How to Get the Best Currency Exchange Rate when Traveling Abroad

Getting the best rate when exchanging your money to a different currency is very important if you want to get the most out of your money. Many travelers just have their funds exchanged to the first money changer store they find but little do they know they are wasting so much money.

Take it from our experience when we didn't have our money exchanged in advance so when we did, our favorite money changer ran out of dollars. So we didn't have a choice and went to the first money changer we find which only had a 2 pesos difference. However, we were exchanging over 30,000 Pesos and when we calculated our loss - it was over 2,000 Pesos. :(

Best Way to Have Your Money Exchanged

That is something we never want to happen to anyone so below are our tips where and how to get the best currency exchange rate when traveling abroad.

Sanry's Money Changer

Whenever we travel abroad and we need to have our money exchanged, we always go to Sanry's money changer in San Juan or Trinoma. They always have the best rate compared to all money changers we have tried. And because of that, it's not surprising that there is always a line at Sanry's so we recommend visiting the store early. For those exchanging a big amount of money, I suggest visiting Sanry's in advance so if they ran out of your chosen currency, you have time to come back some other time and have the rest of your money exchanged.

Through your savings account

One of the perks of having a savings account is that you can have your money exchanged for a different currency through your bank. Compared to money changers, they have better rates but you have to apply for the currency exchange in advance. For the complete procedure, it is better to directly ask your bank as it may be different for each bank.

Via Maybank

If you don't have a savings account, don't worry because you can easily create one, with no personal appearance needed, via Maybank. All you need to do is download their mobile app MOVE and apply for the account. The approval process only takes a few days and once completed, you can withdraw money from any of their branches in the world without incurring any fee. In this way, you just need to keep your money in your account and withdraw it once you reach your destination.  Just make sure you are withdrawing from a Maybank ATM. 

U.S. Dollars

Another method that many travelers also do to get the best foreign exchange rate is to have their money converted to U.S. Dollars. Since USD is a stable and a widely accepted currency, you will have no problem in having it exchanged for your preferred currency anywhere in the world.