You May Also Like
Is cleaning / mopping floors an appropriate detention for a middle school student?
- October 3, 2023
- 46 comments
My little brother is in middle school and has been in American school for the past 4 years…
should every state implement urban boundaries on every single metro area and city and maybe even towns?
- July 18, 2022
- 10 comments
So we all know that america has beautiful nature but its being destroyed by urban areas in a…
Why do so many Americans use the word “nationality” to mean “ethnicity”?
- May 22, 2023
- 25 comments
Just something I’ve noticed anecdotally, so I can’t attest to how statistically prevalent it is, but it seems…
40 comments
I always do it before the trip. And actually take a mixture of both just in case.
Usually when I arrive.
Before the trip I think.
I don’t. I use a credit card because this is 2022 and if I need cash I get it from an ATM.
When I arrive at the airport. Now a days changing money is as easy as going to an ATM. Well it basically is just going to ATM unless you want to exchange physical cash for pyshical cash. Even then that’s still relatively simple, airports usually have cash exchanging booths.
I get the local currency from an ATM there. Pulling directly from the ATM gives you the best exchange rate
In my case, always after arrival.
Get a Schwab high yield checking account. Use it to withdraw cash at the ATM in your destination country. Schwab will reimburse most ATM and conversion fees. So much more cost-effective than getting foreign money from your bank stateside, or at a foreign currency exchange abroad.
Heck, even using your debit card from your regular bank is still more cost-effective than walking into your bank or using an exchange kiosk. But you probably won’t get your ATM fees reimbursed like with Schwab.
Get an account that doesn’t charge an exchange rate, then you can pay with card or get cash from ATMs
Normally just from an ATM once I arrive. I have a checking account though Charles Schwab simply because they refund ATM fees worldwide.
I also use a credit card with no foreign transaction fees.
Just get a credit card that can be used at ATMs where you are going. You will get a better exchange rate. You will get ripped off if you do it stateside.
Before my trip, if possible.
I did my before. My local bank took care of it with a 24 hour notice.
When I travel internationally I just exchange my currency in the touristy casinos when I get there. They don’t have the extra fees that a bank does for the conversion. Travel is expensive and I sure as hell ain’t paying for my peice of paper to be exchanged for a different colored peice of paper.
I will order money at the local bank before the trip, not the best exchange rate but no fees. From there I use credit cards that have no foreign transaction fee.
I get at least few hundred dollars in local small bills before I leave US. Usually exchange rate at destination airports and hotels is not good, so you have to look for a bank and that can be pain.
Also in many places you can use US dollar as well, and in some it is far more proffered than local currency.
My rule is, if they give me price in local currency I pay in local currency, if they give me price in dollars I pay in dollars.
One thing I noticed is that people prefer newer looking bills, so if your dollars have rips, are old, and faded, local people might reject them.
Always there at an ATM. Use a credit card as much as you can because the last thing you want is to bring home foreign currency, so if you do take any cash out make sure you will spend it all.
Currently living abroad here… first get a credit card that charges no exchange fees (my visa doesn’t)… second, if you need cash (really recommend it, even in England where people say *everywhere* takes card I often run into places that don’t) get it from an ATM when you get to the country.
I order about $100 from my bank just to tie me over until I can get to an ATM at my destination.
It depends on where you’re going and your bank / credit card provider and how much cash you think you’ll need.
Just a heads up travelling with a large amount of cash can get you into trouble.
Some banks / credit cards offer better exchange rates and sometimes cash is entirely unnecessary (although I would 100% recommend having $100 or so in cash for emergencies basically enough money to get you fed and in a cab back to your hotel). If you have a favorable international exchange rate through your bank, using your debit card, credit card, and/or visiting the local atm’s will probably work just fine.
This is really going to come down to doing your research.
In general, avoid any place that looks like it caters to tourists (airports, car rental, hotel adjacent, etc..).
Hit up google and compare money conversion rates for the city you’re visiting.
I use a zero foreign transaction fee credit card – best so far I have used is Chase Sapphire – there is a $550 annual fees, but in my opinion with all the benefits that Chase provides each year I get $550 worth of services and goods back.
Amex Platinum is also good but it has an additional $195 annual fees above Chase Sapphire and also many establishments do not accept Amex due to their high swipe fees.
If you want to avoid the annual fees then Discover or BOFA Travel Cards are both good options to consider as both have 0% foreign transactions fees.
Had happened to me once on a trip to India – I needed cash and did not have the Rupees (local currency), however I had few $100 bill available – I went to Starbucks and ordered a cheapest drink available which was like maybe few dollars and paid with $100 – the cashier mentioned he will not return the change in $ but in Rupees. He gave me the change in the current exchange rate that I showed him on Google. I had already informed him why I am buying a cup of coffee and he knew my intentions before hand – I gave him a nice tip – so maybe if you want to consider the tip as the charge that I paid, but still it was much much cheaper than what any foreign exchange service would have paid me. Not sure if this will happen again or not – I have not tried this again.
I don’t. I just do cash withdraws from an ATM.
I just have my bank get it in before I leave.
I bring an atm card and take out what I need.
I used to exchange about 100 US to local currency. But now I just use credit cards with no international transaction fee. If needed I just get cash in local currency from a money machine.
We usually do it at the airport initially then do some as we go along
Used to work ForEx at Logan International and have done a bit of traveling myself. More often than not, if you have an account with a large American or European banking conglomerate, they have ties to other banking groups in other countries and you can use ATMs abroad for a minor fee. This is typically how you get the closest exchange rate to the market rate, and the fees are far less than they would be dealing directly with your bank beforehand (never even consider trading currency at the airport; there’s a reason I was able to travel). I’ve tried every other method and this was consistently the best bang for my buck.
That said, it all depends on whether or not your bank has deals with other banks, so take all this with a grain of salt. The information is openly available on their websites if you dig for it.
On arrival but only for $50 or less. Just enough for cab fair and breakfast. I figure everything else out after I’ve gotten some sleep. I’m probably hungover, because I drink in airports.
Everyone saying their credit card has no international transaction fees may not be getting the full picture.
Banks are for profit (the majority, at least). If they remove fees, they will take their cut in other ways. This is often reflected in the exchange rate they offer.
I find wise.com to be a useful service. You can use their card to spend in the local currency and you are in charge of exchanging when you think the rate is good.
Their fees are low and you can withdraw small amounts of cash per month without fees.
Check it out, if it helps. It is also a valuable tool when transferring money overseas, as their currency accounts function like bank accounts (though they do not pay interest)
I like exchanging some money before I get to the country. Then I exchange more as necessary during my visit. I like having just enough to get by but avoid carrying huge amounts.
I just use the ATM there. Currency exchange desks at airports, etc., are a scam and the last resort.
This might be crazy or even reckless, but I spent two weeks in northern Europe a few years ago and didn’t convert or spend any cash at all. I used my debit card for everything, including public transit (via a phone app). I think I brought only USD 20 in cash, which I took home again.
I usually get cash after I land, cuz there are places there specifically for it, or I just use an international CC with no exchange rate…maybe I’m doing it wrong, someone let me know if so haha
It’s cheaper before you go. Cos nobody wants that currency where you are they want it where you are going.
After.
I use a capital one credit card most the time in Mexico now because they are accepted everywhere it seems, also no foreign transaction fees . I do just pull out a few hundred in cash from an ATM too but hardly use it unless it’s with a street vendor. I haven’t been to many other countries but that is what I do there.
If smart before to get better rate or use No FTF credit card everywhere.
Last time I traveled abroad I exchanged two days worth of euros in the States and then just withdrew from bank ATMs as needed. Granted this was years ago so cards might be more useful now.
It really, really depends on the country.
In most? You don’t even need to bother. You can use the same cards you use in the US and your money will be automatically converted for you, on the fly, right there at the register.
If you feel the need to pay with cash? Definitely don’t do it beforehand, and certainly not at your airport of arrival. In most cases there’s someone nearby where you’re staying who will exchange your money for you.
Always after.
First of all, I pay with credit card whenever possible to take advantage of instant exchange rates.
Secondly, for cash, the process goes Land > ATM > Customs > Taxi or Land > Customs > ATM > Taxi.
I always take out $200 in local currency at a time. Might be habit from $200 daily limits in the old days domestically.
Background: 30+ countries over 4 years while working.
We always try to grab some cash from our bank before we go. Not a ton – maybe a couple hundred for week away or whatever. Enough to pay for taxis quickly and small things like that. For most things, we use a credit card w/ no transaction fees.