Exchanging currency while traveling can often be confusing for travelers, especially for those traveling for the first time. However, there are several ways to achieve the best exchange rates and avoid high fees. Here are some tips on the best methods for exchanging currency while traveling, according to currency exchange offices in the UAE, which always recommend checking withdrawal and exchange fees before exchanging while traveling.
1. **Bank Cards (Credit and Debit)**
- **Using Credit Cards:** Credit cards often offer competitive exchange rates, and there may be rewards or points accumulated on purchases.
- **Using Debit Cards:** They can be used to withdraw cash from ATMs in the country you are visiting, but it’s essential to know the fees that banks impose on international cash withdrawals.
2. **ATMs**
- Use ATMs to obtain cash in the local currency. Exchange rates usually are better at ATMs than those offered by currency exchange offices at airports or hotels.
- Ensure to use ATMs affiliated with well-known banks to avoid additional fees that some standalone machines may impose.
3. **Local Currency Exchange Offices**
- Avoid currency exchange offices at airports and hotels, as their rates are generally unfavorable.
- Look for local currency exchange offices in cities or markets, but verify the displayed rate and any extra fees before completing the transaction.
4. **International Bank Accounts**
- Some banks offer international accounts with features that include withdrawing cash in local currency without additional fees.
- Utilizing international banking services can be a good option if you travel regularly.
5. **Prepaid Cards**
- Some companies and currency exchange offices in the UAE offer prepaid cards that can be loaded with multiple currencies. These cards can be useful for budgeting and avoiding high fees.
6. **Mobile Applications**
- Some apps provide international money transfer services with competitive exchange rates and low fees, and they are widely popular among travelers.
By following these six tips, travelers, especially families who often have considerably higher expenses than individuals, can save money and get the best value when exchanging currency while traveling, according to the "Gulf" page.