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How to Exchange Foreign Currency When Travelling Abroad

How to Exchange Foreign Currency When Travelling Abroad

After living in a foreign country for almost three years, I’ve learned a few things about how to exchange foreign currency. Let’s take a look at the best ways to prepare for travelling abroad so that you get the most for your money.

When you are planning a trip abroad, it’s exciting to book hotel rooms, plan your flight, and look at which tourist destinations you’ll get to see. However, before you start all of your planning, it’s important to consider how you will acquire the foreign currency that’s used at your destination. Prior to the onset of technology, many people simply used traveller’s checks, but today there are numerous ways that you can get foreign currency to spend during your travels around the world.

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Exchange it At Your Local Bank

If you want to have foreign currency before you fly to your destination, you can always buy it at your local bank. If you use this method, it’s important to use a bank that you already have an account with. This will potentially help lower your fees, although you will likely get an exchange rate that’s in the bank’s favor, not yours. Anything is better than exchanging money at the kiosks located around the airport, however, as they have the absolute worst exchange rates. It’s far better to plan before you go!

Buy Foreign Currency Online

Did you know that you can actually get foreign currency shipped to your house before you fly? Websites like ezforex.com sell it, and they are becoming extremely popular for their low rates and their convenience. You can also purchase it online at Wells Fargo. All you have to do is enter in how much money you want to exchange, pay, and sit and wait for the package to be shipped to your house. One word of warning though: make sure you’re home to receive your mail if you are expecting a package full of currency. Bonus Tip: If you spend $1,000 US on foreign currency at Wells Fargo, they will ship for free. That means more savings for you!

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Use a Credit Card

Many credit cards automatically calculate exchange rates for you, and you can use them wherever major credit cards are accepted. The smartest way to utilize this tip is to get a credit card that waives all foreign transaction fees, otherwise, you could be paying more than 3% on every purchase! That can definitely be an unwanted surprise when you open your credit card bill after a nice, long vacation. So, to avoid that, here are some ideas for cards that you can get: Capital One regularly waives foreign transaction fees, and Bank of America, American Express, Citi, and Chase also offer cards with waived foreign fees. Just make sure to read the fine print when applying for one of these cards to be sure that it does in fact waive these fees, as many companies offer a variety of different cards.

Withdraw it From an ATM

Many banks, like Charles Schwab, allow you to withdraw cash from any ATM in the world without charging you a fee. This is a great way to get the cash you need immediately in a currency form that’s compatible to your destination, and is perhaps the most convenient way to get money when traveling so that you have cash on hand for quick snacks or taxi rides. You can also call your bank and have your daily withdrawal limit raised if you need to make a big purchase. Bank of America also allows you to withdraw cash without a fee as long as you are at an affiliated bank, whereas Charles Schwab allows you to use any ATM and still get their perks.

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Use Travelers Checks

As previously stated, travelers checks are mostly antiquated and might not be accepted everywhere you go. They are, however, a good, safe backup if anything happens to your other funding sources, and you can get them from any local bank.

Know Your Exchange Rates

At the end of the day, the most important thing you can do when travelling abroad is to do your research and know your exchange rates. That way, if all else fails and you are unable to exchange your money before travelling abroad, you will be knowledgeable enough to bargain with foreign banks, taxi drivers, and currency exchange booths to get the rate your deserve.

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Have you ever travelled abroad? What type of currency did you use? How did you use it?

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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