How to Change Money to a Foreign Currency
When traveling outside the United States, you'll have to have some of the local currency on hand. This means changing your money into that foreign currency. There are three commonly used methods for doing so. You can change money at your local bank before leaving, at the airport on the way to your destination or when you get there, using a local bank or ATM machine. Each choice has its own costs, with the cost tending to increase the farther you are from home. It's important to know what's available so you're not short on currency when you need it.
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Instructions
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Check with your bank's website to determine if you can order foreign currency through the site. Order the currency you require and have it delivered directly to your address on record with the bank, or have the funds available for pickup at one of your bank's branches. There may be several days' delay before you receive the funds.
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Locate a bank in your area that has a conversion desk dealing in the exact foreign currency you wish to convert your funds into. Do this either by phone or by checking the websites of the various banks in your area. Contact the bank by phone to ensure it has enough currency of that type to handle your conversion, and in case you aren't an account holder, make sure it will still handle your transaction.
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Take the money to the bank and convert it into the foreign currency type at the conversion desk. You can choose to receive either cash in the currency type or, for convenience, traveler's checks issued in the currency. The bank will charge you a small fee for the exchange.
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If you couldn't a bank in your area to handle the currency type, find the foreign exchange counter at the international airport before leaving the country. All international airports have a counter handling currency for all locations that the airport's flights go to. The fee for the exchange at an airport exchange counter is typically higher than that charged at a bank.
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Change your currency on the go using your ATM or credit card outside the country. This method has the advantage of reducing the amount of currency carried at any one time, but you may not see the exchange transaction fees until after the withdrawal of currency, and your bank will charge you a foreign transaction fee as well. In addition, credit card transactions count as a cash withdrawal in terms of interest rate charges. You can also exchange your money into foreign currency using major banks in destination countries.
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Tips & Warnings
Always check on the official exchange rate before changing your money, to ensure you're getting fair value for your money.
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