Where is The Best Place to Exchange Money for a Trip?

Planning for a trip abroad can be exciting and overwhelming at the same time. Even after 40 countries, I still get overwhelmed the night before a trip! There's the worry of packing, not forgetting anything, catching your flight, etc. However, I no longer stress about where to exchange currency for a trip, but only because I've made every mistake enough times, so you don't have to. 

In this blog, I'll break down the various ways to exchange currency and highlight the best and worst places to exchange money when traveling abroad. We will also discuss some tips and tricks to help you get the most out of your currency exchange because that is also a very important factor!

Here are the worst & best places to exchange currency on a trip:

The Worst Place to Exchange Currency: Airports

It is a common misconception that the airport is the best place to exchange currency when traveling. However, this couldn't be further from the truth. In fact, the airport is one of the worst places to exchange currency. The exchange rates offered at airports are by far the worst, and they fees they charge to exchange are insane. This is because airports know that travelers are in a rush and have limited options for exchanging currency, so they take advantage of the situation. Most travelers here also don't fully understand exchange rates and fees (I know I didn't at first), so they don't even realize how much they are being ripped off.

It may seem like having a currency exchange booth at an airport is convenient and easy, but boy, does it come at a price!

The Best Place to Exchange Currency: ATMs

When it comes to exchanging currency, the best place to do it is at an ATM. In most cases, ATMs within the country you are visiting offer the best exchange rate. Not only do they offer a fair rate, but they also charge lower fees compared to other options. In addition, taking money out of an ATM is a convenient way to get the local currency, as you can withdraw cash as needed. ATMs often offer withdrawals in two ways: USD or the local currency, always do the local currency. 

When using an ATM, it's best to take out the maximum amount of money in one transaction to avoid paying more ATM fees in the future. Keep in mind that some banks may charge a foreign transaction fee for using an ATM abroad, so it's best to check with your bank before you travel.

Also, check your debit card before you leave! A debit card with a PIN is required from an ATM when you travel, and you will be unable to take out money with a credit card. And as someone who rarely uses her debit card when back home in the states (I'm loyal to my airline credit card), always check your debit card expiration date before you leave. This is coming from a person who once flew abroad only to show up at an ATM with a debit card that was one month expired. Whoops!

Banks and Currency Exchange Bureaus

Another option for exchanging currency is through banks and currency exchange bureaus. Banks usually offer competitive exchange rates, but they can also be more time-consuming and less convenient than using an ATM. On the other hand, currency exchange bureaus offer quick and easy exchange services, but their exchange rates can be higher compared to other options.

Tips for Getting the Best Exchange Rate

1. Do your research: Before traveling, research the exchange rate for the local currency. This will give you an idea of what to expect when you arrive.
2. Consider using a debit or credit card: If you have a debit or credit card that does not charge a foreign transaction fee, consider using it to make purchases while traveling instead of relying on the exchanged currency. This will save you from having to exchange a lot of money and also help you avoid high fees. Most tourist areas accept credit cards. 
3. Avoid exchanging money at hotels: Hotels usually offer poor exchange rates and high fees, so it's best to avoid exchanging money at hotels.
4. Compare exchange rates: When using a currency exchange bureau, be sure to compare the exchange rates of several bureaus before making a transaction.

So, where is the best place to exchange money for a trip?

Exchanging currency is an important part of planning a trip abroad. The airport is the worst place to exchange currency; they offer the worst exchange rates and have the highest fees. The best place to exchange currency is at an ATM within the country you are visiting, as they offer the best exchange rate and lower fees. In most cases, it's best to take out the maximum amount of money in one transaction to avoid paying more ATM fees in the future. 

Have fun on you trip!