If you are planning a trip abroad, you are likely thinking about exchanging some of your currency before you go. No matter where you are going or how long you are staying, exchanging your money is a must!

Before you make that conversion, here are a few things you should know about foreign currency exchange. 

Know the Rates

Before you exchange any of your money, be sure to look into the current exchange rate. Do a little research, checking reliable sites like looking into the commonwealth bank exchange rates to see what a good exchange rate would be. You should never convert your currency blindly, not knowing what a good rate is. In addition, you should keep checking the rates daily as they can fluctuate often. Knowing the current, most up to date rate is essential to exchange foreign currency in a smart way! 

Avoid Tourist Currency Counters

Once you are abroad, you will see currency conversion counters in all the convenient tourist locations. Airports, train stations, and popular attractions will all likely have currency exchange kiosks for you to use. However, these convenient places are also the most expensive. They will often charge high transaction fees and give you poor exchange rates. That doesn’t sound like a place you should use! So, skip the currency counters that are located in any tourist location and find a better, more reliable place to exchange your foreign currency. 

Plan Ahead

Planning your foreign currency exchange in advance is beneficial for multiple reasons. For one, you can shop around and find the best rates. You can find places that offer low or no exchange fees and, if you get currency before you hop on a plane, you will be prepared when you land, with cash in hand. Planning ahead by budgeting your trip is also a great idea so you know exactly how much money to exchange. When you only need to make one currency exchange transaction, you will save a lot in fees. 

Consider Using An ATM

ATM machines that are associated with banks often have good exchange rates and low, one time, flat rate fees. These can be a good option when you are already abroad and in need of money. Many machines will base their rates on the Commonwealth bank exchange rates and not inflate the rate or price gouge. The rates at the ATM are likely the same that the bank itself would give you but they are much more convenient! If you need cash in a pinch, find a bank-owned ATM to use. 

Consider a Travel Card

You may want to investigate a foreign exchange travel card that you can load with as much or as little currency as you’d like. These prepaid cards can be used abroad like a credit card but without the high transaction fees that a regular credit card may impose for international purchases. You can also easily add money to a travel card while you are abroad, linking the card to your bank account and managing the balance online. 

There is a lot to do when it comes to planning your trip abroad and currency exchange should definitely be something you look into and take action on before your trip. Use these tips as a general guide to help you get the best rates!