How to Get the Best Currency Exchange Rate

When you’re travelling abroad, you’ll naturally want to get the best value for your money to make sure that you have a great time during your stay. Navigating currency exchange rates can sometimes be a confusing and complicated subject, and it can be hard to decipher what is really the best way to protect your money, and get the best rate.

While you can always do your research ahead of a visit to get great London Package Deals on where to stay, finding out how to make the most out of your money can sometimes take a little more thought. Read on for some helpful advice and tips on getting the best currency exchange rate, wherever you travel.

Research the local currency before you travel

If you’re planning to travel to another country, it’s a good idea to research the currency beforehand, to find out any rules or regulations that you may need to keep in mind. Some currencies are “closed”, meaning that it is not available outside the country that uses it. You may also have to spend your cash or convert it back to another currency before leaving, as there may be restrictions of what you can take out of the country.

Other countries may use a second currency, that can sometimes work out more cost effective, while some locations have strict laws about the condition of currency that is permitted to be used, for instance, they may not allow you to use notes that have rips or folds.

Compare before you go

It’s essential to have a good idea of what the exchange rate is before you travel, so that you have some rough estimation of what to expect. This will avoid you being taken advantage of from unscrupulous providers, who give a poor rate to customers. It will also give you some insight into how far your money may go, and how much you can expect to budget during your trip. With a great central London location, the London Barbican Hotel is well connected with public transport links, making travel and sightseeing in the city an affordable and easy activity.

You should also look into the rates offered by various providers to see which is the most competitive, taking into account any hidden fees that they may also charge. Closer to the time of your visit, check exchange rates once again, as they can fluctuate greatly, and may have had a significant change.

Avoid buying at the airport

If you plan to fly into the city before you make your way to the London Barbican Hotel, avoid buying currency at the airport at designated stalls, unless absolutely essential. Most airport currency exchanges across the world are infamously expensive, and charge extremely high fees for commission.

Find out about your debit card charges

If you plan to use your debit card while away, make sure that you are clear on what your bank may charge you, as you could be left with an unexpectedly high bill. After getting great London Package Deals, the last thing you want is to undo your savings by spending too much on currency.

Some debit cards will have reasonable rates when used in certain countries or currencies, while others will charge both an exchange rate fee, and additional commission. If this is the case, try and find another card that you can use during your travels, or keep it for urgent emergencies only.

Look out for good value credit and ATM cards

Reloadable ATM cards can often be one of the most cost effective ways to pay when travelling, as many of them offer the option to pay in the local currency, which can provide you with a better deal.

Pre-loaded payment cards, which work in a similar way to a debit card, can also be a useful option, particularly when you want to keep to a strict budget. These can often be purchased to a fixed value in the local currency, and can be used in most stores and services to pay.

If you are thinking of using a credit card, do your research first to find out what your individual provider charges. Some providers do offer good value rates to their customers, while others may add on hefty fees, so it’s important to stay informed beforehand. Of course, if it starts to get a bit too much, let yourself relax a little in the lovely Montcalm Hotel London Spa to ease away any financial stresses.

Be clear on rules about how much travel money you can bring

Make sure that you are up to speed with the latest laws and regulations about how much money you are allowed to bring into a country, and be conscious of the fact that if you exceed this, you may need to declare this to customs.

If you plan on purchasing travel money from a travel exchange facility or bank, it’s also worth finding out ahead of time how much they can provide, as they may have their own limitations in place. If you are after a particularly large sum, they may need to order it, which could cause a delay. It can be helpful to have this information beforehand, so that you’re not left stuck without the right amount of cash before you go away.

Find out about using ATM machines

ATM machines are commonly available in most countries and it’s a good idea to find out if there will be one nearby if you feel that you may need to withdraw cash. However, before you do so, make sure you are familiar with what your card provider may charge you for the transaction.

It’s essential to be conscious of security when travelling and making payments overseas, by keeping your cards and any cash you have in your possession safe at all times, and informing your bank promptly in the event that your card is stolen or lost while you are out of the country.