I’d like to share this informative article from Afar. If you don’t have time to read the full article, here’s a summary of “5 Mistakes to Avoid When Exchanging Money Abroad”:
- Avoid airport currency kiosks: They charge inflated rates and hefty fees. It’s better to order currency from your bank in advance to get better rates.
- Don’t pay in USD at ATMs or stores: Always choose the local currency to avoid unfavorable exchange rates set by merchants or payment processors.
- Use affiliated ATMs: Prefer ATMs linked to major banks to avoid high fees and poor exchange rates. Deny currency conversion offers at the ATM to get the best local rate.
- Choose credit cards without foreign transaction fees: Use travel-friendly credit cards that waive these fees, and check their acceptance in your destination country. Avoid cards that charge extra for international cards.
- Manage cash carefully: Research whether cash is needed, and avoid converting too much or too little. Re-exchanging leftover currency can lead to extra fees.
Following these tips helps travelers save money, avoid hidden fees, and make smarter currency exchanges abroad.