Currency exchange is one of those tasks most people do infrequently enough that they never build much expertise. As a result, the same easily-avoidable mistakes keep costing travelers money. Here are the five most common — and how to sidestep each one.

Mistake 1: Exchanging at the Airport

Airport currency counters are convenient, but convenience comes at a steep cost. Rates are typically 8–15% worse than market rate, and additional fees may apply. The fix is simple: exchange at a licensed money changer in the city before your travel day, or reserve your currency in advance for pickup on the way to the airport.

Mistake 2: Not Checking the Rate Before You Walk In

Walking into a money changer without knowing the current market rate puts you at an immediate disadvantage. Spend 30 seconds on Google or XE.com to check the mid-market rate for your currency pair. This gives you an instant reference to evaluate whether the rate you're being offered is reasonable.

Mistake 3: Bringing Damaged or Old-Series Banknotes

When exchanging foreign currency (e.g., USD, SGD, EUR) that you received as gifts or leftover from previous trips, know that money changers are selective about note condition. Torn, heavily marked, or pre-2013 USD bills may be refused or accepted at a reduced rate. Always source clean, current-series notes when obtaining foreign currency — and store them flat.

Mistake 4: Waiting Until the Last Minute

Exchange rates can move significantly over 24–48 hours due to economic announcements, central bank decisions, or global events. Waiting until the morning of your flight to exchange means you have zero flexibility to react to unfavorable rate moves. Exchanging 3–7 days in advance gives you the option to act on a good rate — or wait a day if the rate is temporarily unfavorable.

Mistake 5: Using a Hotel or Unlicensed Street Exchanger

Hotel exchange desks carry rates nearly as poor as airports. Unlicensed street money changers — while sometimes appearing to offer better rates — carry the risk of counterfeit notes, short-changing, or bait-and-switch tactics. Always use a provider that is licensed by Bank Indonesia and operates from a fixed, registered address. You can verify a money changer's license status on the OJK or Bank Indonesia website.

Avoiding these five mistakes won't make you a currency trading expert — but it will ensure that you get a fair, transparent deal every time you exchange. Fortitu is built on exactly that promise.