Recent Posts

Advertisement

For those who travel outside their home country and haven’t changed back into their local currency, they can advertise on Craigslist, Facebook, or local newspaper if you wish to exchange your currency. Not only you avoid all fees associated with it, but you can maximize the exchange at current rates without any interest.

However, you need to remember two things. First, you need to know how to compute exchange rates. Good thing lots of currency exchange rate calculators are available online. Second, safety is a huge concern for all money-related matters. For meet-ups, do it in public and be accompanied by someone you trust. You can record the entire transaction if you have a camera; simply mount the camera on your dashboard.

Local Bank

One can visit their nearest local bank branch if he wants to avoid high fees. But majority of banks enable ordering foreign currency prior to your travel abroad. For instance, the Bank of America allows their clients to order currency in their branches or online using checking or savings accounts. But if the person has no checking account but has a credit card with a specific bank, they may go to the local branch and inquire about onsite foreign currency exchange options. Also, most banks offer printing out currency exchange rates as wallet cards that a person can carry with him during his trip.

‘Plastic’ Money

No one is stopping you from using an ATM or credit card. Be cautious, though. Make sure it does not charge a foreign transaction fee. Otherwise, prepare to pay an additional 1% to 3% fee. Some credit cards do not charge foreign transaction fee such as Barclaycard and Capital One.

Not paying such a fee is important, but so is the exchange rate. Anyone can perform this test when in a foreign country. Let’s presume you are a Bank of America card holder. Use your card first with a Bank of America debit card and then with a Barclaycard Visa card. The transactions were facilitated a minute or two apart, you discovered Barclaycard’s exchange rate was way better than Bank of America’s. Barclaycard has no foreign ATM fee, unlike Bank of America.

If you hold multiple cards, that test can be done as well. Withdraw $100 from each card, log into the bank site, and compare the costs. Use the best card for the remainder of your trip.

Travelex

An exchange company is the easiest way in case you need to have it exchanged swiftly. No one needs to place order few days before your trip and contend with language barriers. The company will deliver money to your house or your departing airport.

But it comes with a service charge, of course. You probably need to pay a huge fee if you wait until you get to an airport to have your money exchanged. Branch locations may be cheaper. Fees are waived if a person checks in to any branch online. Not only that, the firm would reclaim any unspent money within 90 days of their trip and convert it back to US dollars without paying additional charges.

Most travelers suggest procuring cash at a local ATM with a debit or credit card that does not levy a foreign transaction fee. Nevertheless, it does not hurt to make some inquiry before your trip abroad.