last thing you need when you’re already stressed out and nearing the final days before your trip is that the bank you were depending on for your exchange doesn’t have the currency you’re looking for. Planning ahead of time, calling exchange offices, and getting there in advance is a great way to give yourself a little bit of added peace of mind before this big adventure starts off.