Money Exchange Tips for Your Next Holiday

After you’ve purchased your flight ticket, the next item on the to-do list is to keep track of the exchange rate. Apart from currency conversion apps, you can also keep track of the exchange rates on most banking sites.

Currencies fluctuate based on global market conditions and political factors, and these changes can affect the value of your money. Therefore, monitoring the exchange rate is essential to help you make informed decisions about exchanging and managing your budget while overseas. 

When exchanging currency, always compare the exchange rates offered by different money changers.

You can do so by checking out a few money changers in your area and inquiring about any promotions or special deals they may have.

Many reputable money changers nowadays also offer online currency exchange services, which allow you to book your exchange rate online. For example, with CIMB’s Currency Exchange & Services, you can secure your exchange online at your convenience.

 Don’t forget to also consider the reputation of the money changer and any additional fees or charges that may apply when comparing rates.

Don’t have a travel credit card yet? it’s time to consider getting one. Paying with a travel credit card is a smart way to manage your finances on your overseas holiday.

Carrying cash can be risky, and travel credit cards offer plenty of perks that make them an attractive option for travellers. Travel credit cards, such as CIMB’s Travel Credit Cards, come with great perks such as: 

• Travel Insurance
• Access to airport lounges
• Extra points on overseas spend
• Hotel membership and merchant discounts
• And of course handy in case of emergencies

When selecting a travel credit card, look for one with no foreign transaction fees. That way, you will not be charged additional fees for using your card overseas.

It’s also advisable to pay for purchases in the local currency to get the most favourable exchange rates.

Some debit cards, such as CIMB’s, offer promotions on overseas spending as well, which you can use to save money on processing fees and get the most current exchange rates.

Besides travel credit cards, e-wallets and prepaid cards are convenient and cost-effective ways to manage your money while travelling.

Touch’ n Go, for example, can be used in Singapore, Japan, South Korea and Mainland China.

If you’re a fan of prepaid or multi-currency cards, then these too can be a good option especially if they offer competitive exchange rates and low fees.

ALSO READ: 4 Ways to Spend Money Wisely According to Billionaires

Another practical money exchange tip is withdrawing local currency from a local ATM when travelling abroad when in need.

Most Malaysian banks have partnerships with international banks, enabling you to withdraw money with your ATM or debit card.

However, it is crucial to check the ATM fees before using the machine. Some banks charge high withdrawal fees, while others have additional charges for foreign currency transactions.

Here are several other money exchange tips on what NOT to do when exchanging your money to ensure a smooth and affordable trip:

• Don’t forget to notify your bank that you are travelling and will be using your cards abroad. Always be sure to alert your bank on your overseas travel! 
  
  
• Don’t exchange money at the last minute – plan ahead to ensure that you get the best rates! Airport kiosks are also known to have higher fees, so watch out for those as well. 

ALSO READ: 3 Questions to Ask When Choosing the Right Travel Insurance

Travelling is an exciting experience that offers the chance to explore new destinations, cultures, and experiences. Just be sure to plan ahead, conduct thorough research, and use your resources wisely for a memorable holiday without breaking the bank.

Have a great trip ahead! 

This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.