Currency exchange – Do’s and don’ts

Cards or plastic money is excepted almost all over the globe but if you are a wandered and lover travelling through the beaten path you may land up in trouble if you are only caring your credit card. So what is to be kept in mind while purchasing Foreign currencies?

Know where to exchange

Do some digging before you book or make your purchase. To get the best rate for your currency you need to know where you will get the best rate. For instance, the airport is not a place to exchange your currency if you factor in the charges and fees for exchange.

Prepare in advance

Start observing the currency exchange market early. This way you will not be at the mercy of the last minute available rates and can take advantage of the fluctuating market rates.

Once you have booked your holiday track the market and get the best rates from 2-3 authorised exchange dealers before you make a purchase.

Learn the local lingo

You do not have to mug up the entire lexicon of the new place you are visiting but basic knowledge of the exchange terms in the native language goes a long way in negotiations when you are purchasing the currency in foreign land and also you know what you are paying for. This way you can avoid unnecessary costs.

Be vary of offers

Often currency exchange dealers offer you no commission offers but you must read the fine print before buying from such dealers. The offers are often subject to certain conditions such as size of transaction, loyalty customer status etc.

Get all the info on your travel cards

Travels cards do not have standard rates of services across all dealers. Therefore, it is necessary that you are aware of the additional costs that these cards will attract when you use them for final purchase.

Most importantly, avoid Dynamic Currency Conversions (DCC)

It may be very tempting to spend in the currency that you are familiar with and also you may think, in this way you can keep a track on your spendings. For instance, settling the bill in a restaurant in France with your home currency instead of Euros will initially look favourable but later you will realise that you ended up paying more than what you would have paid in Euros.