Travelling is one of the most expensive luxuries that one needs to plan for very well, in order to downsize on some of its costs, especially when you are visiting a foreign country with a different unfamiliar currency to you.
Whenever you travel to a foreign country, you will need to do some research on some of the best places as well as time to change you foreign money to the locally acceptable currency. There are several factors you will need to keep in mind, some of which include Forex rates and fees.
Nonetheless, nowadays it is easy to do your research online, to get the best places with the best rates and fees for the exchange. Currency Exchange Brisbane is one reputable money exchange agency you can try, if you are in Australia, specifically within Brisbane, Queensland.
Anyhow, you can travel in any part of the world you want, but you will still need to change your money to the local currency. Here are a few tips for changing your money abroad.
5 Tips for Changing your Money Abroad
1. Opt for a Busy Money Changer
If you want to get the best rates and fees for your foreign currency, always make your exchange at a busy Forex Bureau, or moneychanger. This is because larger volumes bring in more competition for this sector. Moreover, the larger the volume, the less likely they will earn a wide spread on each exchange that they make.
Consequently, more competition equals competitive rates, which is great for you. However, if you opt for a moneychanger with less volume, the rates will not be that competitive.
Likewise, avoid moneychangers within a ¢last resort¢ location like remote areas, within a cruise, airports or border crossings, as they will definitely have poor rates.
2. ATMs are Still the Best Option
Even though most banks are likely to have higher fees for using foreign ATMs, when making transactions, ATMs are still the least-expensive option when it comes to changing your money abroad. For instance, if your bank has partner banks or international ATM within the country you are visiting, then you can save some little cash on your withdrawals.
Therefore, it really pays off to shop for a bank, if you are planning for an international trip.
3. Avoid Making your Exchange in the Weekend
The Forex market usually runs for 24 hours for five days a week, and closes down for the weekend. This is a fact, so most Forex exchange services as well as moneychangers, banks, and even international transfer services will be using the last quote that was made on Friday.
Using the last Friday quote usually forces them to place a small make-up to account for any risk that Monday¢s rate is going to hold stable.
Moreover, the weekend usually has insufficient foreign currency cash flows ideally not enough to prompt any large fluctuations in the exchange rate come Monday. The best option for you will be to wait for the Forex market to open on Monday.
4. No-Fee Bureau De Change are Always Very Expensive
If ever you see a sign with a ¢no-fee¢ currency exchange, check their rates first. They are likely to have worse rates, making them very expensive, especially when compared to taking your money from the ATM.
Therefore, it is always wise to keep up with the Interbank rates at all times. This is the rates banks pay for foreign currency. This way you can see if you are getting a good deal when you want to make an exchange.
5. Make Your Money Change at the Right Time and Not Place
The same way you would book your airbnb and airlines in advance to secure the best and cheapest prices, is the same way you should approach money exchange abroad.
Since you are abroad in a foreign land, you should not wait until you need the money and start rushing towards the nearest moneychanger or bureau. You should always have some ready cash for emergencies and if you want the best rates and fees, then monitor the rates for a while and change the money at the right time. You can use modern technology to do the monitoring. It is easy, quick and convenient.
Once you get an alert, you can opt to make your change for a rate you deem fit, rather than wait until you have no cash or a day or two when you are likely to need the money.
In conclusion, you should not just change your foreign money for the sake of changing, be informed for a better deal. Otherwise, your trip can cost you a lot, in the name of money changing.
Author Bio: Qaiser Soaz