Whether you’re living abroad or travelling, it’s important to know how to get the best currency exchange rate on your transfers and purchases. After all, if you don’t get the best exchange rate, it can cost you a lot of money.
Here are our top tips for getting the best currency exchange rates or black market rates when living or travelling abroad.
Be familiar with the currency exchange rate
In order to know whether you’re getting the best currency exchange rate, it’s important to know the currency exchange rate in the first place. Do your research before travelling or moving somewhere new. Then, make sure to check the rate regularly so you can get a feel for exchange rate trends and fluctuations.
Some of the best websites for checking in on fluctuating black market exchange rates include XE Currency and Daily FX. Many websites and apps also allow you to save the last exchange rates so you can refer back to them even when you don’t have internet access.
Take advantage of this knowledge
When you have a good understanding of your chosen exchange rate, you’ll be able to better identify when rates are favourable. If the exchange rate is favourable to you, consider exchanging your cash or transferring money then. The best place to exchange currency is at an exchange provider with low fees and competitive rates.
If you are planning on transferring money overseas, then look no further than TransferGo. We provide low fees and great exchange rates on international money transfers. You can send money to over 160 countries including African hubs like Ghana, Nigeria and Kenya.
Be aware of foreign transaction fees
If you plan to use your credit card abroad, check to see whether your provider charges foreign transaction fees. If it does, look into getting a credit card that doesn’t charge foreign transaction fees. Money Saving Expert has a helpful online tool for helping you find and apply for the best travel credit cards.
Once you have your travel credit card, always pay it off in full every month to avoid debt mounting up. And if you’re given the choice, always pay in the local currency.
Avoid airport exchange rate kiosks
If you’re travelling to your destination without having pre-organised your currency, don’t be tempted by airport exchange rate kiosks. Notoriously, they offer very poor exchange rates.
Your best bet, if you have left your currency until the last minute, is to find a legitimate exchange rate at your destination. In some locations, they’re practically on every corner.
Now that you know how to identify the best currency exchange rates, you can rest assured that you’ll be getting more bang for your buck.
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TransferGo is here to make your life easier. Whether you’re paying bills, supporting family, helping businesses or dealing with emergencies—we want you to be able to make fast, low-cost money transfers safely and securely. We want to make a tangible difference to your lives, reward your hard work, and help every one of you become more prosperous. How? By making global money transfers as simple as sending a text.