International travel is at an all-time high. Every year, millions of people set off to different corners of the planet in scour for new experiences, indulge in exciting activities, and view unseen lands. International tourism comprises 10 per cent of the global GDP, and every tenth job worldwide is directly or indirectly connected to the tourism industry. Thus, when it comes to the numbers game, global tourism is inflating at an unprecedented rate vis-à-vis scale, popularity, and efficiency.
However, another aspect of international travel that is also expanding without any sign of stopping has to be the associated expenses. From foreign exchange fluctuations to pricey plane tickets and a plunging economy, the reasons for the spike in international travel costs are many. But let us find ways to ease our pockets in the next transnational trip.
TOP FIVE FOREIGN EXCHANGE MISTAKES TO AVOID ON YOUR UPCOMING INTERNATIONAL TRIP
- Avoid Exchanging Money at Airports – Currency exchange desks at airports are infamous for steep commission charges and come with a guaranteed lousy deal. Thus, one of the first foreign exchange mistakes to avoid on your upcoming abroad trip is to discard last-minute financial planning. Instead, devise a strategy and exchange your money at home or order currency online. Most major sellers now allow globetrotters to pre-book currencies at a favourable exchange rate and collect funds at the terminal.
- Ignoring International Travel Cards – Before you take off to your international destination, make sure to carry an international travel card. Apply for the card beforehand to keep eleventh-hour hassles at bay. Such travel cards come with a multitude of benefits, such as excellent exchange rates, zero forex markup rates, freezing of exchange rates, travel insurance, lounge access, and more.
- Shunning Local Currency – Another foreign exchange mistake you must avoid on your upcoming abroad trip is shunning local currency. When given a choice by stores, banks, restaurants, etc., always pay in the local currency rather than your home currency. The small step can save you a ton of money.
- Not Informing Banks – You will not be able to exchange money abroad if your bank closes your account due to ‘suspicious activity.’ Thus, inform your banking institution of your upcoming international trip to dodge unwanted problems.
- Forgetting about Bank Fees – Last but not least, a major foreign exchange mistake that you must dodge is being ignorant about bank fees. Burying your head in the sand regarding your bank’s foreign fees, such as ATM withdrawal fees, could cost you a lot of extra money. Thus, before your trip begins, phone your bank and enquire about the ATM withdrawal fee and money charged on international transfers. In case your bank’s ATM withdrawal fee is pretty high, take out a large sum of money in a go. Likewise, to avoid the additional markup rate of 2 to 5 per cent on card swiping abroad, make sure to have your international travel card handy.
So, there we have it, a crisp overview of the five foreign exchange mistakes that you must avoid on your upcoming international trip.
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