6 must-knows currency conversion tips for travelers

Preparing for your upcoming international trip? If you are concerned about currency conversion, fret not! Check out these 6 essential tips to navigate the world of foreign exchange, ensuring you save both time and money.

Before delving in, let’s grasp the concept of exchange rates, representing the ratio between two countries’ currencies. For instance, if you’re heading from Greece to the USA, and the exchange rate is 1€ to 1.09$, it implies that for each euro exchanged, you will get 1.09 dollars.

Consider additional costs

Exchange rates are constantly fluctuating, so it is important to keep an eye on the current exchange rates of the currencies you plan to use. If the currency of your destination is trending downwards against the euro, it is a good idea to exchange your money there to take advantage of the difference.

Take into account the extra costs

Different financial institutions and currency exchanges have different fees and commissions for converting money. It is important to know these costs beforehand, and it is advisable to withdraw larger amounts at a time to minimize transaction fees.

Buy foreign currency before you travel

Make sure you have an amount of foreign currency before you travel. This way, you save time until you find the best exchange rate and relieve the stress of finding an exchange office as soon as you land to cover any unexpected expenses that may arise.

Avoid exchanging currency at the airport and tourist resorts

Steer clear of exchanging currency at the airport or tourist spots. Airport exchanges often have higher fees and less favorable rates. Instead, do your research and find currency exchanges in your destination for better rates, avoiding tourist hubs.

Send money in advance to your destination

A convenient method for currency conversion is using PayLink – Western Union. Just send money to a nearby Western Union service point at your destination. Upon arrival, you can collect your funds in the local currency, with no additional charges. Utilize the online currency converter on the PayLink – Western Union app, to view the total amount (including commission) and transfer money easily from your phone.

Notify your bank

Before traveling, inform your bank to prevent issues with using your credit or debit card overseas. Check with your bank about international transaction fees and potential partnerships with foreign banks to reduce withdrawal expenses.