Dear traveler, 

Every year or so, a new financial applications comes along and tries to convince us that it will make our lives simpler, easier, and more cost-efficient. I’ve used several such tools, including applications that are attached to my bank account in the US or where I live now, as well as credit cards with various “international” options. It’s very handy to have tools like these, because it means you have more access to your money if you need it while you are abroad. 

That brings me to the topic of currency exchange, which is a common factor of an expat life. Whether you are transferring a small or large amount of money to your host country, you will probably want the best exchange rate possible.

Financial applications can help save you money, alerting you to favorable exchange rates and trends. You may also be able to avoid high bank transfer and conversion fees using applications. And if you are using more than two currencies, a financial application can truly make your financial life a little less stressful. 

If you’ve never used a currency exchange application before, then here are a few key ideas to consider: 

• Compare the fees charged by different apps to find the most cost-effective option for your needs. 
• Check the exchange rates offered by different apps to ensure you’re getting the best possible rate. 
• Evaluate the features offered by each app to ensure they meet your needs, such as currency tracking, money transfer capabilities, and multi-currency accounts. 
• Evaluate the features offered by each app to ensure they meet your needs, such as currency tracking, money transfer capabilities, and multi-currency accounts. 
• Choose an app with a user-friendly interface that is easy to navigate and use. 

I’ve personally had some really good luck with Wise.com (you may know them from their previous name, TransferWise). Between the ability to transfer money to over 80 countries’ banking systems, you can review fees and exchange rates easily. If you want to try a transfer up to $600 free, you can sign up here!

There are a couple of other great options, too! Remitly also provides convenient ways to send money, including online transfers, mobile transfers, and cash pickup options. Want something basic but effective? Try XE Currency, which has a simple but effective user interface. 

I hope these tips help! You can definitely make the most of every bank transaction to enjoy your life in a new country! 

Keep exploring!

The Clever Expat 

P.S. I am not a tax professional or financial advisor. Please consult your tax professionals and financial advisors for support for your specific situation. 

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