Travel Money Hacks: Saving on Currency Exchange Fees and Commissions

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Travel Money Hacks: Saving on Currency Exchange Fees and Commissions

3 Ways to Save on Currency Exchange Fees

  1. Use a credit card that doesn’t charge foreign transaction fees. This is by far the easiest way to save money on currency exchange fees. Most major credit cards don’t charge foreign transaction fees, so it’s just a matter of making sure you use one when you’re traveling abroad.
  2. Exchange money at a bank or credit union. The exchange rates at banks and credit unions are usually better than the rates you’ll get at currency exchange bureaus. However, be aware that banks may charge a fee for exchanging money.
  3. Use a currency exchange app. There are a number of mobile apps that allow you to exchange currency at competitive rates. Some of these apps even offer free delivery of foreign currency to your hotel or Airbnb.

Get the Best Exchange Rate

The best way to get the best exchange rate is to compare rates from different providers before you make a purchase. You can do this online or by using a currency exchange app.

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Here are a few things to keep in mind when comparing exchange rates:

  • The exchange rate is the price of one currency in terms of another. For example, if the exchange rate is 1 US dollar = 0.8 euros, then 1 US dollar will buy you 0.8 euros.
  • The commission is a fee that a currency exchange provider charges for exchanging money.
  • The spread is the difference between the buy and sell rates. The buy rate is the rate at which the currency exchange provider will buy your currency. The sell rate is the rate at which the currency exchange provider will sell you currency.

The best exchange rate is the one that has the lowest commission and the smallest spread.

Avoid Hidden Fees

In addition to the exchange rate and commission, there are a few other fees that you should be aware of when exchanging currency.

  • Transaction fees: Some currency exchange providers charge a transaction fee for each exchange.
  • Convenience fees: Some currency exchange providers charge a convenience fee for exchanging money at an airport or other tourist destination.
  • Delivery fees: Some currency exchange providers charge a delivery fee for delivering foreign currency to your hotel or Airbnb.

Be sure to read the fine print before you exchange currency so that you know exactly what fees you’re being charged.

Conclusion

By following these tips, you can save money on currency exchange fees and commissions when you travel abroad.

Here are a few additional tips:

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  • Travel with cash. It’s always a good idea to have some cash on hand when you’re traveling, especially in case of an emergency.
  • Use a debit card for small purchases. Debit cards typically offer lower fees than credit cards for purchases made abroad.
  • Keep track of your spending. It’s easy to overspend when you’re traveling, so be sure to keep track of your spending so that you don’t go over budget.

By following these tips, you can save money and enjoy your trip without having to worry about currency exchange fees.

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