As a traveler to a foreign land, there is a lot of information that you need to arm yourself with. One of critical areas that you need to cover is tourist foreign exchange. Getting foreign exchange at the right rates in some countries can be quite a challenge if you don’t know how to go about it. In order to make vacationing a lot simpler, there are some basic rules you should keep in mind:
Use an ATM with no fees attached
Your best option for tourist foreign exchange is to find and use an ATM which does not have withdrawal fees attached to it. Banks like Citibank for example allow you to withdraw money in the local currency across most countries in the world. However there are a few countries that they are not very popular with. If you do not have a Citibank account, check with your bank on the cheapest way that you can make an ATM withdrawal.
Using an ATM / debit cards
If you must use an ATM for tourist foreign exchange that charges a withdrawal fee for your transactions abroad then here’s something you should know: with most ATMs the maximum fee that you can be charged per withdrawal regardless of the amount is $5. Therefore when you do withdraw cash, make sure you get your money’s worth. You should withdraw at least $200 at a time.
Never use your credit card to withdraw money from an ATM While travelling abroad, there are some things that you ‘don’t’ do for tourist foreign exchange:
If you are using your credit card for a purchase then make sure that you are billed in the local currency. Don’t let the store charge you in USD. Never exchange currency at the airport. You will always get the worse rate here.