subject: Tips To Exchange Money Abroad For Travelers [print this page] Tips To Exchange Money Abroad For Travelers
When converting from one currency to another, travellers and business people face numerous options. Wherever you exchange money, costs and fees will be assessed. Therefore, the best advice is to shop around.
Exchange Money at a Currency Bureau
Currency bureaus can be found in virtually any major airport. In addition, most international tourist destinations will have an abundance of places that exchange money for profit. This method of changing money is almost always the most expensive, as the bureau generally tacks a fee onto the exchange. Even if their exchange rates are low, you are likely over paying.
Exchange Money at a Bank
Virtually any destination abroad will have one or more local banks who deal in the native currency. By taking your money to a bank and asking them to exchange it into the native currency, you will usually obtain the best exchange rate with the lowest fees. This is the best way to exchange cash from one currency to another.
Exchange Money at an ATM or Cash Machine
In the age of ATMs, credit cards and electronic access to cash, taking your debit or bank card to a foreign ATM is a smart and thrifty idea. You can exchange money directly at an ATM in most countries simply by using your bank card from home. Currency is dispensed in the native format and you usually get a better exchange rate than by exchanging cash or hard currency. You need to check with your banking institution before you travel to make sure you will not be penalized with any extra fees for making international transactions or withdrawals.
Exchange Money Through AAA Before You Travel
Most AAA (Automobile Association of America) offices in the US will offer to sell you quantities of foreign currencies before you travel. This service provides security and peace of mind: you have cash in hand when you disembark from the plane and do not have to worry about whether a bank card will work. When you exchange money through AAA, the same conditions apply at home as exchanging abroad. You may not get the best exchange rate, and AAA will often charge fees for their service.
