Saving foreign exchange when you travel abroad

Saving foreign exchange when you travel abroad

Traveling abroad can be quite an exciting affair, especially for the first-time international travelers. Before you travel, there are many things that you will need to take care of, so that you are comfortable in the new country and can enjoy yourself to the fullest. While there are some travelers who go abroad for a trip or for a vacation, there are others who may travel abroad for settlement, business, work or academics. Whatever be the case, one of the foremost things that you will have to figure out, apart from your documents, is foreign exchange.

So what is foreign exchange? This is the value that you get for your local or national currency in the new country’s currency. When you convert your money into the currency of the new country, the equivalent cash that you get is called foreign exchange or the forex rate that you get. This varies greatly from country to country and often, the dollar will fetch you the best rate in most countries where you travel around the world. This is especially true for Asia, Africa, and other such continents.

Now comes the big question for travelers: How can one make the most of the foreign exchange and actually save while traveling abroad? While it may be easy for us to think that traveling abroad with the dollar equivalent puts us in a position to splurge, there are many ways in which you can actually save and have a great time. Here are a few tips to do just that with your foreign exchange!

Exchange in all the right places: You need to know where you can exchange your dollars for local currency so that you get the best rate. To begin with, speak with the local tour operator or travel agent to avail a good foreign exchange rate. Try not to exchange your cash at an airport because this is where you will get a very low rate and such an option should be used only in case you are stuck in an emergency situation.

Plan ahead: Before you travel, you usually get your passport, visa and other such documents in place. You will have to render the same kind of attention to your foreign exchange as well. Speak with your bank and find out the kind of foreign exchange rates that they have on offer. Also, find out the kind of options that you have apart from the bank so that you get the best rates possible.

Do it like a local: While most countries will give you good spending power when you convert from dollar, you can still save by doing it like a local. Eating at a local place instead of tourist-ridden restaurants, taking local transport instead of booking a cab every single time, and other such measures will ensure that you save quite a penny in foreign exchange!