Guide to change money to travel abroad

For those who intend to travel abroad, the first thing you should do is exchange currency. If you go abroad for the first time, you will encounter a lot of problems because you don't know where to change money, how to change it. In this article, we will give you useful information to be able to make money exchange transactions when traveling.

1. How much money is changed?

Depending on the purpose of the trip, the number of travel days and affordability that each traveler will need to exchange travel money in different quantities. However there is a note that you must pay particular attention to when deciding the amount of foreign currency that will be exchanged, which is the minimum amount of money each tourist will travel in a country.

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For example, Thailand stipulates that every tourist must have at least 10,000 Baht, with Singapore this figure is 700 USD. These numbers will partly help you know the expected amount you should prepare for the upcoming trip.

Another way to determine the amount to change is to consult some websites to find out the minimum cost for a day in the country you are going to visit. Then add the cost of other activities on the trip (such as sightseeing tickets, shopping, etc.), you will know the cost estimate for your trip.

2. Where to change money?

So you know how much to change your travel money. The last and most important question is: where to change? In fact, there are many places where you can go to exchange money and each place will have its own advantages and disadvantages. You can refer to the following list to choose the place to change money for travel that best suits your needs:

Bank

The bank is home to the best foreign exchange rates in all currency exchange locations. Especially with strong currencies (such as USD or Euro), the bank's selling rate is always the best. However, the bank is extremely strict in the process of reviewing documents before deciding to sell foreign currencies to you.

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If the reason is to travel abroad to buy foreign currency, the bank staff will ask you to present your Passport and flight ticket to certify the trip. Then, depending on the profile, they will decide how much you are allowed to buy. In other words, although changing money to travel at the bank you will get the best exchange rate but the most procedures. That is not to mention the limited amount of money you want to change.

Agency

The agent, also known as the "black market", is the second best place to exchange money just after the bank. Basically, buying in a dealer is simply a personal transaction, ie, buying and selling. So if you decide to change money to travel at the agency, call and ask a few places to "check the price", the best place to go straight to buy it.

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Of course, the exchange rate of strong currencies at agents will not be equal to banks. However, the currency is less used for trading (such as Thai Baht), the exchange rate between banks and agents is almost equal. Meanwhile, buying at your agent is almost unlimited with the amount of money you want to exchange, so if you don't need to exchange strong currencies, it is most convenient to go straight to the agents to exchange money.

Airport

There will be quite a lot of people who advise you to hold USD money and then go to the airport to change the currency of the country you visit. However, this is considered one of the books for those who are so busy that they cannot change money before the trip. The reason is simple because the exchange rate at the airport is always the worst in all money changers. In case you don't change money in advance, you should only change a little at the airport to get money into the center.

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Here, you can find your country's money exchange agents to exchange more money. Of course, always check the exchange rate carefully before deciding to change. The best way is to always follow the book, pen or simply note down on the smartphone to easily compare the exchange rates between agents.

Tour guide

If you are traveling on your own, you can skip this section. But if you go in groups and have guides, this is also the place where you can exchange money. Of course do not expect you to get the best rate but at least still higher than the exchange at the airport, and also more convenient than finding a dealer to exchange money in a foreign country.

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The above are some essential information for you to refer to when traveling abroad. Depending on your financial capacity and calculations, you can choose the appropriate way to change money.

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Wish you have a good time!