04 Jan How to Get Best Rate for Currency Exchange
If you are planning to travel overseas, you will surely require local currency to get around & make small/big purchases. And, to do so, you are required to exchange your own currency banknotes of that particular country. Since the currency exchange rates vary from place to place and day to day and time to time and naturally we all want to get the best rates wherever we go.
As you must be knowing, we did our 7 South-East Asia countries trip in 80 days by saving a lot of money. Therefore, we also want to share a few hacks How to save money while traveling around the World. Start being smart with these tips to get the best exchange rate in foreign countries:-
Currency Exchange Converter
Get a Universal Currency Exchange Converter in your phone, which will help you to know Live Rate (Approx.) if you do not have internet at that time. You can download free as well as pro versions of Currency Exchange App from App Stores & Play Stores for both iPhones and Androids respectively.
Exchange Your Local Currency into USD
This is especially for backpackers who are flying for a long duration and traveling to few countries as it is not possible to keep local currency for every country you are traveling to.
Although, having the local currency equivalent to the US $100 in your pocket is usually enough to spend a day like as paying for your stay & a meal.
Where to Find the Best Currency Exchange Rates
During our trip to 7 Southeast Asian Countries what we have learned is to search for a Gold shop in the city & ask for the currency exchange desk. I am damn sure about countries like Vietnam & Laos & their exchange rates are just amazing. But in that case, they only deal in exchanging the US Dollars.
Most of the airports also have a currency exchange desk but there may be a chance that you may not get a better rate.
Using a Credit Card to Exchange Currency
ATM cards most likely to work trouble-free overseas are those with a four-digit PIN number. But you may be charged a usage fee so if you are using a credit card for exchanging the currency then it’s advisable to make one large transaction instead of several small withdrawals whenever possible. Credit cards with chips are the most universally accepted.
Just a Tip:- On a safety purpose note, If you have done a transaction from any ATM in any country then I would suggest you change your Credit/debit card in your home country when you are returning from overseas.