Exchanging money abroad can be one of the most frustrating parts of traveling. Not only it’s time consuming, but it can be quite cumbersome. CashSwap is a new app offering a modern way to exchange money while traveling.
These are some negative points of exchanging money while traveling:
- Airports offer the worst deals. Sometimes you need cash fast, for example for paying the local transport that will get you from the airport to your accommodation. This means you’ll get the worst deals at the airport upon arrival paying unnecessary expensive fees.
- Exchanging money is time consuming. Exchanging money at currency houses at your destination is another option, but they all have different exchange rates and you will tour the whole city in search of the best rate instead of enjoying your trip.
- Exchange rates are never in your favor. Maybe you find a local currency house with a rate that you consider to be “good” or at least acceptable. But the truth is exchange rates are always poor and the fees are high.
- Getting scammed. Exchanging currency abroad involves a risk, mostly if you don’t speak the local language. Some of the most common scams involve shops that hide the real exchange rate, don’t show the hidden fees and even getting fake notes.
- There aren’t ATMs everywhere. The best option might be ATM because you can withdraw cash with low fees. But first you have to find one. There are ATMs everywhere in some big cities but believe me not all the cities have one. I visited Aguas Calientes (Perú), and there’s only one ATM in the town. It is always better to bring cash when visiting some countries, specially if you plan on visiting small towns or off the beaten path places.
What do you do with the foreign money after your trip?
Commonly I just spend the leftovers at the airport, in expensive souvenir shops. But what if there was a way to exchange the money back without expensive fees or losing money? This is why CashSwap is great.
CashSwap is a young startup that offers travelers a new way to get the currency they need at their destination. The app connects international travelers to the currencies they need.
How does CashSwap works?
The first thing you need to do after downloading the app is to complete your information: enter the airport location, the currency you have and the currency you need and the amount.
CashSwap will connect you with travelers who match your need and you can message them directly using the in-app messaging to arrange a place in the airport to meet and swap. After the exchange, you can rate the person based on your swap experience.
Why is it the best way to exchange money when traveling?
CashSwap is a great way to exchange money because you avoid the low rates and high fees of traditional exchange houses. The app estimates the daily market rate for currency exchange without adding any fees.
The swap is made at the airport, meaning you will have money at arrival skiping long lines and avoiding spending time in search of the best rate of the city.
It is also a great option for exchanging leftover cash before returning home. You are already at the airport, so will just spend some minutes connecting with another traveler and return home without having cash in a currency you’ll probably never need again.
I think CashSwap is a great way of exchanging money because it is made for modern travelers, allowing you to save both time and money. You can download CashSwap on Google Play.
How do you normally exchange your money while traveling? Would you try CashSwap?
Disclosure: This post is sponsored by CashSwap, but all opinions are my own.