Money, Money, Money
Foreign currency is and should be a huge concern for any traveler. However, it’s sometimes an afterthought. You plan for the cost of hotels, flights, transfers, activities and meals first. Then, you need to figure out how to pay for everything once you’re abroad. Can you use US dollars in a different country? How do you purchase it? Why do you get charged fees? These are all very common questions. Let’s take a look at them one by one. Depending on the country you’re visiting, shops and restaurants may accept more than the local currency. This can be good or bad. It’s good in the sense that you don’t have to convert your money. Consequently, it’s bad because you don’t know the conversion rate. I always suggest looking at the rate before you leave for vacation. I’ve seen many tourists get taken advantage of.
Next, purchasing foreign currency is very easy. Typically, people do this in one of three ways. First, you can go to your bank, and they will exchange it for you. You’ll be charged delivery and conversion fees. It’s all standard. I highly suggest going to Wells Fargo if you’re a procrastinator. They keep a supply of different currencies on hand. Second, you can use a currency exchange vendor located in all international airports and major cities. I’m always skeptical of these places. In some countries, you’ll get a great deal and in others, your wallet should feel very, very violated. Finally, you can use an ATM. This is the simplest way. Your conversion fee is charged on your debit card as you take money out. Lastly, fees are a way for banks and companies to make money. I wish this process was free, but cash is extremely expensive.
Foreign Currency or Monopoly Money?
As you can see in the picture above, foreign currency looks very strange. The term I often hear is “this looks like Monopoly money.” For example, the paper currency in England comes in a variety of different shapes and colors. It’s very hard to mistake a £10 for £100 bill. They’re completely different. I think the bills are kind of fun personally. Truth be told, America has the strangest money out of any country. All the bills are the same size and are made from the same paper. Also, our paper money was the same color just a few years ago too. A tip for the wise, you should look up what the money looks like before you leave. Foreign vendors will sometimes lie to you. They try to confiscate your cash because it’s “counterfeit” or hand you counterfeit money as change. Bottomline, do your research and know your stuff.
My Experience
Luckily, I have been on both sides of the foreign currency game. I’ve ordered it for customers and purchased it at home and abroad. So, what do I recommend? I recommend taking advantage of both options. I always purchase a $100 to $200 worth of foreign currency before I leave the country. It gives me both flexibility and reliability. It’s flexible in the sense that I don’t have to convert my money at the airport. If I initially see a low rate, then I won’t hesitate to buy more. If the rate is too high, I’ll wait until I find an ATM close to my hotel. It’s also reliable because you have money to grab a taxi and a snack. I don’t know how many times I’ve had flights arrive late or haven’t been able to find an ATM. Having a little cash on hand is always the smart choice.
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