You can often find costs embedded directly into a less-than-ideal exchange rate.Ĭompare the rate you’re being offered to the exchange rates from a competing national bank or at before committing to the transaction. CitiBank charges $5 for next-day delivery on transactions under $1,000 and Bank of America charges a $7.50 delivery fee, though the fee is waived on orders of more than $1,000.īefore you hit the confirm button though, double check that the exchange rate is reasonable. A particularly convenient option is to have foreign currency delivered directly to your home. The days leading up to an international trip are often hectic. “This method is one of the best for obtaining currency because there are no fees, and you’re guaranteed genuine currency,” said certified financial planner Joel Ohman. Whichever path you take, exchanging currency through a bank prior to your trip can limit costs and give you certainty that you’re receiving actual currency. AAA members, for instance, can visit a AAA branch and exchange currency for no added fee. Other, non-bank entities, allow for currency exchange. Bigger banks, such as Wells Fargo and Bank of America, typically offer more of these options than smaller banks or credit unions. currency for a relatively minimal cost, or none at all, and in the manner that best suits your needs, including online, through a bank’s mobile app, in a branch or over the phone. ![]() ![]() Many banks and credit unions allow you to exchange U.S. The key is to do it in the most cost-effective manner, and before you actually take your trip. If you opt to carry some spending cash while traveling, exchanging currency is a necessary part of the process, whether you’re actually trading physical dollars or withdrawing funds from your account as foreign currency. You don’t want to be caught in the position of needing funds in a foreign country without the means to access them. Not every vendor will accept cards, meanwhile your plastic may charge a foreign transaction fee on every purchase. Why exchange currency?Ĭarrying local currency is a smart move for travelers. Plan ahead to avoid overpaying for the currency you need to get around in another country. But mapping out an efficient plan to exchange currency can also lead to significant savings on your trip. When traveling abroad, savvy travelers shop around for the best deals on flights and accommodations.
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