You arrive at your
destination famished and dehydrated after several hours on a plane, you walk
into one of the fancy restaurants at the airport but alas! you are still with
your Nigerian naira. At this point, you may become desperate because you do not
have any legal tender on you.
As such, you will be
predisposed to anyone willing to convert your hard-earned cash for you. If you
do this, you may not get the best exchange rate or you may be offered fake
currencies depending on where you exchange your cash. So, if you have to do any
currency exchange when you travel abroad, these rules shared by Jumia Travel,
the leading online travel agency, will help you get the best deal.
Know
the currency exchange rate
The currency exchange rate
tells you how much your money is worth in the local currency. Knowing the
exchange rate will ensure that you get the correct amount in return. You can
find the exchange rate by using a currency converter, reading signs at local
banks and currency exchange companies or by checking currency information
website.
Use
the ATM to get cash
Don’t buy foreign currency
before you leave Nigeria. It will cost you a lot of extra money. Instead, when
you arrive at your destination, use your debit card (you simply notify your
bank) to withdraw cash from an ATM. Even though you are likely to incur a fee
for using an ATM, it will still be less than exchanging money at one of those
exchange booths at the airport.
Don’t
make purchases with your debit card
Use your debit/ATM card to
make cash withdrawals and never use it to make purchases. If something goes
wrong, your account will be debited immediately for the purchase; even if you
return something for a refund, your account may not be credited for several
days.
If
you need a lot of cash, ask your bank to top your daily withdrawal limit
If you need to do
something that involves a lot of cash, it is better to contact your bank to
raise your daily limit instead of visiting a bureau de change. ATMs may have
smaller withdrawal limits and you can make multiple withdrawals from the same
ATM as many times as you wish.
Avoid
a bureau de change if you can
The exchange rate offered
by bureau de changes is usually on the high side. So, try as much as you can to
avoid them. This is why you should have your ATM card handy and ensure that it
is activated for international transactions.
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