How to Change Money at the Best Price when You Travel
Just as you have looked in advance at airline tickets, accommodation, and other activities, with money abroad you also have to be proactive. Before traveling to a destination where you do not pay with Euros, we recommend that you be aware of the exchange rates to know when it is better to exchange currency to save more. That’s why today we’re going to talk about how to money exchange at the best price when you travel.
Where can I change money before traveling?
Let’s tell you what are the options you have to change money before embarking on your trip. There are many options: from requesting it to your bank (most large banks give that option) to do it in exchange houses in your country or even wait for the trip and make the change in the country you are traveling to. All of them have their advantages and disadvantages, so let’s summarize the most important ones:
1. Change money with your bank
It is a very convenient option since most of you can do it directly on their website and they send it home (or if you prefer you can go to your nearest branch) and also, the vast majority of banks will guarantee you the money with options like the repurchase of a percentage of the changed at the same price in case you have left over money.
However, the biggest problem is that each bank applies a different exchange rate , which in almost all of them is worse than the official one, and in most cases they charge quite high commissions for the change of currency (usually up 3% ).
2. Change in a house of change in your country
The best thing is that you get the money instantly, but when it is not a common currency you may not have it. In addition, the exchange rate is usually the worst of all, especially for rare currencies.
3. Change at the airport just before flying
It is the most comfortable and simple option of all. You will go through the airport, yes or yes, so on the way to your boarding gate it is super easy to fall into the ‘trap’ of the exchange houses. Because the exchange rate is usually the worst of all. There are places where you can lose up to 40% of the money with respect to other options.
4. Change the destination country in an exchange house
When buying local currency the change is much better than the one they apply in a foreign exchange house in your country of origin, but if you do not know well the country you are traveling to, you risk not finding any place to make the change of currency or even that Where you change is not the most reliable place.
Also, until you get there you will not know if the change is better or worse than here , and there you will have no other option (except use a card, something I’ll talk about at the end of the post).
5. Change in a currency exchange website like Nihonex
This last option, which is also our preferred (and the most commonly used), works in a similar way to change money with your bank, with the difference that you get a better price to change money and also save commissions . This is so, because due to the number of transactions carried out on a daily basis, they can apply a better exchange rate for those who buy online in jp. In fact, they are so sure of it that if the day you change the money, you find a better offer, you get the difference back.
Where can I change money if I am already on a trip?
What happens if you are already on a trip and you run out of money, or you just have not changed money before you go? Do not fear, you have several options. The first, as I mentioned before, is to go to a house of exchange and change more money . This option may not be the best, since it depends on the destination, you may not find a house of change at hand.
The best option to change money in the destination is usually withdrawing money at ATMs. Although obviously, not with your normal credit card. Of course each bank applies a different change and commissions, but there are several card options that do not have commissions (or are much lower) and that also have a much more advantageous change .