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RE: Travel Tip #8: Work that Currency!
My question is when to change money - before or after you enter the country?
I had a lot of Malaysian Ringit when I was done with my last trip and changed them in the KL airport. In Thailand they inspect the currency of the other country and reject it for exchange sometimes so I thought I was being smart - but was I?
I knew to get rid of my Lao Kip before I left since I heard it is not worth anything outside of the country. I find this issue very confusing.
Good Question. It depends of the currency. When you're dealing with major currencies like the US dollar, Euro, Pound.....Exchange it once you arrive to the destination. Generally not in the air port. Or just enough in the airport for you to function for a day or two. As airports always offer the "sucker" rate. The worst rate.
Once arriving in a more touristy place there will be plenty of competing exchange places. You can see who is offering the best rate and then change your money.
Like you mentioned if you are leaving a country like Laos or Malaysia or any number of smaller second/third world countries; get rid of the currency before you leave the country. Or you may not be able to at all once arriving in your new destination. Or you may only be able to exchange it at a 50% loss, or get lucky and find a fellow traveler heading to where you left that will take it off you at a fare rate.
So yes, you did the right thing leaving Malaysia.
Yay! Thank you. I was so tired! I thought I would just get it over with. I read somewhere that the KL Airport has good rates. I don't know if that is true.
I could live in that airport. Free computers everywhere with great wifi and everything else you ever needed for a life of luxury. I'm sure there is a great pool somewhere.