subject: Be Wary Of Exactly How Much You Spend [print this page] To purchase travel money you want to try to keep all the associated costs as low as you can. The actual currency exchange will be quite different depending on which country you travel to as the exchange rate for you currency may be high so you get more money in the new currency or the rate may be low so you get less money in the new currency. You should make sure to have plenty of time to get your travel money as it can take a few days.
The different exchange companies are varied and you want to make sure you have plenty of time to get your currency to get the best rates. The people that wait to the last minute will end up being charged very high rates at the airport as this is the worst place to purchase or exchange currency. You want to get your currency early and also make sure you travel with other forms of money such as a credit card or debit card.
Many places may not allow payment by credit card so you will need to have some cash on hand to last you for a few days. Normally the best places to get a good exchange rate and lowest fees are from the banks. Normally the rate at the bank is about 2.5% of all the money you are exchanging. Many times if you have an account with a partner bank or that bank than you may get a discount on the exchange fee.
It is best to order your currency at least a week in advance as most banks do not carry all types of currency. Some of the highest fees you can expect to pay are upwards of 8% but even with companies at the airport pre ordering can lower this fee. Another option is to use Traveler's checks to get your cash though these are not as common as they once were.
Unless you need your currency the next day it will take a few days to get the currency as not every bank carries all types of currencies, as most will have to order it. Some of the highest fees will be about 8% found at airports and train stations. Though if you order your currency in advance the rates may be lower. Another option is to use traveler checks though these are not as widely used as they once were.
The reason that traveler's checks are still poplar as they have built in insurance should something happen and they need to be replaced. However the cost is higher and you will also have to pay a fee when you exchange them for cash. You need to have the serial numbers recorded in order to get replacements. You also can get a refund if you don't use them.
Credit cards tend to have the good exchange rates but you will be charged a currency conversion fee on all transactions which can add up.
