If your next vacation is going to take you to another country, you may want to know how to get foreign currency without paying extra fees. Currency exchange rates are complicated and are constantly fluctuating as part of the everyday rush of global commerce. One bank, merchant or currency exchange location could give you a slightly better deal on currency exchange rates, just based on the daily ups and downs of the markets.
Of course, it can be easy to overspend in a foreign country. At least in part, this is because spending money in foreign currency may feel different. The prices at stores and restaurant menus may not feel as real as they do in U. It can also be exciting to see and use the colorful foreign banknotes and interesting coins that you may not experience in your everyday life. Here are a few tips and insights on how to enjoy your international travels while minimizing currency fees.
One of the best ways to minimize currency exchange fees is to get some cash from your bank or credit union in the U. For example, Wells Fargo offers 70 currencies for use in more than countries, and Bank of America exchanges currencies for more than countries.
You may be able to get currency in cash at your local bank branch, or order currency online or by phone to be delivered to your home. Other less frequently requested currencies could require a few days of advance notice or longer. Depending on where you do your banking and your overall relationship with them, you may qualify for special rewards or perks on foreign currency exchange. These places offer convenience, but their exchange rates are typically much less favorable than your bank at home.
Airport kiosks may also charge higher fees, which sometimes are hidden within the poorer exchange rates they offer for converting your dollars to euros, pounds, pesos or another currency. If you are traveling on short notice and need some foreign currency in cash at the airport, then it could be worth paying the extra costs for the sake of convenience.
If you can plan ahead, try to avoid airport kiosks and other exchange counters in heavily touristed areas—their business is based on charging extra for being a convenient, last-minute option. Once you arrive at your destination country, you may choose to conserve your foreign currency cash and try to make payments with your credit or debit card as much as possible.
But this can pose another problem: foreign transaction fees. How can you avoid foreign transaction fees? Do your research and read the fine print of your bank and credit card accounts before you travel. Call your bank and ask if they charge foreign transaction fees. Some merchants will let you choose whether you want to pay for your purchase in the local currency or U. But sometimes, after swiping your card, the merchant will present you with a screen offering you an option: You can either pay the amount in the equivalent of U.
If you ever find yourself in this situation, you should always choose to pay in the local currency. Just pay in local currency when using your card. Keep in mind that your bank may charge you a fee for using an out-of-network ATM. Figure out whether your destination is plastic-friendly.
If it is, you can avoid many of these extra travel fees with one of NerdWallet's favorite no foreign transaction fee credit cards or debit cards. Consider applying for one of these credit cards or debit cards before you leave so you can use it instead of cash wherever possible.
Your bank or credit union is almost always the best place to exchange currency. Before your trip, exchange money at your bank or credit union. Once you're abroad, use your financial institution's ATMs , if possible. After you're home, see if your bank or credit union will buy back the foreign currency. Where to exchange currency in the U. Back to top. A smart way to monitor your money. Track your cash, cards, and bank accounts all at the same time. Where to get foreign currency outside the U.
The best place to exchange currency in the U. A savings account is a place where you can store money securely while earning interest. Learn More. LendingClub High-Yield Savings. APY 0. Discover Bank Online Savings. Can I order or exchange foreign coins? How much foreign currency can I order online? How do I send a wire transfer? View all foreign currency FAQs. Foreign currency ordering details Ordering and shipping Orders placed Mon.
Orders placed Mon. We do not ship orders on Saturdays, Sundays or holidays Delivery is made to either a financial center or the address of record on the account used to pay for the order Delivery to U.
Are you planning a trip overseas? When you're heading out of the country, make sure you have what you need for sightseeing, souvenirs and more. We offer a wide variety of foreign currencies.
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