International tourism has been reaching new heights’ year after year. In 2015, tourist arrivals grew to 1,184 billion, increasing by 4.4% according to the latest UNWTO World Tourism Barometer.
Since 2010, tourism has been increasing by 4% year after year, contributing to economic growth and job creations in different parts of the world.
Nowadays, young travellers are visiting places all over the world, which include New Zealand, making use of some money exchange services provided by firms such as No.1 Currency.
Here are tips to make the most of your money exchange while you travel:
Know the common Foreign Exchange Terms
To avoid confusion, learn your foreign exchange jargon learn more about the power of your holiday money. Sell rate is what you get when you exchange your dollars, buy rate is when you exchange your leftover foreign currency, and bank rate refers to the exchange rates that the bank use for themselves.
Know the Exchange Rate
Equip yourself with knowing the exchange rate of your chosen currency. Rates fluctuate all the time and be aware that the price does not remain constant. Watch the currency movement at least a month before your scheduled travel and buy foreign currency when you noticed that the rate is climbing.
Shop for the Best Rate
The rates for currency exchange are also different per money exchange providers. Look around and check for centres in cities, in the airports that would give you the best rate. Have a baseline on the exchange rate, which you can check online and choose the one that is closest to it.
Money exchange services in New Zealand offers competitive rates for your travel fund. Other options like the use of prepaid cards, traveller’s cheque or credit cards may come in handy but with additional charges or fees.