Save Money When Traveling Abroad by Being Informed About The Exchange Rates
Physical activity is good for the body, reading and engaging yourself is good for the mind, but traveling is what’s good for the soul. Whether it be simply to get a change of pace from your typical place of residence, unplug from the world for a little while, or see stunning vistas not native to your homeland, traveling can be one of the most gainful activities a human being can embark on. There’s an interesting level of variation to the human experience that can only be properly experienced and appreciated by traveling.
As much as traveling may be hyped up to be a time where your mind is free and your heart not heavy, it requires just as much if not more careful planning and smart thinking than regular life. Understanding a new public transport system or adapting to new cultural norms can be just one of the things that can make a dream getaway seem like a strange, free-range form of imprisonment. One of these seemingly small items that requires careful navigating is the exchange rate between your home currency and the currency of whatever country you happen to be in. What seems like a few decimal points off from the true exchange rates could be the differences in dozens if not hundreds of dollars in lost money over time.
Any intrepid travellers needn’t worry, though. Making the most out of exchange rates is simply just a matter of having all of the right information at your disposal.
Get Your Money Exchanged At The Right Place
It might be tempting to get all of your money exchanged right as you step off the plane so you don’t need to exchange it again for the duration of your trip. This is one of the biggest newbie mistakes when it comes to having money exchanged, as airport exchange counters typically have some of the worst exchange rates in any given country. The reason for this is that you’re firstly paying for convenience: the counter is taking advantage of your confused state and desire to have some security and stability in a new country. Secondly, having any sort of counter or business in a high-traffic area like an airport requires paying some serious money in rent, which is then factored into the exchange rate with the counter pocketing the extra scratch.
To combat this, only exchange enough money at the airport to cover your accommodations, food, and transportation for approximately two to four days. This is an alright cushion and it’s fine taking the hit with such minor amounts of money. After this, it’s best to use Google to find which particular money exchange in the town you’re in has the best exchange rates and then go to them. When exchanging hundreds of dollars at a time, even getting a rate that’s .1 of a unit better per unit will add up quickly and leave you with more money in your pocket. Even if you can’t find the “best” money exchange, anywhere is better than the airport.
Understand Trends In The Local Currency
Chances are wherever you are going has a sizeable tourism industry, otherwise it’s unlikely that you’d have heard about it in the first place. Anywhere with buzzing tourism industry has a “high” season and a “low” season, high season being when the country is at its busiest and low season being the opposite. When there’s a lack of tourists, the country’s currency tends to dip as there’s less money being pumped through the system, making that particular currency less attractive to hold. As high season approaches, the local currency will begin to spike as more and more foreign dollars are converted into the local currency. So, if you’re trying to exchange your money back into your home currency before going home, it is wise to do it during a high season in a particular area as the local currency will be worth more.
Think Critically To Maximize Your Purchasing Power
It might seem daunting and like everyone is trying to squeeze every last cent out of you, but the two preceding tips are the most basic and useful things to have in your repertoire moving forward. Always try and think from the perspective of both the country at large and an individual money exchanging business’ point of view when deciding whether or not it is the right time to have your money converted.
Stay safe, and all the best to any wayward travellers.
