How to avoid losing out on your currency exchange

currency exchange

It’s easy to lose money for no good reason when it comes to currency exchange. If you’re a traveller, you should keep the following tips in mind on your next journey.

Don’t change money at the airport

While they are convenient, airport exchange bureaus are notoriously bad value, as they tend to favour the bureau. They tend to get away with it because they rely on people who aren’t prepared; people who haven’t bought their local currency before their journey. Don’t rely on these services and make sure you have the currency you need before you go.

Keep your exchanges minimal

The fact is, the fewer transactions you make will result in you saving more money, it’s as simple as that. You will be less likely to pay hidden fees or commission, so try and buy infrequently so your wallet doesn’t fall victim to these charges.

Pre-book your currency

Although not well-known, you can book your currency in advance online using a credit or debit card. This tends to lead to more favourable rates with fewer fees. It’s easy, then, to collect your money at the airport. Remember, preparation is everything if you want to avoid being out of pocket, so it pays to pre-book.

Use a credit card directly

If you want to avoid higher interest rates and additional fees, then you only want to use a credit card for purchasing directly. Credit cards often have some of the best rates, which can be a real boon when you’re abroad; but do avoid ATMs.

Do your research!

This is really the main piece of advice I can give you. Do your research! It really does pay to spend some time on the internet looking up what rates bureaus and banks are offering. You’re going to save yourself a lot of agitation by checking before you buy. You can even monitor currency using a smart phone, meaning you won’t get caught out. If you want a sense of what good rates are, check out currency exchange rates from TorFX. You can also keep up to date by using social media.