When you arrive at your destination you will need local currency. Many times there will be an ATM available in the airport, but this is not always the case, especially in developing countries. Here are some options to make sure that you get the best exchange rates and are always prepared;
Exchange at your Local Bank
Most banks offer an international money exchange service for a commission with advance notice. You will pay a commission for money exchange in so check out your bank’s fee and how it compares to other percentages. In most cases international ATMs take the lowest fee when you withdraw with a credit or a debit card. However, ATMs may not always be available or functioning so it is always handy to have some local currency on you before arriving at your destination.
You can bring cash with you to trade at exchange bureaus in the airport when you arrive or change money at the airport before you leave. This second options allows less chaos upon arrival and in some cases, less of a language barrier. You will pay a commission upon exchange. Compare this commission to your local bank’s commission and ATM fees as rates may vary.
· Only exchange as much money as you will need to avoid being charged commission more than once.
· Credit cards are great for big purchases because they are exchanged at the interbank exchange rate which is usually the best possible rate. Be careful not to rely on your credit card completely because many places accept CASH ONLY.
· Let your bank know you’re traveling abroad so they do not suspect fraudulent overseas purchases and prevent your cards from working.
· Keep more than one payment option available at all times.