Visiting places around the world is a great opportunity to learn about different cultures. Experiencing new cuisine, visiting local museums, checking out the natural beauty of a new area, and interacting with the locals are activities that many enjoy when they visit a new country. Another activity that many enjoy while abroad is shopping. Being a global shopper often goes hand in hand with being a global traveler. However, there are a few things to think about when shopping overseas. Here are three tips for shopping while abroad.
Know The Exchange Rate
One good thing about shopping in many overseas locations is that if the exchange rate is favorable, then purchasing power is increased. Many shoppers find that they are able to buy more goods for less money than they would pay in US. Right now favorable exchange rates can increase purchasing power by more than 10% in many other countries. Knowing the exchange rate and setting a budget for souvenirs and other goods can help travelers get the most for their money. Travelers should also consider downloading a phone app for calculating the exchange rate at a glance. This will help curtail overspending.
Be Prepared To Pay Duties
When bringing goods back to the US it's possible that some taxes will be applied. Duty rates vary depending on what country the goods were purchased in as well as their monetary worth. The cost can range from 0% to 37.5% of the value of the purchase, with the average being 5.63%. While there are plenty of exceptions, US residents are able to bring back up to $800 worth of merchandise without paying duties from many different countries. Before shopping in a new locale, it's important to check to see what the duties will be. Shopping in one country can be far more expensive than expected when these taxes are factored in.
Is There Enough Room?
When shopping overseas many people end up purchasing more than they can carry home. There are plenty of options to deal with this. Paying for extra luggage with the airline is one possibility. Another option is to take advantage of international shipping. When shipping from another country, the buyer is still required to pay the shipping tariffs and custom fees. Visitors should think carefully before purchasing large objects that will be difficult to get on a plane and that are expensive to ship. Travelers should also consider looking online for the same item. With many stores now offering international shipping online, purchasing online can be much less of a hassle.
Shopping abroad is a fun activity for many travelers. When shopping overseas, it's important to look at exchange rates, factor in duties and other fees, and to make sure that it's possible to transport the goods either by plane or by international shipping.
After I became a mother, I realized that I was going to be spending quite some time shopping for supplies. I knew that when I wasn't getting groceries, I would likely be finding new clothes for my kids to wear and trying to find things for the house. Instead of spending loads of money on all of these shopping trips, I started trying to shop smarter, not harder. I started carefully evaluating things like price tags and sales, and it really made a big difference in our lives. This blog is all about saving money by buying the right things, and knowing how to avoid problems from overspending.