Travelling abroad is a fun, exciting experience where you can learn about new cultures, exotic cuisine, and languages.
However, when you travel, you usually can’t use the Indian currency. You should be cautious of where you exchange your money, so you aren’t stuck with a bad exchange rate. It’s good to know the best place to exchange currency so you don’t end up in the worst place.
How Foreign Currency Exchange Works
Foreign exchange rates are always fluctuating because the global economy is active 24 hours per day. As economies strengthen and weaken, currencies experience inflation and deflation. Trade deficits grow and shrink, the relative value between currencies moves up and down.
Financial institutions, investors, and speculators are constantly buying and selling large lots of currencies, which creates the current market exchange rate between two currencies.
Not all currency exchanges charge the same rate, and some businesses take advantage of needy travellers.
Most major cities have banks all over the central business district, and even in the airport. Even if you have to pay a small ATM fee, you can easily make up for the bad exchange rate you’ll find at the airport. If you follow that plan, you can enjoy your travels and focus on the fun parts. You don’t want to stress about getting ripped off on currency exchange while on a vacation.