Currency Exchange Tips for Travellers

Foreign Currency Exchange Best Practices for Travelers

DO	DO NOT
convert currency before travelling. In most cases you can find the best exchange rate before you travel as you are more likely to be able to find the best exchange rate in your home area and not in a place where you are unfamiliar with the surroundings.	use your credit card more than absolutely necessary. Your bank will charge you a foreign currency transaction fee (at least 2.5%) and you will not get very good exchange rates.
shop for the best rate. Ask your service provider directly how much they will charge in total for a particular currency and amount. For example: “How much would it cost me in total to buy 2000 Euros from you?”	convert exchanges located at airports and hotels. These types establishments tend to have the worst possible rates.
ask about details of the buyback program Buyback programs can be very useful and should be designed to use the unused amount of your foreign currency at a fair rate (preferably the same rate at which you bought it in the first place).	pay a service fee or commission of any size. Foreign exchange service providers that are reputable do not generally have service fees.

DO NOT

convert currency before travelling.

In most cases you can find the best exchange rate before you travel as you are more likely to be able to find the best exchange rate in your home area and not in a place where you are unfamiliar with the surroundings.

use your credit card more than absolutely necessary.

Your bank will charge you a foreign currency transaction fee (at least 2.5%) and you will not get very good exchange rates.

shop for the best rate.

Ask your service provider directly how much they will charge in total for a particular currency and amount. For example: “How much would it cost me in total to buy 2000 Euros from you?”

convert exchanges located at airports and hotels.

These types establishments tend to have the worst possible rates.

ask about details of the buyback program

Buyback programs can be very useful and should be designed to use the unused amount of your foreign currency at a fair rate (preferably the same rate at which you bought it in the first place).

pay a service fee or commission of any size.

Foreign exchange service providers that are reputable do not generally have service fees.