Finding great tips and tricks to make the most out of your budget is something that every traveler should do. When you are operating with various currencies, there are definitely ways that you can use foreign exchange to your advantage. Here are a few ways to maximize our budget with smarter currency exchange habits.
Do your Homework
The most essential thing you can do in order to maximize your budget through currency exchange is getting familiar with the exchange rates, fees and transaction policies that you may face while abroad. To begin, look into what the current currency exchange rate is for the type of money you will be using while abroad. You can look into the Westpac exchange rate daily in order to see what a good rate is. Checking this regularly can show you if the rate is trending up or down, and give you a good idea of when to make your currency exchange.
Knowing the current exchange rate will enable you to not only exchange your money at a good time but also give you the information needed to know if you are getting a fair rate. If you go to convert your currency and find that the rate you are getting varies greatly, you may want to consider using another vendor. Knowing the rate and knowing when to make your exchange will help you get the most for your money and maximize your budget.
Check the Fees
In addition to currency exchange rates, many vendors will impart currency exchange fees. Depending on the vendor, you may encounter a flat rate, transaction fee or a variable percentage charge based on how much money you are converting. Shop around and find which vendors have the best rates and fees (or if you can find one that does not charge a fee at all!). You will be able to save a lot of money by looking into the charges imposed on currency exchange and choosing the best vendor based on how much you are exchanging.
Use An App
Currency exchange can involve a lot of math that you may not be able to do quickly. When you see a price in a foreign currency, you may want to quickly calculate it into your own, local currency in order to decide if the price is good. Rather than try to make the calculation in your head, use a currency exchange app that will do all the math for you. It will also use the current, up-to-date exchange rate so the price it calculates will be very accurate. Technology can definitely be your friend when it comes to currency conversions and maximizing your budget!
Avoid Conversion Traps
Avoiding some of the most common currency exchange traps is essential to help maximize your budget. Stay away from currency exchange counters and kiosks located in tourist locations like airports or near popular attractions. These will definitely charge high fees and not have favorable exchange rates. Always do transactions in the local currency. While a vendor may accept your native currency, they are going to charge you a very steep exchange rate. You should also only convert the amount you need, no more, no less. This way, you will only have to pay transaction fees once, and you won’t have to change your money back at the end of your trip. Follow all these tips, and you will surely get the most for your money!