While decades of trade- and travel-related intermingling have slowly diminished the fundamental differences between world cultures, one antiquated aspect of international travel has stayed intact: currency exchange.
Sure, you probably aren’t going to cross a border with hundreds of dollars of cash denominated in your home country’s currency in tow. But even if you’re with the program and get your foreign money directly from an ATM, you’ve always got to remain mindful of how much of your own currency your withdrawal represents, right?
In fact, most international travelers ascribe far too much importance to currency exchange rates. Once you understand the logic behind currency exchange rates and a currency exchange rate’s effect on prices, you’ll learn to assess prices and amounts relative to the place where you’re traveling. You’ll become a better judge of value and, ultimately, spend your foreign money more wisely.