CHEAP TUESDAY TIP: Travelling overseas and unsure how to get the best exchange rate? You’ve probably heard that local money changes can be devious, banks can charge high fees, and traveller’s cheques are a little outdated and inconvenient. Our advice? To get cash when travelling overseas, use your ATM card (or a travel money card from your bank) to make withdrawals rather than changing your own currency at an exchange counter. By doing so, youll get the interbank exchange rate, which is usually 2 - 5 percent better than the rates youll find at the counter. Note that youll probably have to pay a fee to make a withdrawal (charged by your own bank, the local bank or both), so we recommend taking out a sizable amount of cash each time to minimize extra fees. Just be sure to stow the cash back in a safe and secure place! There is no one answer that fits every traveller in every situation though, so what are your tips for getting the best exchange rate and minimizing fees when travelling overseas?
Posted on: Tue, 18 Mar 2014 06:45:00 +0000
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