What’s the Exchange Rate? Transferring Money from my Side Job
Why is it important to know the exchange rate when travelling?
It’s a good idea to know the exchange rate every few weeks, so you know whether to pay by cash or card. Being selective could save you a lot of money by the end of the year.
Should I pay by card using my native currency?
When paying with card abroad, always make sure you pay in the local currency. If you were to pay for something in Thailand for example and pick “British pound Sterling” It would more than likely convert your money at the worst possible exchange rate – the same applies when using your card at a cash point. This is because banks in foreign countries are the ones setting the exchange rate.
Should I exchange my money at the airport?
People are keen on exchanging money before they travel, but people generally get a better deal when exchanging money abroad. Bringing over physical cash from your native country is usually the best option (I advise against exchanging money at the airport because their commission are rates are usually higher.)
Can I make money from the exchange rate?
Some people trade currency as a day job. Going by the last year, it’s been proven that currencies can fluctuate up to 21%. This usually happens because of unforeseen circumstances; Some examples include Brexit, Covid 19 Pandemic, and Government elections.
As always, do your own research before travelling.