One thing you should bear in mind whenever you are travelling to a foreign country is that you are not going to spend your own country’s currency in another country. Therefore, there is need to exchange your currency to your destinations country’s currency. For example, if you are coming to Nigeria from Ghana or any other country, all you need to do is to exchange your country’s currency to Nigeria currency (Called Naira NGN)
Currency exchange rates vary from one country to another. Currency exchange rate can either make your travel relatively cheap or make it expensive. One thing that is important whenever you are travelling is to get the best exchange rate so that you can be able to make purchases and other things.
In order to get the best exchange rates, there are some things you need to do. Sagetravels.com your number one travel partner will be unveiling those things you need to do.
Know What Banks Charge For Foreign Transactions
In order to get a better deal, the first thing you need to do before leaving your house is to contact different banks and find out what there are charging on foreign transactions. By so doing you may get a better and a favourable deal. Without a third party, you can get the best exchange rates from the bank by using your credit or debit card to either withdraw cash or make purchases. However, before using your credit card or debit card, find out how much the credit card company charges for foreign transaction.
Find Out The Current Exchange Rate
Currency exchange rate is not like stock fish and other commodities that have fixed price, currency rate changes from time to time. It may be high today and tomorrow it will be low. Before you leave your home for that you’re foreign trip, consult any means you that will give you the current exchange rate. You can get the current exchange rates via electronic media such as the internet and non-electronic media such as newspaper etc. it is also necessary to constantly check the currency exchange rate in case if there is any change.
Perform Transactions Mostly With Your Credit Card or Debit Card
As I mentioned earlier, you can get the best exchange rates by using your credit or debit card to either withdraw cash or make purchases. The reason why credit card or debit card is better is because it will prevent you from paying ATM fees. Some of the ATMs in the foreign countries charge more than $5 (Five Dollars), so whenever you use ATM in the foreign countries always check how much they will charge you; if the amount is high you can check other ATMs
Plan Your Budget
Planning is essential whenever you want to travel. Set your budget so that you will not overspend. Researchers claimed that in some countries you can get a better exchange rate in mega cities than in small cities. When you plan your budget, you will know the amount you of money you want to travel with. In order to avoid or minimize robbery attack or pickpockets, there is need to plan your expenditure.
Avoid the Black Marketers
There are usually at the airport, Train stations, seaports and sometimes inside a big international market. They are resellers and their price is very high. Although you cannot do without them in emergency and maybe if you arrived late when banks must have already closed they are usually the available option but bear it in mind that they are charging higher than the normal price.
If you cannot get a better rate from the bank you can meet a vendor and bargain with them to get a better deal. It is important for you to know the current exchange rate so that can bargain well with them to get a better deal. Sometimes it may not be favourable but just try.
Compare Different Rates
Exchange rates vary from one bank to another, don’t just settle with the rate one bank gave you. There is a need to shop around, go to different banks like 3 to 4 banks before you finally conclude on which one to take.
Find Out The Real Rate
If you are not careful enough, you will be charged a high rate. Commission or extra fees may be added to your transactions. It is advisable to know the amount of money that you will receive after the exchange. You can do a research on that.