Skip to main content

Travel Planning? Currency Exchange? Here's How Not to Get Ripped Off

If you are planning on doing some International travel, you'll be faced with converting dollars to the local currency. I'm going to show you some traps and pitfalls you may encounter, and then I'll give you a few helpful tips that could make your travel go very smoothly.
When I first started traveling, it was always a hassle to go to my bank a month or so before departure and get a bundle of cash converted to my destination's local currency. The alternative was to convert a few hundred dollars at the airport "Foreign Exchange" booths. I came to find out that it was not only dangerous to carry large blocks of cash, it was also unnecessary.
Along the way I discovered that Las Vegas didn't have a lock on "One-Armed Bandits"!

Scam Artists

I can not emphasize too much that the world out there is ready, willing, and able to scam you ferociously. Money scams abound. Some are right there in plain sight.
Let's talk first about the "uncommon scams".
You're traveling through, say, a park near the Louvre in Paris, when someone comes up to you with a sob story in broken English and a bundle of local cash. He/she needs dollars for 'something' and he/she's willing to give you a fantastic exchange rate to get it. You bite. Money changes hands. They leave. You open the bundle and Surprise!!! It's a stack of newsprint with a real bill on the top and bottom.

GOTCHA!

Bank-O-Mat

The second 'legitimate scam' is waiting on the corner for you: it's a stand-alone ATM machine. It might even say "Friendly Bank-O-Mat". Believe me, friends, it's anything but. The hidden fees that little darlin' will extract will make Bonnie and Clyde proud! Don't do it!!!

Currency Exchange

The third, which is more of a rip-off than a scam, in my book, is the "Foreign Currency Exchanges" places. They're legitimate businesses, but since they are businesses, the have to charge a fee for their services. Even though they say "No commission," They are still pulling money from your pocket.

Bank ATM

My suggestion? Go to a bank ATM. It will cost you about 3% to take money from the bank ATM. The good news is that the ATM operates at the current official exchange rate, and since it's a bank, its fees are regulated. Check with your home bank to find out which banking symbol to look for. In my case, my bank is a member of Interbank, so I use ATMs that display the Interbank symbol. I know the fees are fixed, fair, and the exchange rate is the best I can get.

How to Find Banks

Before I travel, I use Google Maps to look at my destination city. I locate my hotel, and then I use Google's "Bank" filter to locate and make a list of all banks close to my hotel. On the day I arrive, I ask the desk clerk where the nearest bank is. If it matches one my list, we're off to the bank!

Other Considerations

I have found that no matter where I travel, I can always buy a taxi ride from the airport to my hotel with dollars. So I carry a minimal amount of dollars. (I'll need a few dollars when we get back to the States to pay for taxis and other transportation).

Comments

Post a Comment

Popular posts from this blog

Luxurious Travel Guide for Iceland

Accompanied by the serenity and vastness of the North Atlantic Ocean, Iceland serves as one of the most peaceful yet extraordinary retreats for the aspirant ones who find salvation in travelling around the world. It in-fact has been ranked as the most peaceful country of the world by the Global Peace Index of 2017. The quietude of the country along with the abundance of natural marvels is incomparable as well as astounding. Intense volcanic and tectonic activity that happened in the past gradually led to the formation of distinctive land forms that are nowhere to be seen in any other part of this planet. Apart from natural brilliance Iceland is also known for its bustling night life full of parties and entertainment. Here are your tips to enjoy Iceland Travel with adventure and serenity Firstly, it is always best to prepare before the trip. This should be everyone's first step to enjoy a hassle-free experience amidst the scenic heritage of the world's mo...
Post a Comment
Read more

10 Tips To Choose A Charter Bus Service

Are you planning to on around a new region with an organized group? If so, renting a good charter bus may be a good idea. It will be responsibility of the bus driver to take care of the transit so you can enjoy the spectacular views through the bus window. Given below are some tips to help you hire the best service. 1) Safety record The company should have a good satisfactory record. For instance, in the US, the highest rating a service can get is "satisfactory". So, it's not a good idea to risk your trip or life by hiring a bad company. 2) Type of equipment The bus should not be too old. Aside from this, make sure that the condition and the size of the bus is also satisfactory. Usually, these vehicles can carry up to 60 passengers. Moreover, they have a driving time limitation. The driver should complete the trip without crossing the time limit. Mostly, they should complete the trip within 10 hours. There should be relief drivers for legal comple...
Post a Comment
Read more

Eateries of Turkey

Ever thought what makes Turkey so unique? It is that there is no need for you to order your entire meal at once. You have the chance to order two-three dishes and then see if you'd like to eat more. In the Turkish tradition, Turks usually prefer a rich breakfast which is a large continuation of the Ottoman cuisine. Every country is known to have its own picky delicacies that make them unique and drive people to come and try them. Here's a list of few eateries of Turkey that complete the Turkish tradition. 1. Turkish Delight • The locals call this Lokum, is something you might have never tried before. • It is a combination of chopped dates, pistachios, hazelnuts which come in various colors and flavors to suit any taste bud. 2. Iskender Kebab • Do not leave Turkey without trying one of the best and the most popular dish of Turkey - Iskender Kebab. • It consists of thinly sliced lamb that is served with traditional Turkish bread, which is heavily topped with y...
Post a Comment
Read more