Here are some simple tips to get the best deal and never find yourself without cash when you’re abroad.
1. “No-fee” exchanges are not the cheapest option.
Why? Simply because they hike the rates up to recover the lost revenue; their rates are almost always worse than a standard ATM. If you are going to use places like this you need to budget carefully and only withdraw what you need.
2. ATMs are a good choice
In general, ATMs are a great choice for your day-to-day foreign banking. The only things you must keep an eye out for are foreign transaction fees; these can be high with certain banks so make sure you do your research on your own bank’s charges before you go abroad. If you think that you may be withdrawing a lot of cash be sure to check what your daily limit is before you go and ask your bank to increase yours if you feel it is insufficient.
3. Credit cards
Use these for any large purchases; although there will be a fee of between 1% and 3% (usually) they are still the safest option as they protect you against fraud and such like. These fees compare well to foreign exchange and this makes credit cards a great option when abroad.
4. Avoid cash advances
If you do take your credit card with you, one thing you should only do in the direst of emergencies is withdraw cash from an ATM with it. Not only will you pay a fee, you’ll be charged a percentage on top and then pay interest on the amount. That’s an all-round expensive way to get your cash abroad!
Need to find the best deal near you?
If you find yourself abroad and you need to convert your money fast, you should use the Get4x app. This brilliant tool allows you to instantly compare the best rates of foreign exchange no matter when you are in the world. The app puts you in touch with the best money changers available today at no charge; it’s free.
Going abroad? Exchange some Cash with Get4x.
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