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The Best Places For currency Exchange When You are Travelling Abroad

Travelling to a foreign destination needs lots of planning. Apart from renewing your passport, making flight and hotel bookings, you also have to exchange currency. Even if you plan to use ATM cards, credit cards or traveler’s cheques, having some local currency in hand is a must while you are travelling to a foreign destination.

First of all, you have to do a bit of research and gain some knowledge about the exchange rate. Exchange rate is the amount of foreign money you can buy for one unit of your local currency. Read newspapers or visit website of reputed currency exchange to know about the current exchange rate. The exchange rate differs from bank to bank and from one exchange to another. It is important to choose a registered exchange or a reputed bank to get the best exchange rate.

Some of the best places to exchange currency are

  • Banks

Banks are the preferred place for currency exchange for most of the travelers. Exchanging currency at your home bank helps you to get good exchange rates. However, it is advisable to enquire about the fees and other charges levied by the bank on foreign exchange transactions. Most of the big banks sell foreign currency to their customers at local branches and they also offer online services.

  • Currency exchanges

Currency exchanges are another option to get best value for your money. You can visit a reputed currency exchange or order cash online. Some popular currency exchanges offer no-obligation quotes to their customers. However, it is recommended to shop around and choose an exchange that offers the best exchange rates. Choosing a registered exchange with good credentials will help you to be safe from scams and counterfeit currency.

  • ATMs

Once you reach the destination, you can use your bank ATM or debit card to withdraw money. Some banks charge a transaction fees for foreign withdrawals. Choose a card that does not have any fees or transaction charges. Try to use ATMs of banks that have a partnership with your bank.

Hotels, airports and currency exchange kiosks can also be used to exchange money in emergency. But try to avoid these places as the rates are quite high, when compared to banks and currency exchanges. The best place to exchange money at a foreign destination is a reputed currency exchange or a bank that offer good rates.

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