When you are traveling for work, you may need to exchange currency in order to have some of the local money on hand. However, with most business travel, your employer is the one who is paying the bill. While you may not be spending your own personal money, you still want to get the best deal on currency exchange and save your employer some cash. After all, it will make you look like a money savvy employee! Here are a few ways to save your employer money when traveling abroad.
Exchange Currency With a Bank
Banks are known to offer pretty straightforward exchange rates and fees. There are really no surprises when it comes to converting your cash with a bank! In addition, a bank may give a better rate or a discounted service fee if you are a member of the bank. Before you travel for work, head to your personal bank or the bank that your company uses and see what kinds of rates and fees they can offer. If your personal bank has the best options, use them to convert your money. If your company’s bank is the better choice, see if you can use the business account to save your employer money when you exchange currency.
Try Online Currency Exchange
There are many online currency exchange websites that offer very competitive exchange rates. Not only will you be saving your employer money by using one of these sites to exchange your cash, but you will also be saving time. You can quickly exchange the money you need on FX Compare and have the money transferred right into your bank, before your trip. When you are abroad, you won’t have to worry about converting cash and you can focus on your business trip. Your employer will be thrilled at your planning and ability to maximize your time abroad while saving money! Ordering money ahead of time is a definite win.
Do Not Act Like a Tourist
When abroad, you will likely see many currency exchange counters that are tourist driven. These convenient places to exchange money have very high rates and fees, taking advantage of a tourists need for immediate cash. Avoid these places at all costs! Not only are they more expensive and will cost your employer money, but they also will expose your last minute nature. Your business will have to pay more for your poor planning and decision making. Skip the tourist conversion centers and opt for a bank or ATM that are much more practical.
Avoid Converting Too Much Cash
While you definitely want to have cash on hand when traveling abroad for work, you do not want to convert too much or you will have excess currency at the end of your trip. In order to exchange the money back, you (or your business) will have to pay fees once again. This essentially means your employer will be paying twice to convert cash. Make a cash budget before your trip, convert just what you need and save your employer money! Having a smart and economical employee is sure to be looked at highly!
