When travelling, exchanging money abroad can be a very stressful task. To avoid making a bad deal that can ruin your trip, following some tips can be very useful. Bear with us to get to know five tips that will help you a lot on your next trip.

  1. “No-fee” bureau de change are usually the most expensive places to change money

Even if your bank charges you high fees to use foreign ATMs, this is still almost always the cheapest option for changing your money. And if your bank has international ATMs or partner banks abroad, you can sometimes save a little on your cash withdrawals.

  1. If you need a lot of cash, ask your bank to raise your daily withdrawal limit

Be prepared before you go: ask your bank to raise your daily withdrawal limit temporarily. Even if the ATMs have a smaller withdrawal limit, you may make multiple withdrawals from the same ATM or several of them. That’d be very useful when, for example, renting a place to stay and paying your landlord in cash. 

  1. Never take a cash advance on your credit card except in an emergency

If you take cash from a foreign ATM, you will pay a fee, will be charged a percentage on top of your withdrawal as a foreign-transaction charge and will start to pay very high interest – a pretty bad deal. Avoid it at all costs unless you have no other choice. 

  1. Use credit cards for large purchases

Even though most credit cards will charge you a foreign-transaction fee whenever you buy something, it’s still the safest and often cheapest way to make a large purchase. You’ll almost always come out ahead on the conversion since credit cards add their fee on top of the Interbank rate, so you are almost always getting the best possible rate of exchange even though you’re paying a fee. If you want to know more about when to use credit cards on travels, check out this other post from our blog.

  1. Don’t make purchases with your debit card abroad

Use your debit card to make cash withdrawals, not to purchase something. And the reason for that is that any changes that you have to make about a purchase will take much more time you are dealing with a debit card. If you return something for a refund, for example, your account may not be credited for several days – and you might need that cash in the meantime.

If you want to know more about it, contact us – we’ll be happy to schedule a meeting and help you with this and other exchange matters.

This post was based on this article from fodors.com.