Best Time to Exchange Currency when Travelling Abroad

people, saving, cash, withdrawal and finance concept – customer hands with money at bank office or currency exchanger

Travelling abroad is exciting and fun, but exchanging currencies might not be as fun. If you are not careful, you can find yourself with less money than what you wanted! Thankfully, there are good times and ways to exchange currency to save more money. To help you get the most out when you exchange currency, here are some tips that you should try.

Wait for it

If you have some time, you can wait around until the exchange rate gets higher. There are days that the exchange rate goes high or drops down, so you might be able to see until the rate is good enough for you. While you should not wait for months until you exchange your money, you might see that there is a good day to exchange your money. Remember, the small cents can add up to a big sum of money especially if you are exchanging a large amount of cash.

Prepaid Cards

If you do not want to wait around for the exchange rates to get higher, you can try using a prepaid card. A prepaid card, otherwise known as a multi-currency card, is a great way for you to spend money while you are travelling abroad. You can use them in nearly any ATM worldwide and use them in most local shops and grocery stores in your area. As long as you check if the store you want to spend money in accepts the form of prepaid card you have, you are good to go! You can check out to learn more about prepaid cards.

Most prepaid cards will not need you to exchange currencies when you load money into the card. You just have to load it up with cash before leaving and you should be good to go! It is a simple way to avoid currency exchange rates which can save you a lot of trouble of waiting around to exchange your cash. Additionally, this can be a good way for you to save money while you are abroad. Since you only have a certain amount of money that you loaded into the card, you will not risk overspending! 

Helpful Tips

There are some more things that you should know about exchanging currencies. For instance, you should only exchange a bit more cash than needed (for emergencies for instance) to avoid wasting cash. If you exchange too much money, you will have to exchange the money back when you go back home. Therefore, you will have to face the currency exchange rate again, which is something you do not want to deal with.

Another tip is to avoid exchange currencies at the airport. If you exchange money at the airport, you could spend more money. The exchange rates at airports are usually a bit higher because they know people find it more convenient. Try to exchange money before you go to the airport or load a prepaid card to avoid it.

You should know the best ways to spend money abroad and how to exchange currency wisely. Follow the tips above to get the most out of it!