5 Things to keep in mind for foreign exchange in
1. Exchange rate. When planning to bring money from abroad, it is crucial to take a look at exchange rates and do some research on where they are headed so that you can get the most bang for your buck. Keep in mind though that currency fluctuations change daily, so you will have to constantly monitor them.
2. Exchange offices and banks will not give you a better rate than the one offered at the airport, so it is worth checking their rates beforehand. Even if your intention is just to get a feel of what exchange rates are like, do check the rates online and then go and check them at an official bank or office.
3. How much money should you bring? For a short trip, it is best to change only the amount of money that will be necessary for travelling around. Hotels are usually inexpensive so they are not really worth changing too much money for, unless of course you choose an extremely luxurious hotel. Transportation is cheap as well so there is really no need to change too much either.
4. Calculate what kind of expenses you may encounter during your time in the country and count how many days you will stay here before exchanging money – chances are that you will change too little money, so it’s always better to overestimate this expense rather than underestimating it!
5. Also remember that it is illegal not to declare money brought into the country, so if you want to bring more than that amount without exchanging some of it beforehand (less than 5000 dollars) then make sure you do declare this at customs!