As a traveller wanting to change your money, your main concern will probably be getting the most favourable rate possible.
A common question many travellers have is whether it is better to change their currency at home or abroad in order to gain the best exchange rate. In answer to this, unless your trip is months away, it probably will not make that much of a difference because currency exchange rates change hourly so shop around for the best deal.
The major currencies tend to move plus or minus 1% in a given day which is a very minor move unless you are changing thousands at a time.
Experts agree that travellers are better off looking for a place that will change money inexpensively. Below are listed some of your options. |
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| Changing Money At Home |
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While you are still at home you can exchange your money at your local bank. Experts suggest that you should only change enough to cover travel and transportation costs until you are settled at your destination because the costs of exchanging your money at home can be prohibitive.
Other services you can use at home include online money exchange services which will take American funds and send the converted money to your home. |
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| Changing Money at the Hotel or Airport |
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While hotel and airport exchange may seem quite convenient make sure to be aware of high transaction charges.
Generally experts advise avoiding exchanging your money at a hotel unless you have absolutely no other choice. |
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| Exchanging Money Via Credit Cards |
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Generally credit cards offer the most favourable exchange rates for changing money because credit card companies have access to better rates than individuals do.
Be careful when using the credit card if your home currency rate is falling because the transactions are not converted instantly so there is a chance that you will end up with a worse conversion rate a few days later.
Another alternative to cash is to bring travellers checks with you. Even though these are becoming less popular they still offer some excellent benefits such as the fact that they can be replaced if they are lost or stolen and can be used freely at exchanges to get the currency of the country you are in. |
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| At Your Destination's Local Banks |
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The rates given at local banks are usually good but bear in mind that one of two things can happen. If the exchange rate given is determined just by supply and demand then you may end up with a price that is close to what is being quoted in the foreign exchange market globally, also known as 'market price'.
The other possibility is that the government of the country you are in sets the currency exchange rate which must be offered by anyone who is changing money. Local banks are often a convenient and relatively low cost option for changing your money.
No matter what you should always check current rates beforehand by looking in a local newspaper or by using our handy currency converter at the top of this page. |
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| At ATMs |
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If you would rather not carry large sums of cash around with you ATMs are a convenient way to get local currency at a reasonable exchange rate.
Bear in mind that your withdrawal may be subject to a charge so check with your bank before leaving home.
The other point to note is that your bank may freeze your card if strange transactions (like withdrawals in several different countries over the course of a week) appear so keep a copy of your bank's contact details on hand should you have any problems. |
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| Use the link below to locate a VISA ATM anywhere in the world: |
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| International ATM Locator - click |
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