Important Currency tips: You must know the following cash and currency tips when you are traveling.
1. You must leave the travel check at home only. They are an absolute waste of time as you have to wait in the long line to cash them and a waste of money too. The best option for travelers is to cash at the ATM.
2. Try to avoid and keep the cash exchange as little as possible. do you know that you lose money every time you exchange it. You lose up to 8% of the money when you change the dollars to Euros or any other currency. You can even lose more that is 15% when you are exchanging money at the Forex or Travelex at airports. If you have to exchange cash then better do it at the postal banks at the post offices which offer the best rates.
3. It’s a waste in buying foreign currency in advance. Some tourists make the mistake of exchanging currency in very much advance even before they land in their destination. However smart travelers know that it is a waste. You have to wait until you arrive at your destination and do it at the ATMs.
4. Use the local currency. Many foreigners get happy when their currency is accepted and there is not need for the money to be changed. However what the shopkeepers do not tell you is the cost goes up by 20% more because of the exchange rate. this is changing the money at lousy rates.
5. You need to figure the currency conversions. You do not have to consult a currency converter all the time. you can get the exact rates online ,but you do not have to stress it out. Just know the basic math and you can do good and it will be easier for you to survive on a budget if you are comfortable with the local currency.
6. Assume you are short changed. If you do no figure out the money exchange for yourself then you will be shortchanged at many places such as restaurants, banks, ticket booths etc. Clueless tourists do not know the local currency and they lose a lot of money without a clue.
7. Coins become worthless when you exit the country. Big value coins are common in Europe and it is a total waste of money if you carry a pocketful of change back to your country. Therefore it is wise to change the coins into bills or pay them up for buying something instead of taking them back home. If you are a European then maybe you can use them in your country.
8. Carry some USD. Though you cannot use them for everyday purchases, they will come in handy in case of emergencies when the banks are in strike or when the ATM cards do not work. Carry these dollars as a backup.
9. Get your dollars back– if you have finished your trip then it is will be good to get your foreign currency exchanged back into your country’s currency.