If you are getting ready to travel abroad, then you’ll need to consider how you’re going to get the foreign currency in the country you’re visiting. It might be possible for you to make all of your purchases using a debit card or credit card but this could mean that you end up being charged a lot of foreign fees. A simple way to avoid that is with currency exchange.
How To Avoid Exorbitant Fees
Begin by checking with your bank or credit union to see if they sell foreign currency. Some have the ability to order different currency and make it available to their customers. You will have to check, however, because it sometimes requires paying the shipping fee which could be more than you want to pay. This can often be avoided simply by going to a local branch.
You should ask your bank if they have foreign affiliates because this will mean that you can use those ATM machines. If you have this option available to you then you’ll want to see what, if any fees there are when using those ATM machines. If there are fees associated with each use, then you’ll want to withdraw as much at one time as possible to minimize the per use fees.
One way that travelers can save on currency exchanges is to purchase traveler’s checks. Although the average person is familiar with traveler’s checks from American Express they can often be purchased from banks and credit unions as well. If you are a member of a credit union you can sometimes get these cheaper than by going with American Express.
One of the big advantages of going with traveler’s checks is the fact that if they’re lost or stolen you can have them replaced. Cash if lost or stolen is simply gone. Having this option also means that when you do go to exchange your currency you will be the only one that can use the traveler’s checks to do so.
You Can Now Order Currency Online
There are now a number of online bureaus that are available to sell foreign currency. It will require that you put in some research if you want to get the cheapest rates. In some cases, if you order larger amounts you’ll be able to avoid added shipping fees. The main thing that you need to do in order to reduce the cost of exchanging your currency is to take a little extra time to plan before traveling.
In Europe, for example, there are some ATM machines that allow you to exchange your currency at minimal fees. At the same time, other options that are available there and elsewhere might have higher fees. But in general, if you exchange the money while you’re there before you leave to come back to your home country and you do the exchange at a bank, the fees will usually be less than if you tried to do them elsewhere.
Get A Credit Card That Doesn’t Charge Fees For Foreign Transactions
There are now some credit cards and even debit cards that specifically do not charge a fee when making a foreign transaction. These can make purchasing things abroad simpler and less costly. They may, in some cases, have some credit requirements in order to get them but provided that you qualify then this could be a great option for reducing cost while traveling abroad.
The use of these types of credit cards along with finding ATM machines that are in your banking network is among some of the cheapest ways in order to exchange your foreign currency. By verifying the banks that are in your network in the countries that you’re traveling to and using these types of credit cards and debit cards you’ll be able to save a considerable amount while traveling.
Like anything, getting reduced prices does take a little time and effort. The rates and fees and charges made for exchanging foreign currency are constantly changing. You could go on one trip and know exactly what to do and then the next time you travel there, things may have changed. It will require that you keep up with the latest information on what fees are charged and how you can make your currency exchange for the cheapest amounts.