Hey guys, it’s Teresa and welcome back to my channel in today’s video I am going to share with you my tips on how you can exchange foreign currency and when you need to exchange it Before we get into this video if you like this kind of content And if you have not already subscribed Then please go down below and click that subscribe button so that you don’t miss any more videos from me Without further adieu. Let’s get started So the first thing I want to talk about is what is foreign currency exchange foreign currency exchange is simply the exchange rate that you get for your country’s currency in Comparison to the exchange rate that is in the country that you’re traveling to So say for instance you’re traveling to Europe. This is a $5 in Euro, so not dollar but this is five euros and if you were to exchange a $5 into Euro You’re gonna lose about 49 cents So in US dollar the five euros is worth five dollars and 49 cents so when you transfer money from a country where the exchange rate is more Than you you lose a little bit of money from the exchange rate in your country. So Again, I’m using the US dollar here. So the euro is 49 cents more than the US dollar at the moment, which it’s not a really bad rate But you just want to make sure that you’re checking the currency of the country that you’re traveling to So that you’re gonna know exactly how much you’re gonna get for your money so I wanted to share this information with all of you so that you guys don’t make the mistake that We did when we first travelled to Europe So the first time my husband and I traveled to Europe we ran out to our local bank and we bought a ton of euros and unfortunately at that time the US dollar was Extremely weaker than the euro, so we ended up paying about a hundred and twenty-five dollars more Than we should have paid had we done the tips that I’m getting ready to talk about right now The next I have is do use your debit card when you get to your country of destination However, you want to look for larger banks because they’re going to give you a better rate than the smaller banks So basically you can just use your debit card and you can extract money from any bank that you may find in the country of destination that you are traveling to the Next tip I have is do not use airport currency Conversion companies and the reason why you don’t want to do this is because you’re gonna get hit with Airport fees You’re gonna get hit with Conversion fees you’re gonna hit with get hit with their with their rates and I think they charge you like an additional nine Percent or something like that on top of the fees that they charge and also the conversion rate So the first time my husband and I flew again to Italy We got to the airport and we decided that we would check the rates from the conversion companies that were inside the airport and we found them to be extremely expensive even higher than the 125 dollars extra that we paid at our local bank. So stay away from airport Conversion companies because you are going to pay a lot more of your money if you do it there So the reason why my husband and I like to carry some cash With us is simply because we hire a private driver to pick us up from the airport Now when you are traveling internationally you do not have to do that You can ride Subway’s into the city center. Say for instance Rome There is a station that will go from Rome’s Fiumicino Airport right into Rome termini station And then you would get off at termini and walk to your hotel or wherever you will stay however My husband and I prefer to have a driver waiting for us at the airport so that we don’t have to walk so far with our luggage So if you do not have a private driver Then you can just use your debit card to pay for a train ticket. So Normally what we do again, we get a private driver but again and we pay him cash but if you are not Getting a driver at the airport when you travel internationally It is better for you to just use your debit card Ride the train to your location and then get off at the stop wherever you’re staying So that is the most economical way to save money if you choose to However, if you decide that you would like to have a private driver pick you up at the airport Then you would need Some form of their currency say for instance the euro Some drivers. We notice will have the little machines in their cars where you can swipe your debit card, however Some do not so it is best that if you are hiring a private Service to pick you up from the airport that you do carry some form of their Currency, the last tip I have for all of you is simply to not carry a lot of cash When you are travelling internationally Unless again You have reserved a private driver to pick you up from the airport Or you may need a little cash to get something at the airport or when you get to your destination but you can still use Debit or credit arts for that as well So that’s my last tip is just do not carry a lot of cash simply because you don’t Have to do that and you’re gonna save money When you just use your debit and credit cards, so leave the cash behind Except for that money that you may need for a driver or for some other Purposes because you can save a lot of money by just using your debit and credit cards I do have one bonus tip for all of you out there and that is when you are carrying cash make sure that it is tucked away in a money belt or Some type of secure belt that you can hide from the general public Don’t just lay it in your backpack or lay it in your purse that’s hanging on your shoulder So be sure that if you are Carrying cash that it is tucked away we like to use money belts because that is a secure way to put away your cash and Nobody can see its visibility. So make sure that you know, don’t be afraid to carry cash But just make sure that it is in a safe place on your person at all times I hope these tips on foreign currency exchange have been helpful to you or will be helpful to you the next time you travel internationally and if you like this kind of content And if you have not already subscribed Then please go down below and click that subscribe button so that you don’t miss any more videos from me also if you have any more questions regarding the foreign currency are some of the Tips and things we recommend in using money abroad then please feel free to leave those comments in the comment section below and I will answer your questions as As I can thanks for watching and I’ll see you in my next video