11 Currency Conversion Hacks You Need To Know Before Going Abroad
As most African countries’ currencies continue to fluctuate against super currencies like dollars, pounds, or yens, travelling overseas could leave a massive hole in your pocket. But, sometimes, you can spend more than necessary because you made some common financial mistakes that you could have avoided.
While some travellers use payment platforms like Pay4Me App for their international transactions before they hop on their flights, others prefer paying for things like accommodation and other fees when they arrive at their destinations.
Whether you want to pay for items before your departure or wish to pay at your destination, we have listed some of the currency conversion hacks that can save you money.
1. Notify Your Bank Of Your Travel Plans
Some days before you travel abroad, you should notify your financial institutions like credit card companies or banks of your travel plans. You can save many worrisome situations if your bank knows what you want to spend with their cards. Additionally, you don’t risk seeing your card blocked or declined.
2. Get A Credit Card Without Foreign Transaction Fees
You should check with your bank if they charged you extra fees when transacting business overseas. However, if you want to save more money, you don't need a credit card that charges you fees abroad.
3. Consider Withdrawing Cash From An ATM Abroad
A thoughtful way to save cash is to withdraw money from ATMs overseas. The process offers you fair exchange rates. However, you may not find your local bank ATM abroad, but most branded credit/debit cards like MasterCard and Visa can charge you a nominal fee before withdrawing from affiliated ATMs.
4. Avoid Currency Exchanges At Airports
The temptation to pick cash at airports can lead you to make money mistakes. The exchange rates at airports could be exorbitant. Instead of using the airport, you can find any available ATM and make your withdrawal. However, if you cannot find an ATM, exchange the amount you need to get to your destination or the next available ATM.
5. Research The Local Currency
You need to carry out a mental calculation of what to buy or pay for abroad. As a result, you don't jump into buying things when you don't understand the exchange rates or charges. Instead, take time to understand the local currency and learn about the cost of living, payments at different points, and how to haggle prices.
6. Use The Best Exchange Rates
You can use a currency converter online to learn about the baseline of the currency exchanges. With this information, you can quickly calculate what you can spend on different things. In addition, you can consider if a foreign bank, forex bureau, ATM, or hotel has the best exchange option for you.
7. Monitor Foreign Exchange Rates
Before you leave your country, you should monitor the exchange rate of your destination. You don’t want to call home for help because the exchange rate swallowed your money. An idea of what to spend in your country’s equivalent can save you embarrassment.
8. Reserve Emergencies Cash
What happens when you misplace your card overseas? You might be in financial difficulty if you don't have emergency cash. However, some foreign currency slashed in your pocket can become a lifesaver when a card cannot help you. Also, if you suffer a decline for an urgent need, cash can work for you.
9. Use Your Credit Cards For Large Purchases
If you plan on going on a shopping spree, go for your credit card. The logic of using your credit card is simple to understand. If the card eventually gets stolen or compromised, you have a limit on that card. Also, you can have it cancelled, reported as stolen, or request for a chargeback.
10. Use Local Currency
While most point of transactions accepts cards, you can consider paying more with the local currency to save you extra charges on foreign exchange rates. Furthermore, cash is more convenient for making some payments.
11. Spend Your Remaining Foreign Currency
Before coming home, try and spend your leftover foreign currencies, especially the coins. The smaller denominations may not fetch you something great when you come home with it. As a result, spend all your lower denominations, especially at the airport, before your departure flight.
Finally, if you have not downloaded our Pay4Me App, you can save more when you want to make any international transactions.