Anytime you go on a trip, you want to get the most out of the experience. This includes getting the most out of your money. These tips and tricks will ensure that you get the maximum amount possible for your foreign currency, making your trip one you will never forget!
Know The Rate Everyday
If you are abroad and will be exchanging money on a regular basis, you want to stay on top of what the exchange rates are. Rates can change from day to day so you need to have the most current information in order to get the most out of your money. Check the Commonwealth Bank exchange rates, which are constantly updated, before you head to a currency conversion location. When you know the rate, you will be able to find a good deal and get the most out of your foreign currency for sure!
Budget in the Foreign Currency
When you plan a trip, you likely set your budget in advance. One trick that you may not think of is to make your budget in the foreign currency that you will be using. After all, you will be spending and using that currency throughout your whole trip, you want to be sure that you are thinking in those new terms! First, think of what your budget will be in your own, local currency. Then, use the Commonwealth bank exchange rates to figure out what your budget is in the foreign currency. Use this new number when you look at hotels abroad, consider which restaurants to visit or think about how much you can spend each day. Your foreign currency will go further this way and you will be more likely to stay on budget!
Only Convert What is Needed
While you are thinking about your budget, consider exactly how much cash you will need to have on hand. While most countries will accept major credit and debit cards, you want to be sure to have some of the local currency on hand. Knowing the amount of cash you want is essential as you can convert your cash to the foreign currency once, paying exchange fees only one time. In addition, at the end of your trip, you won’t have to convert your money back to your own currency, potentially paying fees once again.
Use an App
While you are abroad, you will be spending money in a foreign currency which can be confusing. You may see a price tag and wonder if the item is expensive, has an inflated prices or is a good deal. Thinking in a new currency can be tricky but a currency exchange app can help. Download one of the many apps where you can enter a price and it will convert the amount into your hometown currency. You will be able to get the most out of your foreign currency if you are easily able to compare it to the money you are used to spending.