February 13, 2020 Currency Exchange Tips for Traveling the World
Planning your next trip can be exhilarating and stressful at the same time – especially when you are leaving the country. While buying plane tickets, finding a hotel, and picking out excursions should be on the top of your checklist, exchanging money is a task you won’t want to forget. Here are several tips from Central Federal to help get you started:
Research Currency and Exchange Rates
The U.S. dollar is accepted throughout our nation along with a few other places around the world, but not everywhere. That’s why it’s crucial that you find out what foreign currency you are going to need (like euros or pounds). Next, figure out the exchange rates. Through the quick Google search “dollars to euros,” Morningstar provides up-to-date figures.
Swap Money at the Bank
Start by visiting your bank to properly exchange cash. While there are airport kiosks and ATMs abroad, avoiding these is the best way to avoid getting ripped off. Don’t forget to tell them when you plan to be out of the country. This will prevent any alerts on foreign purchases made on your debit or credit cards.
Budget for the Trip
What’s the right amount of cash to bring on an international trip? It all depends on your budget. Costly items to consider include local transportation, food and drink, and lodging. If you can afford it, hire a travel agent to take care of the planning stages. The Discover Blog recommends, if you go all cash, to bring $50 – 100 per person for each day.
Charge It When Necessary
Don’t forget your cards! Carrying around too much cash can be a bit of a hassle and intimidating. Debit cards should be used for withdrawals from ATMs, whereas credit cards should cover larger transactions like hotel deposits. Ask your bank if your cards will be accepted overseas and about any potential fees as well.
Exchange Coins Before Leaving
Before heading back stateside, make sure to exchange those coins back to dollars (unless you want souvenirs!). Some countries, including Europe, have coins that represent their version of the $1 bill. While your bank has practical use for the cash, they likely have no use for the coins themselves.
Open an Account Today
The most effective way to work with a bank is to open an account with them first! Whether you’re still in the planning stages of a trip or you just finished packing your bags, it’s never too late. Find out what Central Federal can do for you today. Call us today at (573) 364-1024 or pay us a visit at 210 West 10th Street to meet with our friendly staff.