Travelling round the world entails the use of many different currencies. This, in turn, needs a clear understanding of the exchange rates between the different currencies. Foreign travel also warrants the need for ensuring safe and secure methods of carrying the relevant currency.
Some points to keep in mind before embarking on foreign travel are:
- Know your currency: Before the commencement of any foreign trip it is very important to buy world currency relevant to your place of travel. Hence a good knowledge of the currency or currencies accepted in your travel destination is a mandatory factor for all foreign travellers.
- Exchange before commencement of journey: Even though currencies can be exchanged easily wherever you go around the world, it is always better to have some exchanged, before the start of the journey. This will help you to cover on-road requirements like:
- Transportation costs,
- Tips to porters, waiters etc.,
- Food and beverages taken and
- Any other emergency expense
- Finding the best exchange rate: Different places charge different exchange rates. Banks are generally the most reliable places to buy world currency. Other places where currency can be exchanged are currency exchange kiosks set up in
- Railway stations and
- Popular tourist spots.
But care must be taken to check and compare the exchange rates before availing of these facilities.
- Traveller cheques are no longer convenient: Travellers cheques were once considered a safe and secure way to carry foreign money. But with the advent of new electronic banking technology people no longer wants to stand in long queues or pay exorbitant fees for encashing them. This has led to a decline in the popularity of travellers cheques. Now ATM cards as well as debit cards are extensively used for this purpose.
- Familiarity with coins: It is very important to familiarise yourself with the coins of different denominations in use at the place where you want to travel. This will
- Save you from public embarrassment and
- Also protect you from cheats and thieves.
- Coins cannot be exchanged: All coins received and exchanged for use at the foreign destination will have to be spent at the place itself. They cannot be exchanged back to your native currency when you come back. Hence they can only be used as souvenirs after your return to your native country.
Irrespective of which country you travel to, a little time spent on researching about its currency can help ease your way in a number of ways. Hence it is absolutely worthwhile to carry out this exercise.