Changing currencies to travel is a procedure that always gives us a lot of laziness. We have tried many different options and we almost always get the impression that we are losing money. We tell you how and where to exchange currencies for traveling without losing money along the way (or losing as little as possible?).
We advise you to change your currency before leaving home if you want to complete your homework. In most countries they accept credit cards for almost anything, but you have to take enough cash.
Some concepts
Before talking about currency exchange, it is very important to clarify some concepts about currency exchange. So, you can compare between various options and see what appears further in the account.
– Selling price. This refers to the money they offer for every dollar you exchange. That’s what we have to take into account when changing currencies before traveling. The higher, the better.
– Price of purchase It refers to the dollar they give you when you give foreign currency. In this case we have to look for the lowest purchase price, because for fewer foreign currencies we will receive more dollars. You only need to pay attention to the purchase price if you have left the foreign currency you want to recover.
Check the code of all world currencies
This is a level that varies continuously because it adjusts according to the supply and demand of the foreign exchange market. In practice, you will see that there is no bank or currency exchange that offers the right level (only when exchanging money between them). The exchange rates offered to normal consumers will always be a little worse to get benefits. Try to get the exchange rate that you use to approach the average market exchange rate, which is considered the fairest exchange rate.
Where
So we don’t have to worry about exchanging currencies when we travel, we always try to get foreign currency before leaving on the way. We tell you the best place to exchange currencies before leaving on the trip.
1. Your bank, the most reliable way to change currencies
The most practical way to change a currency before leaving on a trip is to go to your bank. If you don’t have a bank branch at your departure airport, you can always go to the office usually to ask for foreign currency. Do well before (around 10 days) so that the money arrives on time in the office and you can pick it up before leaving.
2. Change currency online, a practical alternative
If your bank does not offer the currency you are looking for or wants to receive money directly in your home, you can use online currency exchange. You might ask yourself: “ Where to exchange currency near me?” The big advantage is that they usually offer more currency variations than banks. You only need to show what currency you want, the amount you want to change, give your data and enter your card data. Just like if you make an online purchase. After a few days, you will receive money at home.
3. Airports, a bad place to exchange currencies
The most common place to exchange currencies is at the airport exchange office. Error! This is probably the most convenient, but it will make you lose money. As much as they sell you that there are no commissions, the exchange rate is usually so bad that it will almost be more expensive to pay commissions. If you feel obliged to do so, we suggest that you change as little as possible so you don’t lose a lot of money.
We hope this article gives you some useful information.
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