The best exchange rate for changing Albanian leks is always obtained by paying with a card, as it is by far the most cost-effective option. And to carry some cash, the best choice is to withdraw money from an ATM.
In other words, the best strategy to save money to the maximum would be to always pay with a card (as we will see later, in 2024, Wise card offers the best exchange rates and lowest costs in the market) and only withdraw the amount of cash we’ll need from an ATM.
This may surprise you as a way to save the most money during your vacation since, in any currency exchange house or bank, you’ll see advertisements claiming “no commissions,” and one might think that logically, exchanging leks at the current exchange rate would be sufficient. However, that’s not the case! Everything comes with a cost, even paying with a card has a cost, even if they don’t tell you or show it explicitly.
Let me tell you a secret: this website was created by a group of friends who have worked for several years in currency exchange offices, and to be frank, changing cash is the worst option by far. In fact, just to give you an idea of how bad this alternative is, you should know that most currency exchange operators or bank employees have discounts to exchange currencies compared to the exchange rates offered to customers. Yet, we never exchange cash. At most, depending on the trip, we might take a small amount for certain payments or as a contingency to enter the country.
So, it is clear: always pay with a card and only withdraw the necessary amount of leks in cash from an ATM. Now let’s see how to pay the lowest possible cost in both cases:
Which is the best card for foreign payments?
Based on the study we conducted for all the cards available in the market for the year 2024, for making payments in any foreign country, travel cards have a lower cost than conventional bank cards. Among the travel cards, Wise card provides the lowest costs.
These results are valid not only for the costs of payments in international stores in foreign currency (Wise would offer the best conditions, while other travel cards would be around 4 times more expensive, and bank cards would be around 10 times more expensive on average) but also for the costs of withdrawing cash in foreign currencies from ATMs outside your country (Wise would again have the lowest fees, while other travel cards would be around 4 times more expensive, and bank cards would be around 20 times more expensive on average).
Also, if you want to know precisely the differences in costs and functionalities among the different cards available in the market in 2024, check out our comparative study at this link. As you’ll see, this extensive study analyzes all types of cards (debit, credit, and prepaid) and all kinds of providers (banks, fintech companies, financial institutions, etc.).
Is it necessary to bring cards from our country abroad?
As we mentioned, it is preferable to use the Wise card instead of a conventional bank card or other travel cards, as you will save a significant amount of money when paying in foreign stores and when withdrawing money from international ATMs with the lowest possible fees.
In this regard, you may not need to bring any other card initially, but keep in mind that if you’re going to make payments like renting a car, you’ll need a credit card, as most car rental companies will retain an amount as a deposit and only accept credit cards.
If you’re not going to make such transactions, it is advisable to leave your bank cards with higher balances at home and only for security, carry an extra debit card with a small amount of money in case of emergencies (imagine if your other card gets damaged or stolen, and you also lose your phone, you won’t have a means to pay).
Keep in mind that in case of theft, you risk fraudulent operations with your cards up to their limits, while with the Wise card we recommend, your balance will never go negative, so only the deposited balance can be spent.
Moreover, you can instantly block your Wise card from your mobile phone, whereas with your bank cards, you may need to call your bank to cancel them, running the risk that they might not provide service at that moment, being a holiday or outside their customer service hours.
That’s why, when traveling, it’s much better to carry a debit card like Wise with the amount of money you’ll need. If you need more, you can always reload it instantly through the mobile application, and if you want to block it due to loss or theft, you can do it immediately through the app as well. This way, you’ll have full access to your money at all times, without paying commissions and minimizing the risk of theft.
As you can see, this card offers numerous features through your mobile phone, so it’s essential to ensure your phone’s battery is always well charged. Remember that in many countries, the plug types are different. Therefore, it would be a good idea to get a universal plug adapter for traveling, as it will be useful for any future trips you plan to take. In this link, for a very affordable price, we show you a universal plug adapter, as well as other ideal and necessary products for traveling.
Finally, it’s important to know that if you’re going to take your credit card to pay for deposits in operations like car rentals, it’s advisable to inform your bank before traveling abroad about your travel plans and the limits you’ll need. Keep in mind that all cards have daily, weekly, and monthly limits, and when traveling, you’ll likely spend more than usual, so in case you have somewhat low limits, you might unknowingly reach your limit and find yourself in a serious predicament.
What to do if my card runs out of balance abroad?
If your debit card runs out of balance abroad, you can easily obtain money through the following methods:
- If you have a bank card, you can contact a family member or friend who is a customer of the same bank to make a transfer to your account. Transfers between accounts of the same entity are processed instantly, so once the transfer is completed, your card can use the new balance in your account. Another option would be to make an “immediate transfer” between accounts of different banks, as it is also processed instantly.
- If you have a prepaid card like Wise, you can reload it through the App (or someone else can do it for you) and receive the money instantly.
What to do if all my cards are stolen abroad?
If all your cards are stolen abroad, these are the alternatives to consider in such a situation:
- Use the cash you’ve withdrawn from an ATM: You can use the cash in foreign currency if you’ve made a withdrawal from an international ATM.
- Exchange your home currency for cash: It’s always advisable to carry some cash in your home currency in case of emergencies, as you can exchange it for local currency if needed.
- Pay with your mobile phone: If your phone has NFC technology and your bank offers mobile payment service, you can link your phone with your card. Even if the physical card is canceled or blocked due to theft, you can continue making payments with your mobile without any issues.
- Have someone from your country pay for what you need: If you only need to purchase a plane, train, or boat ticket, anyone from your country could pay for it online, and you can receive the mobile boarding pass (or download it through the company’s app).
- Receive money through money transfer agencies: In most tourist cities, there are plenty of such agencies. Anyone you know could send you money from your country, and you can receive it abroad.
- Sell your gold jewelry to a gold buying store: In most major cities around the world, there are numerous gold buying establishments that will buy any gold jewelry without any problem.
- Sell your valuable items at a second-hand store: Technological products like mobile phones or laptops, as well as quality clothing and watches, are among the most sought-after items and easier to sell.
- Ask for money: The easiest way to get what you need is to ask fellow countrymen who can trust you. If you need a small amount, the perfect place to ask is next to vending machines, as people usually have change, making it more likely for someone to give you something.
- Visit your Embassy or Consulate: As a last resort, the representatives of your country can provide assistance.
Where to find the best cash exchange for Albanian lek?
As mentioned earlier, the cheapest way to obtain cash in Albanian Lek is by withdrawing money from ATMs.
However, if you wish to exchange cash at a currency exchange house or bank, a good exchange rate would have a margin of less than 5% compared to the official exchange rate. An exchange rate with a margin between 5% to 10% would be acceptable, between 10% to 15% would be considered poor, and anything beyond 15% would be considered excessive.
You can easily find the official exchange rate of Albanian Lek to your currency on Google. Subtracting the rate offered to you from the official rate and dividing the difference by the official rate will give you the percentage margin they are applying.
Usually, heavily frequented areas in tourist spots have the worst rates for exchanging currencies, as they apply higher margins on exchange rates. Therefore, it’s best to search online for a reputable exchange establishment instead of going to the first one you see.
In any case, if you need to exchange a small amount of money, it won’t matter much where you exchange it in case of necessity and urgency, as it would only involve assuming a small extra cost in the worst-case scenario.
What amount of cash is sufficient for traveling?
Exchanging cash only serves two purposes:
- To be used in emergencies, in case your card and phone are stolen, so you can at least manage essentials like food, making calls, traveling to the embassy for a duplicate passport, and getting to the airport to leave the country.
- To be used for cash payments, such as in some street vendors, vending machines, and services like laundries, phone booths, shopping carts that require coins, etc.
Therefore, depending on the number of days you’ll be traveling and your estimated cash expenses, you can calculate approximately what you’ll need, which shouldn’t be a large amount in any case.
Is it possible to predict whether the exchange rate of Albanian lek will improve or decline in the future?
Official currency exchange rates work like any other financial market, such as the stock market. While there are analysts and financial experts who make predictions, similar to predictions about stock prices, there’s no concrete evidence that someone can consistently predict future exchange rates.
In general, foreign exchange rates tend to be relatively stable, and over the course of a month, they don’t vary much more than 5%, unless unexpected economic or political events occur, such as the unexpected victory of an opposition party with a disruptive economic program.