What is the best way to buy foreign currency for overseas travel?
Friday, May 21st, 2010 at
3:52 am
Obviously don’t do it at the airport… but how can i get the best possible exchange rate with the lowest fees? The currency type will vary for me… so whats the best general answer?
Tagged with: currency type • exchange rate
Filed under: Business
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local banks have the best exchange rate.
Don’t exchange for cash. Use your bank debit card (not credit card) if you need a small amount of cash when you get there from a local ATM. (Check with the bank to make sure that you can use it overseas) Only get cash as you need it. Pay for purchases with your debit or credit card, that way you aren’t getting cheated by these small places that get fees for making exchanges.
Also, call your credit card company/bank before you go and let me them know you will be overseas, if they start seeing transactions on your card like that, they may put a security hold on your account.
You should use the exchange office at the airport of arrival for quick spending money. After that, use local banks.
Avoid exchange shops in tourist areas and the exchange service at your hotel – they usually have terrible rates.
If you’re travelling with a lot of money, get traveller cheques too – they’re insured against loss.
If you have an ATM card or a credit card, you can often use those too.
Try the airport or a bank.
Find a place with a high concentration of banks, and go into your favourite. It is highly unlikely the rates will differ too much.
earn money,change to foreign currency.