There are actually a few things you can do to ensure a better exchange rate no matter where you are in the world.
I like to combine different methods depending on where I go:
LOCAL BANK
It’s always a good idea to go to your local bank and exchange some money to have on-hand for necessary things upon arrival at your destination transportation, food, etc.
Banks and credit unions have access to the best/most current exchange rates and usually charge fewer fees than exchange bureaus. Some big banks will even sell foreign currency to customers in person at a local branch.
Note: if doing this, be sure to request from your bank a few days to a week before. Depending on the size of the bank or the availability of the currency on-hand, they may need to special order it.
LOCAL CURRENCY FROM ATM
Upon arrival at you destination, head to an ATM and take money out directly in the currency of the country you are in. This usually gives me the best deal.
HOWEVER, PLEASE NOTE!
Be sure to investigate whether your bank charges any ATM fees before doing this. Some banks will charge a set fee (mine charges $3 any time I do this), while others can charge a percentage of the amount taken out. This could add up very quickly, so make sure to confirm with your bank before heading to an ATM anywhere in the world.
TRAVEL REWARDS CREDIT CARDS
There are many credit cards out there that offer incredible travel rewards and benefits. Some of these benefits include no foreign transaction fees, earning miles for each dollar spent and airport lounge access.
Certain cards have annual rates normally the more competitive benefits and rewards, the more you’ll probably have to pay per year.
It’s important to shop around and select the card that works best for you. Keep in mind that many companies will offer reward miles at sign-up with specific terms, such as spending x amount in x number of months.
Important things to keep in mind:
→ These miles will normally take 6-8 weeks to show up in your account and become available to use. Be sure to plan accordingly and give yourself plenty of time.
→ Pay your balance as soon as possible! The idea of budget travel will be ineffective if you rack up credit card debt to pay for your travel!
→ Use your card for monthly expenses you’d be paying anyway. For example, see if you can pay your utilities and other bills with your card to get closer to your must-spend amount. These are usually larger bills that you can pay off immediately with the money you were going to use on them anyway. It’s a win-win.
In the end, there is some level of research involved when searching for the best exchange rates while traveling, but the important thing is to be smart and proactive before setting off on any journey.
My card of choice: United Mileage Plus
Earn 40,000 miles for travel anywhere in the world. More details here.
29 Comments
Luxury Travel
This blog happens to be one of the best blog analysing travel mistakes to avoid and stating both limitations and delimitations of the search. It is just a proper critique blog, would suggest others it as well. You have done a great research for I feel, thanks for sharing.This Seasonz.co.nz is very useful and its related to what you have actually mentioned here.
Farrah
Great tips! I love to travel + save money wherever I can! I do most of these already, but definitely gonna have to check out Citymapper! :]
Christine
We do well with all of these except planning ahead. We book round trip tickets and then figure the rest out as we go. It’s even worse on road trips when we can pick our own schedule. Sometimes we miss out on deals, but sometimes we get some really great last minute deals or have things work out that wouldn’t have worked if we had a set schedule. Most of our friends don’t know how we do it without a plan in place, but we love it.
Natasha L
This is such a helpful list, considering I do pretty much all the ‘don’t dos’. The only thing I never do is eat like a tourist. If I’m really in trouble and in need of a meal, I’d rather do fast food than overpay for bad “local food”. Love the tip about certain credit cards not having foreign exchange fees. I always use my card so I should look into another option.
Andi
These are some great tips and definitely some mistakes I’ve made along the way! We learn from our mistakes and luckily we can share them to help prevent others from doing them!
Gabrielle Sales
Great tips! I definitely want to avoid these as I travel more in the future so I pinned it 🙂
Leah
Love these tips! I’m definitely guilty of waiting to purchase train tickets! Love the tip about packing minimally. We seek to do that on every trip!
Catherine @ To & Fro Fam
You made me laugh out loud with budget airlines charging for everything but the TP! So true. I also hate exchanging money and feel like I’m charged something no matter how I get local cash – from an ATM, bank, exchange kiosk or credit card. Le sigh.
Lyn
Great tips, agree research, research. These days with Google there are no excuses. Thank you
Ann
Haha I love that you told the taxi driver what route to take 😀
Diane Anderson
Great post! Fantastic tips to save money! I loved your graphics, etc..
Diane Anderson
Great post! Lots of fantastic tips for saving money!
Vanessa
Great post on so many awesome tips on how not to spend too much on a trip! Many of these I have incorporated over the years and they really do help! 🙂
Merrie Rodriguez
Great post!! Love all of these tips! Always looking to save money!! 🙂
Shivali Dixit Saxena
Totally amazed by the details, very well written & apt images/ GIF…would love to read more..
Pauline
I looove these tips! They’re so helpful! Also I use city mapper all the time in big cities and it’s just money and time saving!
Angela
Oh boy! This information is gonna come in handy for my next year’s vacation. I also shared it with my friends on facebook!! Your tips are very easy to follow! Thanks!
Kathryn
Always ask locals! I was lucky enough in Lisbon to have a couple locals send me to all the best restaurants and tell me every tourist trap to avoid!
And sometimes Uber is a better deal than a cab. Worth checking.
Falke
I LOVE this post! I travel quite a lot and I still make some of these mistakes! And this while the solutions are so easy!
Australia’s FX Brokers
Great insights! Can you recommend any resources that will provide more informations? Looking forward for more information! Thanks a lot!
Robin Gilliand
Really great information, thanks for the share and insights! I will recommend this to my friends for sure.
Chloe Daniels | Clo Bare
These are SUCH good reminders. I do my best to not eat like a tourist– it’s more fun that way! Especially when traveling alone, I feel like eating off the beaten path is an easier way to meet locals and spark conversation.
emaroundtheworld
Yes, I completely agree Chloe! Some of the best advice I receive while traveling abroad is given to me when speaking to locals and sharing moments with them!
Tiffany
Loving these tips! Thanks for sharing ♥️ ♥️ By any chance you are interested on doing collaborations, you can check out the collaborations portal of Phlanx.com and connect with amazing brands!
Xoxo,
Tiffany
emaroundtheworld
Thanks so much, Tiffany! I will be sure to check it out xx
Andy Lowry
Love, love, love this! All easy mistakes to make, all easy tips to follow. I loved your section on the exchange rate – most people get to the airport and do their exchange there but the rates are incredibly high! I Learned this the hard way.
Also, I noticed you mentioned the awesome transportation in Amsterdam. Did you check out their IAmsterdam card? It’s amazing! It allows you to take every mode of transportation in the city, offers free admission to tons of museums and galleries, plus you get free perks like a canal ride and discounts on shopping/restaurants. Best deal ever. 🙂
emaroundtheworld
Thanks so much Andy! I tried to think of the most common mistakes we all make (hey, I’ve made them too – most of these are from experience!) and how to easily resolve them. Yes! I LOVED the iAmsterdam card, it is truly one of the best deals when visiting Europe!
ian Obrien
Sounds like a lot of excellent tips. I’m surprised you have time to write the blogs too . I like the e books , in particular the 24 hour sight seeing ones around Europe . Amazing .
Maybe could do one about any apps you can use to meet travel buddies etc too ?
Keep it up, I love reading them all
emaroundtheworld
Thanks so much Ian! I am so happy you like the posts. Love your idea about apps for meeting travel buddies – will definitely keep in mind for a future post!