Avoid these currency exchanges if possible by getting currency in advance from a local bank or going to an in-airport bank or ATM. Once you get out of the airport, you may find yourself in a market, bazaar or popular tourist area. Exchange shops try to operate where you will need them and take advantage of tourists to make a profit.
Withdraw from a local ATM
You will probably find better rates than the airport at a dedicated currency exchange. The best place to exchange money is a local ATM or a bank.
Many foreign banks are happy to exchange your dollars for local currency for a better rate than you find elsewhere, or you can go to an ATM to skip the line. Many U. If you keep your eyes open, most major cities have banks all over the central business district, bustling neighborhoods, and even in the airport. If you follow that plan, you can enjoy your travels and focus on the fun parts rather than stressing about getting ripped off on currency exchange.
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Your Practice. Popular Courses. Key Takeaways Currency exchange shops and kiosks in airports are not the best places to exchange money.
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For the best rates, try a local bank or a bank ATM to make your currency exchanges. Check to see if your U. Not all currency exchanges charge the same rate. Tourists can get ripped off by some businesses, so it is advisable to shop around for a reasonable rate.
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Related Articles. Partner Links. Related Terms Currency Exchange Definition Travelers looking to buy foreign currency can do so at a currency exchange.
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Just make sure you guard that cash carefully. Instead, call ahead and order foreign currency from your bank, which is usually available to pick up within a couple of days. Most cities have currency houses where you can exchange money, as does your hotel and most train or bus stations.
Though these spots are fairly convenient, they all offer different exchange rates, and you may find yourself shopping around the entire city to save two percent on a transaction. This is akin to driving ten miles to save a nickel on a gallon of gas. Because just like the airport kiosk and the ATM, these currency houses charge fees.
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No matter how you opt to change money overseas, fees are almost inevitable; the key is keeping them to a minimum. Whatever method you choose, nearly everything will be cheaper than the airport kiosk. Use your credit or debit card Using only plastic is a popular method of overseas spending, since banks use the current exchange rate and many waive foreign currency and transaction fees.