Are you traveling abroad? Everything you need to know about the currency exchange

Are you traveling abroad? Everything you need to know About the currency exchange

 

How much money I have in my cash? What is better, pay with cash or credit card? I change money here at the airport or once in destiny? Where they apply best exchange rates? How much money I can hardly get there?

These are some of the doubts that assail us when we travel abroad to a country other than the euro. If this summer traveling outside the euro zone, here are twelve tips for life in another currency will not complicate vacation or dislikes throws at you around.

1. What currency is no where to go?

That’s the first question. You know if you go to a country with a convertible currency or not, that is, an international currency like the dollar, the yen or the pound sterling as the euro, can be purchased anywhere and allowed as payment in multiple countries. Or, conversely, is a non-convertible currency, such as the Moroccan dirham, the Russian ruble or Mexican or Colombian peso, say some, that only allowed as payment in your country.

The difference is that the hard currency can buy them and use in many places and non – convertible not always can buy before going to the destination country and it is better not bring any with you when the holidays are over, because the change to euros will be difficult if not impossible.

2. Change before traveling

As a general rule, it is recommended to change the money needed before you leave home . And not just because it is better to take some money to meet the initial expenses in the country of destination -taxi, metro or bus to the hotel, water, coffee … – but because, at home, one knows the best options for change in an unknown country.

The myth that we will be cheaper to buy the currency in the country to which travel is just that, a myth. You may at some point be so, but there’s much more likely that the opposite happens.

3. Ask currencies with time

Remember that you need some advance if you make the change through your bank , because they are not always available and immediately all currencies or the entire amount you need.

For convenience, some banks offer the option of telephone booking the tickets in foreign currency and back up at the office or sent home, though not always this service is free. Find out . Some international exchange houses as Global Exchange also offer this online shop and shipping address, airport or post office.

4. Exchange House? It’s official

If you change your euros at an exchange house, first, make sure that is registeredhere is the record of the Bank of Spain to check – and second, do not be fooled by the hook some use alleging that do not charge fees: is more than likely you will be including in the price at which they sell the currency.

5. Never change in …

If you are someone who leaves everything to the last minute, you will play change at the airport -Rates tend to be more faces – or the country of destination but beware, never buy on the street or at an exchange office do not inspire confidence: in the best case scenario, you run the risk that fool with the change or commissions and, at worst you deliver counterfeit money.

6. The price varies every day

When asked how much I’ll get for my euros, you should know that the price of currencies varies each day in the market. Today can cost you more than yesterday, or vice versa.

There are many websites where you can see the prices of currencies, but beware, it is only the wholesale market reference. They are those you apply as an end user. As we explain below, the price for buying tickets is more expensive and sometimes leads couple a commission which in the case of banks, hovering around 2% or 3% with a minimum that currently goes 6 to 9 euros. 

7. Browse and compare

In addition to varying every day, exchange rates are free, so each entity or exchange house offers different prices.  Search and compare to get the best return.

The sites are useful for finding this information. And remember, to compare well, you must take into account the effective exchange rate, ie, both the exchange and the commission will apply .

The existence of a commission does not necessarily mean it is more expensive that no Commission will depend on the effective exchange rate applied . Calculate how many coins you’ll get for your euros and you’ll know what’s more expensive or cheap. That simple.

8. exchange currency and banknote

Make no mistake with different prices.

  • One thing is the exchange rate for the purchase – sale of currency, which applies to foreign currency transactions that do not involve physical transfer, but merely notes into account: for example, a transfer in a currency, a payment by check another currency, payment cards abroad …
  • And something else is the exchange rate for the purchase – sale of tickets in foreign currency, which is always more expensive. This is what applies when changing your euros into another currency, you physically delivered bills. You will see that there is a buying rate and other vendor.

Make no mistake both. Just remember that we sell currencies more expensive than we buy them, even as the price varies every day, you never know what you will get if you have left …

9. How much cash take the trip?

… depends on the type of country you visit -¿se accept euros ?, you can pay almost everything by credit card? -, length of stay, your trip plan you going hotel or a trip backpack and adventure? – … In general, it is recommended to take the necessary cash to small pocket payments and pay everything that can card . If you go to a country where the euro as currency of payment is accepted, you can use them at some hotels, restaurants …

10. Whenever possible, you pay by card

In card payments, both credit and debit cards , the currency exchange rate is applied , ie the most advantageous of the two discussed above. Another thing is that the entity charged a fee paid abroad. The best thing is that before embarking on the journey, you report all the details.

Raked or without card payment usually make up and is most recommended. By the way, do not forget to extend the limit of your credit card if you plan to use it frequently and already paid for the trip with her … you may have consumed much of the credit and stay two candles before the account.

Travelers checks , although they are clearly obsolete, can be an economical and safe alternative or in any case, complementary to cash. It depends on the country you visit.

11. It takes a lot out there at an ATM?

Get cash abroad with credit card you can get away for a penny … but in a pinch, you know it’s an option and the cashier will inform you of the total cost before withdrawing money.

Withdrawing money with a debit card will be cheaper , although, again, it is best to inform yourself beforehand about all the details. Currently, the commissions for taking money abroad are around 4% and 5% of the amount withdrawn.

Of course, as the fees that apply for taking money out have minimal, if needed, you better get fewer times more money than the opposite.

12. No back with calderilla

Of course you can change what you do over again euros. But keep in mind that you only change the tickets . No coins, so you do not keep the coppers … unless you plan on returning at some point to that country.

And remember that, unless the price of that currency has soared in recent rare and improbable – something days, receive less money you gave to change your euros. Finally, if you traveled to a country with non – convertible currency, change there the money you have left over you. Not only will it be easier, but you ‘ll get the best price.

13. Useful applications for changes of units

When you travel abroad, sometimes not only changes the currency, but much more metric units: weight, height, sizes … If that’s the case this summer, we suggest some apps that can be you useful to “translate” quickly conversions you need to do as kilos to pounds, shoe size, clothes size … 

  • Convert-me is one of them, freecharge, very popular and it works offline.
  • Unit Converters is another option, if you want to move to. 
  • For the exchange of currencies undoubtedly the application (and web version) is most commonly used XE Currency , which provides updated quotes every few minutes, exchange rates of many currencies and historical prices. The application has had over 40 million downloads, which gives an idea of its popularity.
  • And do not forget what time it is in your home town , or anywhere in the world looking for the app RelojMundial on your mobile and you will stay informed both local and international time as other details.

Information of interest:

Information exchange rates: Purchase tickets  (Bankinter)

Information exchange rates: currency purchases  (Bankinter)

 

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