Since the entry into force of the euro in 2002, cash exchange has been greatly simplified while traveling, because in almost all of the European Union operates the same currency. However, it is still necessary to exchange money to travel to many other parts of the world.
Let’s see how, when and where it is more comfortable to do it.
Three important considerations before entering the material. First of all, it is always best to make an estimate of what we will spend. What is our limit or what are we capable of? And once calculated, change the amount to foreign currency. If you exchange only once, you will save expenses on commissions and problems. Although it is also true that it is difficult to accurately guess what expenses a person will spend on vacation.
Also, think that when you return you have to make changes to the dollar from money that you have not spent again, and in commissions and with changes in exchange rates you will lose. There are even coins that cannot be exchanged, and if you have not spent them at your destination, you have no choice but to collect them.
The second recommendation is to pay attention to the weeks before the trip and monitor currency fluctuations. The conversion value varies every day and if we make changes to the day and at the right time we can save a lot of money.
And finally, practical advice is very important, which is more a warning: never change on the road, on the black market, where they will give us expensive prices, but where they might also take us. It is also illegal, and we can have a very serious problem with the police.
There are many options for currency exchange, but not all are good.
Practical tips for changing currencies.
A very common decision, however comfortable, is to leave the problem of last minute currency exchange, and do it at the destination airport, where there is always a exchange office. Well, that’s not a good idea. The airport is one place where changes in purchases will be lower. That is, for every dollar we will receive less foreign currency, which will directly result in losses. Instead, it is true that they may be the safest place to get the cash they want. Security at the airport is always greater than anywhere else.
You must clarify the concept before continuing, because it can cause errors or raise doubts about understanding. The first refers to money (in dollars) received when converting foreign currency from surplus when returning from vacation (not all currencies can be recovered, and in any case, only tickets). For its part, the level of sales is money received by changing the dollar into the currency of the destination country.
But if we don’t change at the airport and we haven’t exchanged currencies before leaving on the trip, where is it more advisable to do so? Well, the choice that is highly recommended is usually in the exchange of busiest areas, more tourists than the places visited. Because they are very popular there is more security and they are subject to legality, because tourist areas are more guarded by the authorities. In addition, as a result of competition there is usually a significant oscillation in price quotes. It’s easier to compare and choose the best option.
Pay by card and small expenses in cash.
This can be one of the most economical choices for travelers, aside from convenience and security which involves not carrying large amounts of cash above.
It is one thing to pay with a card and another to take cash out of ATMs with the card, which is another form, not recommended, to exchange currency. We can take an unpleasant surprise in the form of commissions of, in some cases, up to 4% of the total amount extracted. A part of that often, in doing so, we will not know the price of the change offered by that particular bank, and may not be the best. If you do, try to be at a teller in the same banking network of our entity, but the expenses can shoot up.
And finally remember that when traveling abroad, cash is not the only alternative to make payments. There are other options as or more practical, and that avoid currency exchange, such as checks, mobile payments, transfers or prepaid cards.