If I was travelling 10 years back the best way to carry money in exchange would have been a traveller’s check. But with volatile exchange rates and technological advances traveler’s’ checks have been relegated as old method. However the question of exchanging currency remains. How to answer, well there are many ways.
- Use ATM for day-to-day funds – If you have a VISA or MasterCard debit card with you, day-to-day cash can be withdrawn from ATM. The cheapest option is the ATM for day-to-day funds with the ever-expanding ATM network worldwide. Never use a credit card to withdraw cash as I have already told you the last time.
- For large amounts look for Bank – WIthdrawing large amounts of cash from ATM can be costly even with the 1% to 3% fees. ATM also have withdrawal limits. So best way is to visit a partner bank where you will be able to withdraw money.
- Credit Cards for large purchases – Yes the credit card scores over cash. It is handy and works everywhere. Making large purchases is prudent with credit cards.
- Never exchange at no fee Bureau – No fee bureau charges gives exchange rates that are really low. You will lose a lot of money at these centers. They are big No for exchanging money. Better places are over the counter exchanges at airports.
- Traveler’s checks for emergency – Yeah even now the travelers’ checks are the best bet in emergency. But use only in emergency.