Do you have an overseas trip booked? How exciting! With any overseas trip comes a long list of things to do, from purchasing travel insurance, to creating the packing list, to considering how you will pay for things in a different country.
Here are our top 3 tips to ensure you get the best exchange rates while travelling overseas, so you can save your money for your exciting adventure.
1. Invest in a Travel Money Card
A travel money card is a great way to ensure you get the best conversion rate and, hopefully, avoid transaction fees. If you use your New Zealand bank’s debit or credit card at a checkout overseas, the bank will typically charge you an overseas transaction fee. While it is small, it can add up when you’re wanting to put your money towards fun things on your trip. A travel money card, such as Revolut, Wise, or Travelex. They typically work as debit cards, (some can work as credit cards), allowing you to receive the best currency exchange rates at any given time.
2. Research the Destination Ahead of Time
Many countries prefer tourists to pay in cash, such as Greece, Croatia, and Turkey. Research ahead of time so you can prepare for paying for dinners out and attractions when you’re there. It’s a good idea to exchange your cash before you leave at your local bank. However, if you find that you need more cash while in the destination, make sure you get out their local currency, even if that country also accepts a stronger currency such as USD or the euro. Make sure you click “accept without conversion” when you use the local ATM – this means that your bank will provide the conversion rate, and not the ATM, which will charge you a high rate. Ideally use the bank ATM at your destination.
3. Avoid Last Minute Exchanges
The airport exchange kiosks tend to offer the more expensive exchange rates. Be sure to compare currency exchange rates and deals ahead of time so you can get the best bang for your buck, and avoid being overcharged! Jump on Money Compare to compare different currency exchange rates so you can snag the best deal and make a fully informed choice.
