Section #7 – Currency Swap  

Currency is King

     Understanding currency swap rates and where to get the best exchange rates can save travelers lots of money. I have talked to many travelers that do not even pay attention to the exchange rates because they think they are all very similar. This is 100% false. I have seen rates that had a 20-cent difference for every dollar exchanged in some countries. That is an extra 1$ per 5$ exchanged. That money can really add up!

     Airports often have the worst exchange rates due to them having a high convenience factor. You are already at the airport and it is just easier for you to go ahead and get money out before leaving because it is convenient. I completely agree with the convenience factor and I will generally get about 100$ out at the airport, but no more. Having the local currency before leaving the airport can help you avoid being scammed. This goes double when taking taxis. If you try to pay using the American dollar you will lose a lot of money and not even know it. If you have the local currency you may be able to play the taxi drivers against one another.

     Having local currency is also necessary for tipping. Tipping is done a bit differently in countries across the globe. In my experience, the United States has the highest tipping percentage at a minimum of 20%. I have had many friends visit me in the states and when they hear 20% their mouths hit the floor. I explain that number is generally the minimum even if the service is bad.

Check Please✅

     Another interesting tip I can give you is to remember when eating in countries outside of the United States to make sure and ask for your bill when you are ready to leave the restaurant. Servers will not just bring you the bill when they think you are finished with your meal. You need to ask them for the check. In the United States, waiters and waitresses will often bring the bill when they assume you are done. The United States is often all about table turn over to get as many customers as possible whereas in Europe I never felt rushed in the least bit. Ask for your bill so you are not sitting at the table an extra hour thinking they are just really busy and they will bring the check eventually ha-ha.

     The final reason for understanding how and where to exchange money is to monitor budgeting. When you understand the exchange rate and you are using the local currency it can become much clearer how much you are spending daily which can lead to preventing overspending. I have known many travelers to spend a lot more money on a night out when not using the local currency because they did not understand the conversion rate. Do some research and gather rough estimates of how the conversion rate will work before you arrive in your next country.

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