Many travelers obtain the currency of the country of destination before departure, so that they already have the money for the taxi and for the expenses to be made immediately after arrival in their pockets. Exchange offices are almost always found in airports, ports and hotels, but these usually ask for higher commissions than banks (the percentage requested can reach up to 7% of the amount you intend to change). Credit cards are a good alternative, and in some cases ATMs. This article will help you plan this aspect of your trip in advance so that you can exchange your currency for a lower cost.
Steps
Step 1. Find out about the current exchange rate between your currency and that of the destination country using an automatic converter
This knowledge will help you understand if you have found a good opportunity to change money or not.
Even after checking the relationship, remember that the exchange office may add its own fixed or variable commissions based on the total amount to be changed
Step 2. Before departure, go to your bank and change some money in order to have foreign currency with you, thus avoiding having to rush to the exchange offices as soon as you arrive
- If you are afraid of not being able to change the money upon arrival, consider changing a sum necessary for the expenses of the first few days.
- If you are sure you can change the money, change only the sum sufficient to cover the expenses of the taxi, a meal and the hotel on the first night.
Step 3. Request some information from the company that issued your credit card, find out what the cost is to carry out expenses or a withdrawal abroad
- The companies that issue credit cards (for example Visa, Master Card and American Express) can charge your account a commission not only for withdrawals, but also for payments made abroad.
- Banks may also charge their own fees, which often vary based on the amount of money requested.
Step 4. Go to your bank and find out if it is convenient or not to use your ATM when you are abroad
- Ask what your bank's exchange rate is.
- Ask what are the fees for a withdrawal abroad.
- Find out if it is possible to use your ATM in the country of destination, and if your bank also has branches abroad. You will avoid paying a higher commission.
- Locate the foreign branches compatible with your credit card circuit. Print a map with the addresses found. Visa and Master Card circuits are the most common.
- Many ATMs abroad do not accept a pin code greater than 4 digits. Find out about the alternative procedure according to your bank's rules.
