Travelling to a new country? Don’t convert to local currency before your trip, carry US dollars instead

Travelling to a new country? Don’t convert to local currency before your trip, carry US dollars instead

Dubai: When preparing to travel to a new country overseas, you may often rush to exchange the cash you have in hand for the new destination’s currency right before your trip. If you did, you may be missing out on forex-related savings. Here’s why. “You will most often get better rates in the countries you visit when presenting US dollars,” said Anil Pillai, a UAE-based forex analyst. “This is because US dollars are far more in demand than any other currency worldwide, so acceptance and exchange rates are higher and will result in more savings. “However, because some countries make money exchange difficult or over charge, ensure you have some local currency to avoid having to change money at airports for a few basics like a taxi to your hotel. I would suggest $200-$300 (Dh700-Dh1,000) in local currency, with the rest in US dollars.” So it is also necessary to have local currency handy. But while cash most often gets the best rate, there are risks involved. One reason why is not advisable to convert your local currency into US dollars and then convert dollars into the currency of your destination is because you will lose in exchange twice. “Once