How to Exchange Currency

When you're traveling abroad, banks and legal money changers offer the best rates when you need to exchange one currency for another.

Difficulty: Easy

Instructions

Things You'll Need:

• Travel Guides
• Calculators
• Electronic Personal Organizers
• Local Newspapers
• Passport Services
• Travel Services
• Travelers' Checks
• Calculators

1. Look in the business section of the local newspaper for the current exchange rates.

2. Find a legal money changer (an American Express Travel Service, for example) or bank, which offers better rates than an airport or hotel. If you withdraw money from an ATM, you'll receive the bank's exchange rate, but you may incur transaction fees.

3. Show the teller your passport.

4. Use your own calculator to ensure the accuracy of the exchange.

5. Sign the release form.

6. Count the money before you leave the desk, and take your time.

7. Get a receipt. Customs officials won't ask to see it, but it's always a good insurance policy to have one when you've exchanged money.

Tips & Warnings

• Exchange a small amount of money before you leave for your trip so that you're not forced to exchange currency at the airport upon arrival.
• When you use traveler's checks, a commission is taken out per check. Exchange larger denominations when possible.
• Money changers often don't exchange coins, so spend your loose change before you leave.

[axabouy]

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[wakeupcall]

on 6/26/2008 Never ever expect the rate shown on the local newspaper. That is not retail rate used in currency exchange houses. That's wholesales rate only good for financial institutions to do million dollar transactions among them without involving actual cool cash.

[Varo]

on 5/14/2007 ATM's have better rate, but beware your bank and the overseas bank will charge you quiet a bit. Also, for all those people recommending the exchange upon arrival beware of your surrondings. I suggest exchanging in your local Airport before departure, I've always been able to get a better rate when exchanging a large amount ($1,000.00 or more).

on 11/22/2005 Find out how much departure airport taxes will cost and tuck that amount away, with a little extra for a sandwich and drink while you are waiting for your flight home at the end of your trip. That will save you from desperately changing money at the end.

on 11/22/2005 Don't take many traveler's checks; use your ATM card to get cash when you get there, and charge whatever you can. You get the bank's exchange rate this way, and don't have the charge or hassle of traveler's checks.