A good place to check the current exchange rates is Converto Currency so you can get a better idea of how far your money will go.
So, is it best to convert now, or should you wait until you arrive at your destination?
Ultimately, it doesn’t really matter. You see, the short term rates of any currency will probably not move much, which means the exchange rate you are quoted today is most likely pretty close to the exchange you will be quoted in a month or two.
Here are some tips on the best places to exchange your money:
Exchanging money before you leave
Typically, it’s a good idea to only exchange enough money to cover transportation costs before you leave for your destination. This is because rates tend to be a little bit higher at local banks, which means you will be left out of pocket.
Instead, it’s a much better idea to wait until you arrive at your destination before exchanging the main bulk of your money.
Exchanging money at airports and hotels
While exchanging money at airports and hotels may seem like a good idea, the reality is that this is far from the case.
For example, let’s say that you wanted to Convert pounds to euros at the airport. If you were to do this, then expect to face high transaction charges every-time that you change some money.
At the end of the day, hotels and airports should only be used in an emergency, and for small amounts of cash.
Exchanging money with credit cards
This is usually one of your best options for exchanging money, as credit cards tend to have the best rates out there.
One thing to be cautious about though, is if your home currency is dropping. This is because credit card exchanges are not done on the spot, which means the conversion will actually happen in a few days time.
Keeping up-to-date with the current exchange rates and which way your home currency is moving, will ensure that you know when to change your money.
Exchanging money with travelers checks
Another good option is to use travelers checks. Although these are not a popular as they once were, they still offer some key advantages.
For example, if you are unfortunate enough to have them stolen they can be easily replaced, which means you can carry them around with total peace of mind.Read More