By using these tips as a guideline, you can better organize and prepare for your trip.
ATMs Are The Best Choice for Day-To-Day Funds
Best exchange rates usually come from your bank or credit union. Your bank typically charges 0% – 3% in fees when using international branches and machines, or partnered institutions. Check if your bank has international transaction fees. If they do, make fewer trips to the ATM by withdrawing larger amounts.
Ordering Foreign Currency Before Traveling
Check if your local bank or credit union sells foreign currency. Ordering cash through your bank is a good option because the banks themselves receive preferred exchange rates, and in turn, so do you.
Avoid Exchanging Cash at Airports, Hotels or Travelex Counters
While these are the most convenient, the exchange rates offered are poor and the fees are high. These should only be used for emergencies.
Use a Credit Card for Large Purchases
Paying with a credit card is a good option for favorable exchange rates. Visa, MasterCard, Diners Club, and American Express give wholesale exchange rates on purchases and charge 1% – 2% conversion fee. Check if your bank tacks on their own fee for international charges.
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