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Zhi Finance » How to avoid some currency related problems when going abroad for vacation

How to avoid some currency related problems when going abroad for vacation

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It is exciting, happy and nervous to travel abroad. There are many new issues to consider: language, transportation, food, dark cuisine and various foreign currencies. In fact, all currencies except the US dollar are bright in color. If you want to avoid spending too much, you need to plan well.

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The following are some notes on currency, which must be clarified before departure.

1. Exchange rate.

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The price of the dollar against other foreign currencies changes every day. In fact, the exchange rate is always changing, although in most foreign exchange points, the exchange rate is fixed every day. On the Internet, you can see that the exchange rate fluctuates all the time. The exchange rate you see online must be better than the exchange rate you exchange at the exchange point. As consumers, it is difficult to avoid some troubles in currency exchange before you travel abroad.

2. Exchange for cash.

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Generally speaking, you should exchange as little cash as possible. Before going out, make a strategy to roughly estimate the amount of cash needed for the whole trip, and then exchange it at one time before departure. Avoid changing money frequently after going abroad. In general, the exchange rate you get from the ATM at the destination airport is the best. Usually, the daily cash withdrawal amount or each cash withdrawal amount set by the ATM is less than the amount you actually need, so you have to withdraw more times and pay more handling fees. However, the exchange rate of the airport ATM is cheaper than that of the bank (whether domestic or foreign) or the hotel. Experienced business travelers should be aware that holiday travel requires more cash than business travel because many attractions only accept cash. Try not to change too much cash, because if you can’t spend it to change back into local currency, you will have to pay a handling fee.

3. By credit card.

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Before you leave, call your card issuing bank to confirm how much the service charge is for your credit card to be used abroad (if your card is applied online, please be sure to tell the customer service which country you want to go to to avoid invalidity when you use the card for the first time abroad). Use the card with less handling charge, and some cards are free of handling charge when consumed overseas.

4. Beware of thieves.

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In foreign countries, swiping cards is safer than using cash. If the card is stolen, most major card issuers can give you a new card within a few days, but if the cash is stolen, it is stolen. If it’s a family trip, put your credit cards on different people. If someone’s Visa card has been stolen, just call the issuing bank to report the loss. You can continue the happy journey with the remaining MasterCard.

5. Debit card security

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After a debit card is stolen, it is not as convenient as a credit card. So keep an eye on your debit card and only take it out when you withdraw cash through ATM.

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After you understand all the above, you can go abroad and have fun.

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