Money is a very important aspect while studying abroad. There will be huge costs involved while studying abroad such as tuition fees, accommodation, food, travel etc. There are a number of currency exchange locations in every country such as GWX Travelex, Western Union, Thomas Cook etc. Make sure that you know the currency exchange rates before going for money exchange to get a good deal. Don’t go for the exchange booths in train stations and airports as they don’t provide the best exchange rates. The most trustworthy sources to know the exchange rates are newspapers and internet. Here are a few tips that will help you to exchange money abroad:
Tip 1: Know the exchange rates
This is something very important to know before exchanging your currency. Know the exchange rates from Google or any other authentic sources. This will help you not to get cheated. Also, it is important to ask whether there are any charges or commission for the currency exchange. There are some exchange brokers that charge you for each currency exchange. Try avoiding them.
Tip 2: Don't exchange money at the last minute
Some people have the tendency to exchange the currency at the last minute of the travel. This may result in various complications and you will end up spending more money as commission and by unfair exchange rates. As mentioned above, many people tend to exchange currency at the airports. Most of the brokers at airport charge commission.
Tip 3: Know your expenses
You must have a clear idea about the expenses abroad and the frequency of money exchange. It's quite obvious that if you are travelling for first time, you will have to carry some local currency with you till you open a bank account. You must have some basic idea about the money that needs to be spent in the initial days. Accordingly you must convert the currency. It is not safe to carry a lot of money with you while travelling to a new place or country.
Tip 4: Using your card abroad
Most of the banks have international credit and debit cards that could be used in foreign countries. However, be careful while using these cards as they charge each time while you withdraw money or make a purchase. For purchases of huge amounts, use your credit card and don't withdraw money frequently while being abroad.
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