It is common for people who are planning to travel to save money months before to make sure that they have more than enough funds for shopping trips, entertainment and adventure. They compare prices of accommodations in hotels and Airbnb’s including airline tickets. More often, they forget to keep foreign currency exchange under control. A good option is to exchange the dollars at Knightsbridge FX for best conversion rate and lowest fees.
Frequent travellers suggest credit cards to pay for meals and accommodations but cash is necessary for tips, taxi fare and local market purchases. Converting currency at the foreign exchange counters at the airport is a definite no-no because they charge as much as 15% for currency conversion. Foreign merchants usually prefer Visa or MasterCard and sometimes American Express.
There are ATM’s at the airport but avoid those that allow only $100 per withdrawal. There are ATM’s where you are allowed to take more money in one transaction. When you use a debit card, you will be facing three types of fees: currency exchange fee, fee from your bank for using the ATM abroad and fees from the foreign bank’s ATM. Meanwhile, there are debit cards that do not charge foreign transaction fees if you withdraw money from the foreign ATM.
It is common for merchants in other countries to ask you whether you prefer to pay in dollars or the local currency. Dollars is an obvious choice but it is a sneaky way for banks and merchants to get more money off you. If you really need to shop in local markets and the only money you have is in dollars, make sure you know the current exchange rates. Paying in local currency is still the best option particularly if you are quite good at haggling.
To be able to pay for your purchases in local currency, you must exchange your dollars through Knightsbridge FX before you travel. The online foreign currency exchange service offers the most competitive rates in the market and ensures that you will be able to save money on currency exchanges. They call the banks every day to make sure that their exchange rates are better.