Once you are in a foreign country, you will likely need to get some of the local currency. There are many times when you will need cash, and a new country may not accept your native dollars. Luckily, you can convert your money quite easily when you are abroad. The trick is, to get the best rates at the same time! Here are a few tips to help you get the best exchange rates while abroad.
Know the Rate
The most effective way to get the best exchange rate when abroad is to begin by actually knowing what the exchange rate is. You will only know if an exchange rate is good if you know what the rate should be in the first place! In addition, rates change all the time, so they may go up or down while you are traveling. There are many apps that you can download that will instantly tell you the current rates and even convert your AUD to INR with a simple entry, letting you know just how much you can get. Stay informed in order to get the most money for your money!
Banks and credit unions are knowns to usually have the best exchange rates available. However, to take this a step further, you should look for a bank abroad that is associated with your own, hometown bank. While your bank may have international branches, it may also have an affiliate bank you could use. Partner banks may waive the charges that are usually tacked on to currency exchange. So while any bank can give you a low rate, your own personal bank or an international partner may be able to do even better than that!
While traveling abroad, using an ATM will likely be the easiest way for you to get cash for your day to day use. ATM’s that are bank-owned often offer the same low rates as the bank yet in a much more convenient method of attaining cash. While the rates at ATM’s are comparably low, they do charge service fees. It is a good idea to take out a larger sum of cash when using the ATM so that you can avoid paying service fees on every use.
Online Cash Delivery
Even though you are already abroad, you can actually still have cash delivered right to you, wherever you are staying! Online exchange services have amazing rates and also low fees. You can research online currency exchange sites in the comfort of your hotel and see which one really is the best choice. Many sites can deliver cash quickly, within a day or two, getting it to you (wherever you may be!) right away. Seems like an amazing choice.
Places to Avoid
While there are many great places to get currency abroad, there are a few places you should definitely avoid. Airports and currency counters in tourist locations always have the highest rates. ATM’s that are not bank-owned should also be avoided. Skip the concierge desk at your hotel as well as they will charge you excess service charges as well. Avoid these more “convenient” places to save lots of money while abroad!