Common Currency Mistakes Travelers Make (and How to Avoid Them)
Currency is one of the last things many people think about before a trip, but it shouldn’t be. A few smart moves before takeoff can save you money, time, and stress once you land.
Whether you’re a frequent flyer or planning your first international trip, here are the most common travel money mistakes and how you can avoid them.
1. Relying Only on Credit or Debit Cards
Why it’s a problem: Cards are useful, but not accepted everywhere, especially in markets, taxis, remote areas, and most commonly for tipping. Imagine going 2 weeks without showing your appreciation for the hard-working servers in Greece all because you forgot to buy euros. And if your card gets blocked or lost, you could be stuck in an emergency situation.
How to avoid it: Bring a mix of payment options, including card and cash in local currency. Even if you plan to use your card for most purchases, having cash on hand gives you flexibility and peace of mind. It’s also better to use cash for small purchases such as a water bottle or a pastry from a local café as credit card companies and banks not only charge high fees but also high conversion rates on every transaction.
2. Waiting Until the Airport to Exchange Money
Why it’s a problem: Airport exchange counters are convenient, but that convenience often comes with high rates and limited availability, especially during the holiday seasons. You also don’t want the stress of waiting in long lines at a currency exchange booth before you need to board.
How to avoid it: Order your currency ahead of time. CXI offers online ordering with 2-day home delivery or branch pick. PLUS, never miss a rate drop again with our new Currency Rate Tracker.
3. Withdrawing From Foreign ATMs Without Knowing the Fees
Why it’s a problem: Your bank will charge foreign transaction fees, ATM usage fees, and poor exchange rates on top of that. Some travelers return home to find surprise charges they didn’t expect. As well, if you are traveling to any small towns or cities off-the beaten path, you likely will not find ATMs.
How to avoid it: Check with your bank about international ATM fees before your trip. If fees are high or your card is unreliable abroad, consider exchanging your money before you leave so you can avoid the ATM altogether.
4. Leftover Currency
Why it’s a problem: Many travelers exchange large amounts because it’s better to be safe than sorry. The problem shows up when you end up stuck with leftover cash and no way to exchange it back affordably.
How to avoid it: Opt-in for Currency Price Protection. Our buy-back guarantee is guaranteed to offer you peace of mind. If you return home with unused bills, you can sell them back to us at a great rate.
5. Exchanging Currency in Your Destination
Why it’s a problem: Local exchange offices vary in quality. Some offer poor rates, charge hidden fees, or are susceptible to card fraud.
How to avoid it: Exchanging at home from the comfort of your bed with our home delivery service allows you travel stress-free and secure your rate ahead of time. You’ll also have the chance to choose if you would like small, large, or mixed denominations (*dependent on availability).
Currency Exchange International (CXI) is a leading provider of foreign currency exchange services in North America for financial institutions, corporations, and travelers. Products and services for international travelers include access to buy and sell more than 80 foreign currencies, gold bullion coins and bars. For financial institutions, our services include the exchange of foreign currencies, international wire transfers, purchase and sale of foreign bank drafts, international traveler’s cheques, and foreign cheque clearing through the use of CXI’s innovative CEIFX web-based FX software www.ceifx.com
