How to handle foreign currency exchange

When traveling abroad, currency exchange may be one of the most daunting tasks of your trip. However, it definitely doesn’t have to be! In fact, exchanging currency can be quite easy and efficient if you follow these tips on how to properly handle foreign currency exchange.

Know the Rates

One of the best ways to handle visiting a country with a different currency is to be prepared. Use a currency calculator to see what the AUD to INR exchange rate is before you go. While on your trip, check the rate frequently or anytime you need to exchange more cash. Knowing what the rate is will ensure that you pay only what is necessary when exchanging your cash.

Be Prepared

In addition, while you are researching the exchange rates, it is a good idea to exchange some money at your local bank before you leave for your trip. Not only will your personal bank be able to give you a good rate but then you will arrive abroad with some cash on hand. This can be very beneficial as you may find yourself instantly needing the local currency.

Order Cash

An easy and great option is to use online websites where you can order foreign cash before your trip. You can easily compare foreign exchange rates and find the best rate, low fees and have the currency you need in your pocket.  With some exchanges you can place an order and have the rupees delivered right to your door.

Skip Tourist Exchange Centers

While it may be tempting to use a convenient kiosk to exchange your currency in the airport or at a tourist location, it is not the best idea. These places know that they have a captive audience who needs to convert their cash and, therefore, they charge high fees and offer bad rates. In order to handle foreign currency exchange like a pro, skip these tourist traps and opt for an ATM.

Use an ATM

ATM’s are known to be the easiest way to exchange your money to the local currency. Most ATM’s will give you very fair exchange rates and change a one-time usage fee. For that reason, it is a good idea to use the ATM sparingly, taking out more cash in one transaction. The less you use the ATM, the fewer usage charges you will have! Look for an ATM that is owned by a bank so that you know it is a trustworthy machine.

Use All the Cash

Before you head home after your trip, be sure to use as much of the local currency as possible. If you have a lot of cash left, you will have to convert it back to your own currency which will again cost you in fees. This is also why it is a good idea to plan your budget and only take out the amount of cash that is necessary on your trip- you don’t want to have to pay double the fees to change it back!

Following these tips will help you easily manage currency exchange while abroad. The biggest point to take away is to be prepared and understand the foreign exchange system. Plan ahead and budget your money to have a successful trip!

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