Smart Ways to Exchange Currency at Fair Rates

While visiting a new country where do you exchange your currency? Most probably at the airport right? But have you ever compared the exchange rates at airports vs banks and other places. You might not know but most airports charge service fees that can be anywhere between 7% to 15% which is much more than the standard bank rates. 

Although there are better options, most international travellers are either not aware about them or they just simply skip them. Here we will be looking at some hassle-free options that will not bother your comfort and help you get better deals.

1. Currency Exchange provider:

You will always be a few kilometres away from a nearby currency exchange provider no matter which country you visit. Many Vancouver exchange currency providers ensure that you get a better rate in comparison to the airport and even banks. They do not charge any hidden fees so, you won’t be getting any last-minute surprises. Moreover, you can also transfer money internationally with these well-established organisations. Just make sure to do some research and see whether they are authentic or not.

2. Use local ATM:

When travelling internationally, your card will automatically use the current bank rate and provide you with the best deal. Although, there are chances that a percentage ranging from $2 to $5 might be charged. Still it is much less than the airport rates. As the currency exchange provider, there will be no hidden costs. You can even take out a lump sum of money in one go to save yourself from being charged again and again. 

3. The exchange at Bank:

Almost all the banks will exchange your money for foreign currency. This is possible if you have a savings account with the bank. Even the credit card of the bank will work for you. Some banks even provide online orders and ship the money to your home address after deducting it from your savings account. The shipping usually takes a day or two. 

Other Options:

You can further save yourself from the hassle of converting your currency and instead go for some other non-currency options:

1. Credit Cards: Instead of taking money from the banks you can directly use your credit card to pay for your stuff. Try to get a credit card which does not charge foreign transaction fees. 

2. Traveller’s Checks: With the help of these checks you can redeem money at the local banks or currency exchange providers. Many retailers also accept these checks making it easy for retailers to shop at their convenience. In case, if your check gets stolen you can get it refunded. Just make sure that you have the serial number of checks written somewhere or memorised. 

3. Prepaid Cards: These cards can be used in making debit purchases. You can also withdraw money at worldwide ATMs with the help of these cards. In case your card limit gets exhausted you can reload it from online means. 

No matter which of the above options you choose, anything will be cheaper than what the airport has to offer. So, try them out and save money smartly.