Foreign Currency

5 Tips for Exchanging Foreign Currency Abroad like a Travel Master

Exchanging Foreign Currency

Exchanging foreign currency abroad can often be an intimidating topic for first-time global travelers. Rates can be confusing, there are often extra fees, and it is hard to be confident that you got a good deal. Every traveler has his or her preferences when it comes to exchanging currency abroad, here are a few tips (and stories) based on some of my personal experiences.

1 – What is the difference between a bank rate and a spot rate?

First, a little foreign exchange (or FX for short) 101. The first thing that will often trip up travelers is the actual rate that they are exchanging their currency.