Where should I exchange money for my vacation?

Vacations are designed to take some of the stress out of daily life. Everyone wants to get away and enjoy the sights and sounds of another part of the world and learn a little in the process. Most people plan a vacation months ahead of time. Hotel reservations must be made and restaurant and local attractions must be researched, so the vacation is smooth and relatively stress free. Vacation budgets are designed to relieve some of that stress, but some people overlook the currency exchange factor, which is an important ingredient in any budget. Waiting until the day before the trip or when you arrive at the airport in your host city can be a costly decision.. The currency market fluctuates daily so the rate you think you’re getting may have completely changed in just a few days. Waiting to exchange money in Manila’s airport for a trip through the beautiful Philippines could mean an extra $200 in exchange costs for every $1000 you want to exchange if the value of the Dollar has shifted by 2000 points.

The best way to exchange money is to exchange small amounts while you’re planning the trip. When you average your exchanges you know the cost of each exchange and you can use those figures to accurately develop a budget that you can use throughout the trip. Averaging takes the stress out of budget planning and is especially important if you’re going on an extended trip where more money is needed for trip expenses.

Where should I exchange money?

Banks are usually the first place people go to exchange currency. Most people don’t realize that banks charge a fee for every exchange and they may not give you a real time exchange rate if they only post one or two rates a day. Credit card companies use their own rate which includes a profit, plus they add a surcharge to every travel purchase so you don’t know what the trip actually costs until you get the statement. Airport merchants may have a hidden fee in the rate, so it’s important to know what the value of your exchange pair is when traveling. There’s no need to add unnecessary exchange costs to a travel budget when you can get the correct rate from a reliable currency trader. When you exchange small amounts of money through a professional trader at several different times in the planning process you eliminate hidden fees, surcharges and bogus rates.

Other travel tips

Always carry cash in a money belt or in a hidden pocket that is secure and out of sight. Use hotel safes and other security measures when you reach your destination and just keep enough cash in a wallet or purse for incidental purchases. Some countries have a limit on the amount of cash you can carry; if you exceed the limit your cash may be confiscated.

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