5 Money-Saving Tips For Exchanging Currency

Perhaps the best of technology in this age of science are various applications that make our life easier. So, download a currency converting app on your Smartphone before boarding your flight. You can compare the deal you are getting opening up the app instantly. Open the app and type the amount you want to exchange and it will show the actual amount to get in new currency section. Some of the apps are - Currency, Amount, Banca, My Currency Converter, Rates, etc.

Be aware of the places that advertise saying they do not charge fees. There can be hidden charges that can really make you get a very bad deal. Instead of doing it in a hurry, ask them how much they are paying you in exchange.

It is advisable to avoid hotel or any other business as much as you can in case of currency exchange. To be very honest you can get a very bad deal.

Go for the credit card that doesn't charge a foreign exchange fees. There are some cards that might charge 3 to 4 percent fee for each purchase and a few keep it for free. So, before choosing your pick find out a list of them and go for the ones that do not charge. It is better if you call your credit card company before flying and inform them that you will be using the card in your destination country as well. Another advantage is that Credit cards often offer exchange rates that are an average over the past month. That could be helpful if you are travelling to place where the currency is volatile, including some South American countries.

Just like credit cards, make sure your bank account does not charge extra if you are planning to use your debit card in abroad. You can check online or call your concerned bank authority if you are not sure about the charges. There are some personal finance websites like NerdWallet.com, that release a list of banks that do not charge fees.