How to Convert Currency for International Travel

What is the most affordable way to convert currency in foreign countries? Avoid the high costs of expensive foreign exchange kiosks by following these simple tips.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Debit card (or two)
• PIN number
• Bank account

1. Ask your bank about withdraw fees from other ATM’s in international countries. For many banks, they have a small withdraw fee for every transaction.

2. Ask your bank if they have any sister banks they work with in the country you are visiting. This may help cut down the price of withdraw fees from your bank and ATM you use in another country.

3. If you do not have one, order a debit card at least a few weeks before leaving for your destination. Some international travel and financial experts recommend ordering a second debit card in case the first one is stolen or becomes defective.

4. Once your receive your debit card and PIN number, activate the card as soon as possible and test it at your local ATM to make sure it works.

5. When you arrive at your destination, search for an ATM if you need actual cash and cannot use your debit card for purchases. Read the information on the ATM to see if they have any withdraw fees. If no information about withdrawal fees is available, go inside the bank and ask.

6. Use the debit card for purchases whenever possible for the best way to save money.

Tips & Warnings

• Try to find a bank with a low withdraw fee when it comes to withdrawing money out of other ATM’s.
• Keep the second debit card in a safe place separate from the first debit card.
• If for some reason you do not want to use a debit card then attempt to exchange your cash at a post office in your destination.
• Know how much money you are taking out and do the proper conversions so you do not overdraw on your account.
• Some international banks have withdrawal fees as high as $5 American currency.

[toogie2]

on 4/8/2009 I haven't been overseas since the days of traveller's cheques. Thanks.

[kmphillips73]

on 4/8/2009 Great info on how to convert currency for international travel! I second the part about getting an additional debit card. It's a horrible thing when that magnetic strip goes bad. Thanks for sharing!