Maximize Your Budget with These Smart Exchange Tips

Before you travel, you likely make a budget, planning how much money you can spend on your trip. As part of that budget, you need to factor in currency exchange and how you can make your native money go further in a foreign country. There are a few smart ways to do this, exchanging your money and planning your trip in order to stretch your budget, and here is how.


Countries with Lowest Rates

If you have a choice of where to travel, look for countries where your money will go further. Not every currency is created the same, so if you exchange your AUD to INR, you may be able to get a lot more! When you travel to a country that has a weaker currency than your own, hotels will cost less; food will be better prices and souvenirs will also be more budget-friendly. Research the best countries to travel to based on exchange rates at the time you are booking your trip to really maximize your budget.


Cash Before You Go

Before you jump on a plane, get some of the local currency in your pocket. Exchanging your money before you travel is a very good idea and will not only save you time but money as well. Head to your local bank and ask for the amount of money you need. If the bank does not have the specific currency on hand, they can order it for you. You can also choose to use an online website to order check the best rates and can be linked to a bank provider. This will save you from paying extra when overseas and allow you to simply enjoy your trip rather than worrying about where to exchange your money. For more details, you can visit FXCompare

Exchange Once

Almost every place you go to exchange your currency will have some kind of charge. It is a good strategy only to pay these fees one time, exchanging all the money you will need in one shot. If you have a set budget for your trip, you will know exactly how much money to convert into the foreign currency. Get all the money at once and only pay fees once- seems like a logical way to maximize your budget when traveling!

Source: Reader’s Digest Canada

Credit Card with No Fines

If you are wary about carrying cash while abroad, consider using your credit card to pay for the majority of your expenses. While you still may need a little bit of local currency to get by (some street vendors may not take credit cards, or you may need to tip someone for a service), credit cards are accepted globally. Look for a card that does not charge when used overseas as some do have small fees for paying for items in a different country than your own. No need to convert currency when you have a universally accepted credit card that you can freely use without additional fees!