If you’re on the road, you’ve probably wondered how you’ll be able to access your cash. Foreign currency exchange providers like Knightsbridge FX work well in a pinch, but there are better options for you and your cash, ones that avoid fees and commissions for transactions, or, at the very least, cuts down on them.
If you want to save money on the road, here’s some tips.
If all else fails…
You’ll want to keep this in mind: credit card for buying, debit card for withdrawing. Even if you somehow ignore or forget, or whatever, sticking to this guideline will help you save money, thanks to the fact that most credit cards have extra fees associated with them when you’re withdrawing.
Getting cash on the go.
Let’s face it, cash is king. Pretty much everyone accepts it, meaning that the best way to go about travelling is to have a little of the local currency on hand at all times. Remember that cash is easy to lose and steal, so don’t have too much on you at any time. You have options at getting it:
- Exchange before you leave. Exchange rates can be more favorable outside the country you’ve got your sights on, so consulting firms like Knightsbridge FX is a smart choice.
- Avoid the common spots. Tourist sites and airports are the most convenient places to get exchanged, but they also have the least favorable rates.
- Turn to an ATM. They usually have better rates.
ATMs exist pretty much anywhere where there’s electricity, meaning that debit card is probably the most convenient way to access cash. The problem with them is that they have fees, quite a few, attached to them, so you’ll save money if you keep withdrawals to the bare minimum. Larger withdrawals have smaller percentages with their fees, too, so keep that in mind.
They’re useful for big purchases, but they too have fees attached to them. Usually, the foreign transaction fees, though some major card issuers instead waive those fees in exchange for an annual membership fee, though there are loyalty rewards which encourage you to spend while abroad. Remember, they can charge whatever they want, so best be prudent. Oh, and before you go, tell them you’re heading abroad, otherwise your card will freeze faster than a swimmer in the Antarctic.