5 Great Tips to Follow while Buying Foreign Currency for International Travel

Although while travelling to another country, it’s advisable to withdraw local currency from an ATM after landing into the country, it sometimes makes sense to buy foreign currency beforehand.

Buying such a currency beforehand allows you to shop around for the best rate and avoid exchange rate fluctuations that might affect your buying power. It can also give you peace of mind if the country in which you are travelling to might not have widespread ATMs or decline your card.

Here are a few useful tips on making the best of your foreign currency purchase.

1. Plan Ahead

While completing all your travelling tasks, the task of buying foreign currency may be left behind. Don’t make the mistake of leaving it till the last minute. Especially while buying currency online, you should leave sufficient time margin for your identity to be confirmed, your payment to go through and your currency to be delivered.

2. Search the Internet

This might seem a no-brainer, but it’s a reality that many people assume that they will be taken care of by their friendly travel agent. But just think logically – they are there for making money. Decline their offer politely and instead search the internet. You can check the entire marketplace there and get the best exchange rate as with foreign currency exchange Perth. And you’ll get that from and at the comfort of your home.

3. Look for Hidden Charges if Any

You should give importance to how much currency arrives in your hand. E.g. it doesn’t make any sense if you save five dollars on delivery if it costs you $15 worth of currency. Watch out for hidden costs and remember to find out how much you’re paying in total and how much currency you’re receiving. This is because the benefits of high exchange rate may be sometimes completely negated by handling fees and commissions.

4. Try to Avoid Delivery on Saturday

This is because there may be extra charges to get the delivery on weekends. Some firms offer delivery to your workplace on week days. However if you will be opting for that method, remember to have a secure place to keep your money safe.

5. Look for a Pool Purchase

You have an upper hand if you buy foreign currency in bulk. Even online firms are happy to offer lower fees and better exchange rates for larger amounts of currency. In that case, find if your friends are interested in buying it at the same time as of yours and make a pool purchase, so that you can get a great deal.

Follow these tips and you can become a happy traveller looking forward to a great foreign travel.