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Other Travel Tips. Worst Places to Exchange Currency. The Bottom Line. Key Takeaways Because of high currency-exchange fees, travelers should consider converting their currency before traveling. Banks, credit unions, online bureaus, and currency converters provide convenient and often inexpensive currency exchange services.
This service uses information from more than sources to find the most accurate exchange rate data. You can use its exchange rate when comparing rates to your currency exchange. Here are three ways you can get a better exchange rate when making purchases abroad. Check your cardholder agreement — if your current card charges a foreign transaction fee, consider applying for a card from our list of cards with no foreign transaction fees.
This can be updated daily based on market rates. But be cautious when doing so — some debit cards charge out-of-network transaction fees. Call your bank before your trip to see if your card charges these fees.
Also, some ATMs charge a nonbank usage fee or provide unfavorable exchange rates. We recommend using ATMs from local or international banks, versus tourist-focused ATM companies like Euronet, for a more likely shot at the best exchange rates. Why is this? Digital Banking Services. Educator Resources. Intro to Independence. Learning about Loans.
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Pay by Card, but Watch Out for Foreign Transaction Fees Once you arrive at your destination country, you may choose to conserve your foreign currency cash and try to make payments with your credit or debit card as much as possible.
Pay in the Local Currency to Avoid Currency Conversion Fees Some merchants will let you choose whether you want to pay for your purchase in the local currency or U. Convert and hold. Was this article helpful?
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