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

If you’re planning on performing some International travel, you’ll be confronted with changing funniest place dollars to the local forex. I’m going to show you a few traps and pitfalls you may stumble upon, and then I’ll come up with some useful hints that might make your tour cross very easily.

When I first started out traveling, it was always a trouble to go to my financial institution a month or so before departure and get a package of coins transformed to my destination’s local forex. The alternative changed into to convert a few hundred greenbacks on the airport “Foreign Exchange” cubicles. I got here to discover that it turned into not best dangerous to hold big blocks of coins, it become additionally unnecessary.

Along the manner I located that Las Vegas didn’t have a lock on “One-Armed Bandits”!

Scam Artists

I can’t emphasize an excessive amount of that the sector accessible is ready, willing, and able to rip-off you ferociously. Money scams abound. Some are proper there in simple sight.

Let’s talk first about the “uncommon scams”.

You’re touring through, say, a park near the Louvre in Paris, while someone comes as much as you with a sob tale in damaged English and a bundle of neighborhood cash. He/she wishes greenbacks for ‘some thing’ and he/she’s willing to offer you a brilliant change charge to get it. You chew. Money modifications fingers. They depart. You open the package and Surprise!!! It’s a stack of newsprint with a actual bill on the top and bottom.



The 2nd ‘valid rip-off’ is waiting on the nook for you: it is a stand-on my own ATM gadget. It may even say “Friendly Bank-O-Mat”. Believe me, friends, it is some thing but. The hidden expenses that little darlin’ will extract will make Bonnie and Clyde proud! Don’t do it!!!

Currency Exchange

The 1/3, that is more of a rip-off than a scam, in my e-book, is the “Foreign Currency Exchanges” places. They’re valid businesses, but considering that they’re companies, the ought to charge a price for his or her services. Even even though they are saying “No commission,” They are still pulling cash out of your pocket.

Bank ATM

My notion? Go to a financial institution ATM. It will value you approximately 3% to take cash from the financial institution ATM. The appropriate news is that the ATM operates on the cutting-edge legit exchange price, and seeing that it is a financial institution, its charges are regulated. Check with your home bank to find out which banking image to look for. In my case, my financial institution is a member of Interbank, so I use ATMs that show the Interbank symbol. I recognize the charges are fixed, honest, and the exchange rate is the exceptional I can get.

How to Find Banks

Before I tour, I use Google Maps to look at my vacation spot town. I locate my hotel, after which I use Google’s “Bank” filter to locate and make a list of all banks near my inn. On the day I arrive, I ask the table clerk where the nearest bank is. If it suits one my list, we are off to the financial institution!

Other Considerations

I actually have discovered that regardless of where I travel, I can always purchase a taxi ride from the airport to my hotel with greenbacks. So I convey a minimum quantity of greenbacks. (I’ll want a few dollars when we get back to the States to pay for taxis and different transportation).