Travelling to a new country can be very exciting especially since you’ll be open to new experiences. However, to enjoy a smooth journey, you need to be able to handle your finances. Exchanging your money into the local currency of your destination is the first step because you want to avoid hidden fees and unfavourable rates as much as you can. 

This article will guide you on how to exchange money wisely to maximize your travel budget and minimize stress during your journey.

How To Exchange Money When Travelling To A New Country.

There are many options available to you when you need to make currency conversions. However, here are the three safest and most used methods;

Bank Exchange: Generally, you can exchange money at your local bank by ordering it beforehand or visiting a branch. You’ll need to fill out a form and give authorisation so they can process this exchange.  The bank will then give you the currency you need after deducting the equivalent from your account. 

However, like other options, banks charge a commission fee and offer rates based on market conditions. While it might be relatively convenient, banks often have less competitive rates than other options like money transfer services or exchange bureaus. It can also take a lot more time due to the authorisations and processes they have to follow.

Currency Exchange Apps: Money transfer apps like OhentPay are a better and cheaper alternative because they exchange your money at the best rates and with minimal fees. This is possible because instead of actually ‘wiring’ the funds, they have a pool of different currencies across various countries. 

So when you send money, the app debits your local currency from this pool and exchanges it within the same network at a transparent market rate. This avoids all markups and helps you get the equivalent a lot faster. 

You can also spend this money from the same app using a virtual debit card, making transfers or even through mobile money. It all depends on the country you’re visiting. But most importantly, when you use a regulated app like OhentPay, you’re guaranteed a secure and safe transaction. 

Airport and Exchange Bureaus: Bureaus and airports offer currency exchange for travellers but with differing pros and cons. Bureaus typically boast offer more variety when you need to swap currencies. Compared to banks and airports, they also offer better rates in addition to whatever commission fees they charge. 

Airports offer convenience and are available immediately after you land. However, they usually include hefty markups on exchange rates. So for last-minute needs, airports work, but expect to pay a premium. Bureaus are no longer popular, especially since you can get better prices and convenience while using a money transfer service. 

How to Convert Currencies Home and Abroad Using OhentPay.

If you’d like to try out a money transfer service to exchange currencies, one we recommend is OhentPay. Here’s how to exchange your money before a journey using the app;

• Download the OhentPay app and create an account for free.
• On the homepage, tap on the dropdown to see your currency balance.
• Add a new currency by tapping on the ‘+’ button and choosing a currency from the dropdown.
• Next, go back to the homepage and tap on ‘Exchange’.
• Choose the currency pair and then enter the amount.
• Tap on continue and follow the remaining prompts.
• You can now spend from the account, or make a transfer whenever you need to.

Tips for Converting Foreign Currencies When Travelling.

Before embarking on your money exchange, here are a few tips guaranteed to give you the best rates.

Research: Having some knowledge beforehand like the foreign exchange rates, currency types and payment methods in your destination can be very helpful. For example, if the country uses Apple Pay, you can enjoy your virtual card as opposed to one that’ll require solely cash. You also need to know if there are any foreign currency restrictions.

Have some cash at hand: While we recommend using your cards, petty cash can come in handy during emergencies. You can request this from your bank, an exchange bureau closer to you or even by withdrawing from an airport immediately after you land.

Always pay in the local currency: While many hotels and shops will offer to receive payments in your currency, you’ll suffer additional conversion fees from merchants and credit card companies. So it’s cheaper to stick to paying in the local currency. 

Inform your bank: Notify your bank about your travel plans to avoid having your card blocked for suspicious activity.

Use multi-currency accounts: Some services like OhentPay, offer accounts that allow you to hold and spend in multiple currencies. This offers better rates and avoids conversion fees.

Wrapping Up.

Travelling out should be hassle-free especially when it comes to managing your finances and spending. Download the OhentPay app and start spending whenever you want to in your preferred currency.