Currency Exchange Tips That Actually Save Money
Airport bureaus, hotel desks, ATMs, and travel cards - where you lose money and where you keep it.
The worst exchange rates you'll see on your trip are almost always at the airport. The best ones are on your bank card, if you know which cards to bring.
Skip airport currency counters
Airport bureaus like Travelex and ICE typically offer 6 to 12 percent worse rates than the interbank rate. On 500 dollars, that's 30 to 60 dollars lost.
The only time an airport exchange makes sense is a small emergency amount for the taxi to your hotel, if your card is refused.
Use ATMs, but the right ones
Bank ATMs at the destination give the best rates in most countries - usually the Visa or MasterCard interbank rate plus a small local fee. Standalone ATMs (Euronet in Europe, Travelex ATMs) are the same rip-off as the currency counter.
Always choose to be charged in the local currency, not your home currency. The dynamic currency conversion on the ATM screen is a hidden 3 to 8 percent markup.
The best cards to use abroad
In the US, Charles Schwab debit refunds all ATM fees worldwide. Chase Sapphire and Capital One Venture credit cards have no foreign transaction fees.
In the UK and EU, Revolut and Wise offer near-interbank exchange with small monthly free allowances. Chase UK, Starling, and Monzo are similar.
Cash still matters
Japan, Germany, and much of Southeast Asia still use cash more than the average traveller expects. Keep about 100 to 200 dollars equivalent in local currency for small vendors and tips.
Frequently asked questions
Should I exchange money before I leave?
Only a small amount for taxis and first meals. Home bureaus offer worse rates than a local ATM.
Is Wise or Revolut better?
Both are excellent. Wise is stronger for transfers, Revolut for daily spending.
In summary
If you take one thing from this guide, it's this: the more prepared you are before you travel, the fewer decisions you have to make when you're tired and jet-lagged. Bookmark this page and check the update date before your next trip.
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