Most banks charge a foreign transaction fee on top of currency conversion. Do your research before the trip – often enough, currency exchange rates are more favourable at the travel destination.
If that’s the case, exchange majority of your cash when you arrive at your destination. When travelling in a group, create a fund pool for shared expenses such as transportation and food. Sometimes, currency exchange operators provide discounts for larger exchange, so pool the allocated funds to leverage on discounted exchange.
Unless your bank has designated ATMs at your travel destination, you’ll be charged a withdrawal fee for cashing out at a local ATMs. Create an estimated trip budget and carry enough cash to anticipate miscellaneous fees – and use e-wallet or contactless transactions for the rest. However, if you want to avoid the anxiety of looking for a currency exchange bureau, CIMB has comparable FX rates too, either through physical cash conversion or overseas credit card spend.
A getaway is a time for you to leave all your worries at home, so don’t spoil it with poor money management. As usual, always be sure to travel smart and travel safe. Happy planning!