exchange

Getting foreign money when traveling | How to exchange foreign currency

hey everybody welcome back to firsthand

globe-trotting if you're traveling to a

new country chances are they're gonna

use a different currency than you do

that's not always the case in Europe

where so many countries all use the Euro

but for most of us a visit to a new

country means getting a new Kurds so how

exactly do you get a foreign currency

well the simple but not very useful

answer is that you exchange it you take

some of your money and whatever currency

it is and you exchange it for an

equivalent amount of the foreign

currency the tricky thing is that almost

no two currencies are worth exactly the

same amount and to complicate things

even more their values change on a daily

or hourly basis for example today one

euro is worth about one point one four

US Dollars yesterday it was worth a

little less and tomorrow who knows it

may be worth more less or the same but

luckily there are websites out there

that can provide you with up-to-date

currency exchange rates personally I

like to use XE comm it's free easy to

use and very accurate but there are

plenty of other places that provide you

a similar info okay so that's all great

you know how much your money is worth

compared to the foreign currency but how

do you actually go about exchanging it

there are a few different ways you can

do it

all with their own strengths and

weaknesses what people used to do but I

don't think anyone does this anymore

is bring traveler's checks with them

these were internationally recognized

checks you could buy for fixed amounts

in your home country and then exchange

whenever you got to your destination one

of the biggest benefits of them is that

few checks were ever lost or stolen you

could have them reissued so you wouldn't

lose any money but the major drawback is

that there'd be a cost to buying

traveler's checks and you'd have to buy

them all before you laugh so that's why

almost no one uses them anymore when

they're a cheaper easier and equally

safe options available the second method

is using a currency exchange service

you've probably seen them in airports

and tourist areas there's these little

shops or windows where you go and give

them whatever currency you have and

they'll exchange it for you

it's a really easy option since they

have them in pretty much every

International Airport but I find they

have some major drawbacks the biggest

issue I have with them is the cost

usually the exchange rates they give you

are pretty bad if the current exchange

rate for a euro is a dollar fourteen

u.s. they may only give you a dollar ten

or less for anything on top of that they

usually add fees or commissions to make

your currency exchange even more

expensive my other big problem is that

unless you know exactly how much money

you need you'll have to go back every

time you need more personally I never

use currency exchanges they're just way

too expensive to use what I do use is

actually really simple and pretty much

the same way I get money and pay for

things back home I use my bank card and

my credit card if you're going to a

reasonably developed country with a

banking system they're probably gonna

have ATMs or other Bank machines all

over the city

not all bank cards work in all machines

you can call your bank and ask them what

international banking networks they're

part of they'll probably be able to tell

you whether your bank card will work in

the country you're visiting and what

symbols you need to look for on the bank

machine if your card works in the bank

machine you just put it in say how much

local currency you want and it'll give

it to you the money will be taken right

out of your bank back home and the

currency exchange will be done for you

automatically

it's that easy whenever you need money

just find a bank it's very similar for

credit cards especially if you have a

Visa or MasterCard since they're

accepted in almost every country but

there are three very important things to

check before you use your bank or credit

cards internationally first and most

important make sure the country you're

visiting has a sophisticated enough

banking system they have bank machines

and accept credit cards most do but I've

been to a few that don't in those

situations you just gonna have to bring

some cash with you and use a currency

exchange

second make sure to tell your bank and

credit card company that you're

traveling if they see your cards being

used internationally they may think

they've been stolen and deactivate them

I just call my bank before I leave and

tell them my destination and travel

dates that have never had a problem

third make sure to ask your bank and

credit card company about any fees for

using your card internationally my bank

card and credit cards don't have any

foreign conversion fees and offer a

really good exchange rates but some

don't so make sure to figure it out

before you leave if you're like me and

travel a lot it may be useful to open up

a bank account or credit card that has

no fees to use when you're traveling so

that's it now you know how to exchange

your money into foreign currency on your

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