5 Currency Exchange Tips to Save You Time and Money- When you are planning a vacation, you likely have fun events arranged for every day of your trip. There is no time to be doing boring things like converting currency! However, exchanging your money to the local currency is essential and you want to be sure to get the most for your money when doing an exchange. Use these tips to save you both time and money when making a currency exchange.
Learn the Rate
If you want to get a good exchange rate, you need to learn what the exchange rate actually is. Do not walk up to a currency conversion counter uninformed! You can easily check the currency exchange rate at anytime on numerous websites or even by downloading an exchange app to your phone. When you are ready to make an exchange, converting your AUD to INR for example, you can quickly check what the present rate is and then compare that to the rate being offered. Being informed is invaluable to saving you money.
Check Your Local Spots
Before you head out the door on your vacation, consider exchanging your currency before you go. Your local bank, credit union and post office can all exchange money for you. In fact, these local spots may even give you the best rates possible, lower than anything you could get overseas. They may not have the currency you need on hand (depending on how often they convert AUD to INR!) but they will be able to order the currency for you. Plan ahead and get the cash you need before you go on your trip. You will arrive abroad with money in your hand, ready to go!
Online Currency Exchange
There are many online currency exchange centers that can convert your cash for you, mailing you the type of money you need. Since these websites are very easy to access, they are also quite competitive. You may find fee free sites or just ones with very low rates. These websites can save you money for sure and they will also save you time, allowing you to order money from the comfort of your own home.
Say No to Tourist Spots
Sure, converting your money at a popular tourist spot may seem easy and convenient but it is actually quite costly. Any place where tourists tend to visit (historical destinations, hotel concierges, popular parks or busy transportation centers), will likely have a currency conversion center but they will have high exchange rates and charge massive fees on top of your conversion. Skip these places at all costs!
Use the ATM
Not only are bank owned ATM’s convenient, but they also offer the same rates as a bank would (which tend to be some of the best available!). In addition, an ATM will only charge you a one time, flat usage fee to give you the local currency rather than a variable rate based on the amount you are withdrawing. Plan on using the ATM while abroad for all your currency exchange needs to make your AUD into INR anytime you need!