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What to know before exchanging currency for an international trip

Editor's Note

Whether you're making your way to Morocco or escaping everything in Thailand , successful globe-trotting requires a smart approach to avoiding extra fees when you make purchases. While you can make sure you have a card that does not charge foreign transaction fees, know that your card can't cover everything. Whether you find yourself in a hole-in-the-wall restaurant with no credit card payment terminal or you're hoping to tip the service staff at your hotel , you're going to need some cash. Here are four currency exchange tips to help you get the best deal on those dollars, yen, rand or whatever you're putting in your wallet.

1. Avoid airport kiosks

While exchanging currency at the airport is convenient, it comes with an extra cost. Those kiosks you see in high-profile locations in airport terminals pay huge rents and to make money they either charge you a significantly lower rate than the market rate or charge a sizable "transaction fee" — or both.

Multicurrency ATMs at U.K. airports that can dispense pounds, euro and U.S. dollars are also likely to give you an awful rate in exchange for this convenience.

If you do want to exchange cash before you leave, shop around for locations in towns and cities that are less convenient, but where there is more competition. A low-rent corner shop that advertises money exchange may be able to do a great rate for you. If you see a hole-in-the-wall exchange place with a queue down the road, they may have great rates too.

In general though, note that it is likely you will receive a better rate at your destination for your dollars even at an expensive but convenient airport kiosk. Ideally, try and find somewhere in a town or city at your destination rather than at an airport as they are likely to provide even better rates.

2. Plan ahead

If you are exchanging large amounts of money either before you go or at your destination, you may need to order it in advance. That booth on the high street may not have thousands of dollars of a certain currency on hand each day waiting for a big exchange to come in.

The more obscure the currency, the less actual currency the exchange operator is likely to have on hand. They might have thousands of U.S. dollars or euro, but New Zealand dollars or Mexican pesos may be required to be ordered.

For large amounts, especially if they are less common currencies, place an order at least a few days in advance to ensure you can pick up as much as you need. You'll probably be able to lock in the exchange rate then and there.

Related: How to avoid hidden costs when traveling

3. Your bank may reward you

If you want to exchange currency before a trip abroad, consider the rates at your local bank (though of course shop around, as discussed above). If you are comparing this to a high street exchange kiosk that has a slightly lower rate but does charge a transaction or service fee, you may still come out on top.

Related: Should you use a credit card to withdraw cash while traveling?

4. Know your ATM options

No matter how well you plan ahead, it's easy to find yourself in a cash crunch. If you do, don't just wander to the ATM on the next corner. Be prepared and know whether your bank has a network of partner institutions where you can save on costly ATM fees.

If you have an account with an international bank like HSBC or Santander, your account may be eligible for free ATM withdrawals in foreign currency at your bank's branded ATM anywhere in the world.

Just be absolutely sure you are aware of the fees and limits of this option before blindly withdrawing cash as you may be stung with multiple fees if you aren't certain of what you can do for free.

Bottom line

Exchanging cash before traveling can be a bit of a minefield with bad rates and high fees commonplace. Ideally use a no foreign transaction fee card to pay for purchases abroad as much as possible, so you don't have to exchange the cash in the first place or handle a foreign currency throughout your trip.

Where you must have cash, do your homework, shop around and try and get a rate as close to the market rate as possible.

Additional reporting by Ben Smithson.

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What’s the Best Way to Exchange Your Currency for a Trip Abroad?

Got an international trip coming up? Need to make a currency exchange? Let us talk you through your options.

December 4, 2023 — 4 min read

When you’re preparing for an international vacation, there’s a lot you need to remember to bring. Between your passport, enough clothes, adapters, it’s easy to fill up a few bags with just the essentials.

However...it’s also important that you don’t forget to bring some money to use on your trip. Odds are, if you’re traveling internationally, you’ll need to make payments in a different currency. What’s the best way to get the money? When should you make the currency exchange?

You have a few different options for exchanging your currency. We’re going to run through your options and let you know what the best option is and what you should do your best to avoid.

4. Using ATMs and card payments

Technically, you don’t need to make any currency exchanges. If it comes down to it, you can just go to an ATM or use a debit or credit card to make your payments. But while this option might sound like the most convenient one (at least as far as your time is concerned), it’s far from the best option.

When you visit ATMs or use your card to make payments in another country (and currency), you’re going to be subjected to numerous service fees and transaction fees each time you withdraw cash or swipe your card. If you’re there for a short time and only plan on making one or two payments that might not be so bad, but if you’re planning on making numerous purchases, these fees can and will add up—fast.

3. Exchanging in person at your destination

Another common option is waiting until you enter the country, and exchanging your currency there. People typically do this at the airport or at a local bank or currency exchange store.

While this method will let you avoid the high transaction fees, it unfortunately will not protect you from unfavorable rates of exchange. These providers are free to set their own rates, and it is very likely (especially if you’re exchanging at an airport kiosk ) that the rates will give you much less for your money than if you transfer elsewhere.

And from a peace of mind perspective, wouldn’t it be nice to have your money taken care of before your arrival? That way, once you arrive, you’re free to start exploring or take a rest, without having to worry about getting money on top of wrangling your luggage and figuring out how to get to your lodgings.

2. Exchanging at the bank before your trip

As we mentioned in the previous section, it’s always nice to have your currency exchange taken care of before you reach your destination. It’s one less item to have on your to-do list when you arrive, and then if something happens upon arrival, you’ll already have the money that you need.

While banks are reliable, easily accessible, and can facilitate a currency exchange for you, they still aren’t the best option. While their rates will be better than those of airport kiosks, banks still come with a few drawbacks —namely, limited working hours, unfavorable exchange rates, and transaction fees.

So where does that leave us? Well...

1. Using money transfer to get currency before your trip

We promise we’re not biased—this really is the best option. Using an online money transfer service to exchange your currency before your trip will allow you to:

Avoid transaction and payment fees

Trust you’ll get a fair exchange rate

Take care of your currency exchange quickly and from your own home

Let you relax knowing that your currency exchange has already been handled.

It’s quick and easy to make an online money transfer. You don’t need to find a physical storefront and worry about business hours—you can initiate one on the go, 24/7, 365 days a year.

Haven’t made an online money transfer before? Here’s our step-by-step guide to the process. Or are you ready to get started now? Visit our Money Transfers page to learn more about Xe and how you can take care of your currency needs now, before you take on that upcoming trip.

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What Is Foreign Exchange? Factors That Affect The Value and Rates

Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

Pete Rathburn is a copy editor and fact-checker with expertise in economics and personal finance and over twenty years of experience in the classroom.

Foreign exchange , or forex , is the conversion of one country's currency into another. In a free economy, a country's currency is valued according to the laws of supply and demand . In other words, a currency's value can be pegged to another country's currency, such as the U.S. dollar, or even to a basket of currencies. A country's currency value may also be set by the country's government.

However, many countries float their currencies freely against those of other countries, which keeps them in constant fluctuation .

Factors Affecting Currency Value

The value of any particular currency is determined by market forces based on trade , investment, tourism, and geopolitical risk . Every time a tourist visits a country, for example, they must pay for goods and services using the currency of the host country. Therefore, a tourist must exchange the currency of their home country for the local currency. Currency exchange of this kind is one of the demand factors for a particular currency.

Key Takeaways

• Foreign exchange, also known as forex, is the conversion of one country's currency into another.
• The value of any particular currency is determined by market forces related to trade, investment, tourism, and geopolitical risk.

Foreign exchange is handled globally between banks and all transactions fall under the auspice of the Bank for International Settlements (BIS).

Another important factor of demand occurs when a foreign company seeks to do business with another in a specific country. Usually, the foreign company will have to pay in the local company's currency. At other times, it may be desirable for an investor from one country to invest in another, and that investment would have to be made in the local currency as well. All of these requirements produce a need for foreign exchange and contribute to the vast size of foreign exchange markets .

How Inflation Affects Foreign Exchange Rates

Inflation can have a major effect on the value of a country's currency and its foreign exchange rates with other currencies. While it is just one factor among many, inflation is more likely to have a significant negative effect on a currency's value and foreign exchange rate. A low rate of inflation does not guarantee a favorable exchange rate, but an extremely high inflation rate is very likely to have a negative impact.

Inflation is also closely related to  interest rates , which can influence exchange rates. The interrelationship between interest rates and inflation is complex and often difficult for currency-issuing countries to manage. Low interest rates spur  consumer spending  and  economic growth , and generally positive influences on currency value. If consumer spending increases and demand grows to exceed supply, inflation may ensue, which is not necessarily a bad outcome. However, low interest rates don't usually attract foreign investment the way higher interest rates can. Higher interest rates attract  foreign investment , which is likely to increase demand for a country's currency.

Bank for International Settlements. “ About BIS - Overview .”

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Where to Exchange Currency—and How to Be Smart About It

By Matt Meltzer

Exchanging your money at the airport is kind of like buying a beer at a baseball game: Even though $10 seems like way too much to pay for it, if you walk by and the line is short, you might just do it anyway. Much like knowing stadiums overcharge for beers, it’s no secret that airport exchanges are an expensive option for trading in money . Most charge a fee or service charge of anywhere from $5 to $15, and the exchange rate you get can be seven to 15 percent worse than the standard bank rate.

Though better options exist, many international travelers simply don’t know what they are and end up trading money at the airport for the sake of simplicity. But look a little further, and you’ll find there are much better ways of exchanging money when you travel.

Use your credit or debit card

Using only plastic is a popular method of overseas spending, since banks use the current exchange rate and many waive foreign currency and transaction fees. If you’re curious which cards have the best offers, Bankrate has a nice breakdown of who charges fees, and who waives them. Picking up a debit card with no foreign transaction fee and no ATM fees, and a credit card with no foreign transaction fees, can save you upwards of five percent.

The inherent downside in using only cards is that many countries, especially less developed ones, still use cash for everything. Some of those countries accept U.S. Dollars, but most do not, and when your rickshaw driver looks at you like you’re handing him a jar of magic beans when you pull out your AmEx, things can get dicey.

Also, be wary of businesses that ring up your credit/debit transactions with an option to pay in dollars. It might make the math a little easier, but that price includes a few-percentage-points markup that serves as their transaction fee. Always opt to pay in the local currency; your card’s fees—if it even has them—will likely be cheaper.

Withdraw from a local ATM

Like credit cards, ATMs use the current bank rate and give you the best deal. Many U.S. banks have global ATM networks, offering cards with no foreign debit or ATM fees. However, much like stateside, foreign machines can have ATM fees that range anywhere from $2 to $5, and that’s in addition to any fees your bank might already charge.

Paying fees is almost inevitable when exchanging money overseas, but minimizing your trips to the ATM by taking out larger sums of money at once can cut down on how much you're paying in fees. Just make sure you guard that cash carefully .

Exchange with your bank before you go

It’s unlikely your bank will have an abundance of Peruvian sol on hand the day before your big trip to Lima , so walking in at the last minute and expecting to trade in your dollars for sol—or any other currency—isn’t realistic. Instead, call ahead and order foreign currency from your bank, which is usually available to pick up within a couple of days. They’ll even deliver it to you, and though you might still pay a fee, the exchange rate will be much better than at the airport.

Exchange money at your destination

Most cities have currency houses where you can exchange money, as does your hotel and most train or bus stations. Though these spots are fairly convenient, they all offer different exchange rates, and you may find yourself shopping around the entire city to save two percent on a transaction. This is akin to driving ten miles to save a nickel on a gallon of gas. Unless you enjoy spending your vacation at financial institutions, you’re better off either exchanging before you go, or hitting an ATM on the ground. Because just like the airport kiosk and the ATM, these currency houses charge fees.

Alternatively, opt for a pre-paid travel card, which allows you to load foreign currency onto what’s essentially a traveling gift card, though those typically carry an annual fee, and a fee to purchase.

No matter how you opt to change money overseas, fees are almost inevitable; the key is keeping them to a minimum. Whatever method you choose, nearly everything will be cheaper than the airport kiosk. Now if only they’d have these kinds of options at baseball games.

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Best Ways to Exchange Money While Traveling

If you're not careful, you'll get a poor rate and could be charged high fees, sharing is nice.

We respect your privacy . All email addresses you provide will be used just for sending this story.

With airfares still low and the U.S. dollar strong, many Americans are traveling abroad. But once they get there, they need to be wary of exchanging money. It's easy to get ripped off.

The first rule of thumb is to avoid foreign exchange kiosks and storefronts, says Matt Schulz, senior industry analyst at CreditCards.com.

"The rate you are going to get simply isn't what you can get through a credit card," Schulz says. Or even a debit card, for that matter. 

Travelex, the currency exchange company that operates kiosks in airports around the world, was offering an exchange rate of 1 euro for $1.26 this month. On the same day, Mastercard's exchange rate was 1 euro for $1.17.

That may not sound like much of a difference, but it can add up. If you're paying 500 euros for train tickets for your family and charge it to your Mastercard, it would come to $585. But if you exchange your dollars for 500 euros in cash at the Travelex counter, you'd end up paying $630, Schulz says. Schulz recommends travelers rely on two basic tools: a credit card that doesn't charge foreign transaction fees, and a bank debit card, which typically offers competitive exchange rates.

Here are some basic rules to help you get the best currency conversion rates while traveling outside the U.S.

Use your debit card if you need cash. You can use your debit card to make a withdrawal at a local bank ATM. It's a good idea to research what your bank charges for foreign ATM withdrawals, however. Some tack on ATM fees of $1 to $5, as well as a debit transaction fee of up to 3 percent. If that's unpalatable, consider opening an account at a bank that doesn't charge such fees, such as Simple .

Charge purchases to a credit card that doesn't charge foreign-transaction fees. That can save you from paying fees that are as much as 3 percent of what you charge. There are many such credit cards available, like the Capital One Quicksilver Cash Rewards card or the Chase Sapphire Preferred card, so research which rewards program would make the most sense for your spending habits. If you need to apply for such a card, be sure to do so at least six to eight weeks before your trip to ensure it arrives on time.

Avoid currency kiosks . They rarely provide favorable rates when you exchange money. To see how much they vary, check rates at Travelex  and Mastercard .

Don't let foreign merchants charge you in U.S. dollars. This is a trap that credit card users sometimes fall into, Schulz says. If a merchant offers to charge your card in U.S. dollars rather than the local currency—also called dynamic currency conversion—don't agree to the offer. The exchange rate is often poor, and the merchant may also add fees on top of that. It's best to leave your charge in the original currency and let your credit card company provide you with its exchange rate.

Don't use your credit card for a cash advance. Credit card companies may offer competitive exchange rates, but many charge high fees and interest rates. On top of that, the interest on a cash advance begins immediately when you take the money instead of after the typical interest-free grace period for credit card charges.

Have you felt overcharged when you exchanged money?

Tell us about your experience in the comments section below.

Aimee Picchi

Aimee Picchi is a freelance writer who contributes to Consumer Reports on a range of personal-finance topics. Her fascination with personal finance started at a young age, when her dad bought her 10 shares of Pepsi to teach her about the stock market. She has also written for CBS MoneyWatch, The Boston Globe, Bloomberg, AOL's Daily Finance, and MSN Money.  Follow her on Twitter  (@aimeepicchi).

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Quick tips for where to exchange currency

Before your trip, it’s best to do a currency exchange at your bank or credit union, which likely offers better rates and fewer and/or lower fees.

Your bank or credit union may buy back leftover foreign currency in exchange for dollars when you return.

Once you're abroad, use your financial institution's ATMs if possible; they’re the best option to exchange currency with minimal fees.

Banks and credit unions are generally the best places to exchange currency, with reasonable exchange rates and the lowest fees. Here’s how financial institutions — and a few other places — can help exchange currency near you.

» ALSO : See our list of the best ways to send money internationally

How to find a currency exchange near you

If you’re looking to exchange currency, try the following options:

Check if your bank or credit union offers currency exchange services.

Look for an online currency converter that offers cash delivery.

Outside of the U.S., you can use your bank’s ATM network to withdraw local currency. 

Best place to exchange currency: Your bank or credit union

To get the best currency exchange rates, you’ll want to change money before you leave the country. Before you check out options for where to exchange money near you, figure out what the current exchange rates are by using a trusted source such as Reuters . That way, you’ll know what the going rate is and have an idea of what to expect when comparing exchange rates at banks and currency exchange service providers.

Many banks offer currency exchange to their customers. Though there may be a small fee if you exchange less than a certain amount, your bank or credit union will almost always be the cheapest place to exchange currency.

You may be able to order currency at a branch location, by phone, or online to have it delivered to you or to pick up at a branch. Some currency providers allow you to pick up your funds as soon as the next day, have it delivered within one to three business days or opt for overnight shipping.

» See our picks for the best banks for international travel

Another money-change option: online currency converters

You can also order through an online currency converter such as Currency Exchange International, which will have the cash delivered to your home. But exchange rates are less favorable, and the delivery charges may eat into your funds.

Where to exchange currency outside the U.S.

Once you’ve reached your destination, avoid airport kiosks or other exchange houses. Your bank's ATM network is likely the best option. You may be able to withdraw cash in the local currency with competitive exchange rates and low fees (1% to 3%).

Use your institution’s app to find an ATM near you. Try to withdraw larger amounts if your bank charges ATM fees. And avoid out-of-network ATMs — in addition to a possible foreign transaction fee, you could end up paying surcharges to your bank and the ATM owner.

» RELATED: See foreign debit card transaction fees by bank

If your bank doesn’t offer in-network ATMs or branches in the countries where you’re traveling, you can use your debit card at a local ATM. Keep in mind that you will typically be charged fees when using a foreign ATM.

» MORE: Learn about foreign transaction fees and how to avoid them

Where to avoid exchanging currency

Whether in the U.S. or at your destination, avoid airport kiosks or other exchange houses if you can. Those should only be used as a last resort, because they typically offer poor exchange rates and high fees, so you’ll get less currency for your money.

Skip currency exchange: Use a credit or debit card

Figure out whether your destination is card-friendly. If it is, you can avoid many of these extra travel fees with one of NerdWallet's favorite no foreign transaction fee credit cards or debit cards.

Consider applying for one of these credit cards or debit cards well before you leave (allowing ample time to process your application and receive the card in the mail) so you can use it instead of cash wherever possible. Credit and debit cards can be a safer option than cash; they offer fraud protection and safety features (such as the option to freeze them in case of misplacement), but once cash is lost or stolen, it can be impossible to recover.

Avoid using a credit card at ATMs or you’ll be hit with fees and interest right away for taking a cash advance. When making purchases at the point of sale, choose to pay in the local currency rather than in U.S. dollars to avoid currency conversion fees.

» MORE: Foreign transaction fees vs. currency conversion fees

When paying with a credit card abroad, stick to cards that don’t charge a foreign transaction fee. To avoid conversion fees, pay in the local currency rather than U.S. dollars.

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Exchange frequently? Consider a multicurrency account

If you live or work abroad, you might consider getting a multicurrency account. A multicurrency account is usually an account that lets you spend, receive and hold multiple currencies. Fintech companies Wise and Revolut offer multicurrency accounts online and through mobile apps. Read more about how multicurrency accounts work .

The best place to exchange currency at the end of your trip

Again, your bank is probably the best place to exchange currency, but it may not buy back all currency types. If your bank doesn’t accept the foreign currency you want to exchange, you can exchange your money at a currency exchange store or at an airport kiosk, even though you likely won’t get the best rate.

If you can’t sell your foreign currency, you may be able to donate it at the airport or in flight. Ten international airlines participate in UNICEF’s Change for Good program , which takes donations in foreign currency to help improve the lives of children worldwide.

Currency exchange: Frequently asked questions

Here are answers to common questions about the best place to get foreign currency.

Where is the best place to exchange currency?

Though there may be a small fee if you exchange less than a certain amount, your bank or credit union will almost always be the best (and cheapest) answer for where to exchange currency .

How do I find a currency exchange near me?

You can find a money exchange near you by searching online for “money exchange” and your ZIP code. You can also reach out to your local bank branch to see if it offers money exchange services.

Where can you exchange currency for free?

Some banks offer free currency exchange to their customers. Note that some financial institutions may charge a fee for exchanging currency unless you’re a premium account holder or are exchanging at least $1,000.

On a similar note...

Find a better savings account

See NerdWallet's picks for the best high-yield online savings accounts.

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How to exchange currency without paying big fees?

Sarah Sharkey

“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Updated 11:40 a.m. UTC Nov. 13, 2023

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When traveling abroad, savvy travelers shop around for the best deals on flights and accommodations. But mapping out an efficient plan to exchange currency can also lead to significant savings on your trip. Plan ahead to avoid overpaying for the currency you need to get around in another country.

Why exchange currency? 

Carrying local currency is a smart move for travelers. Not every vendor will accept cards, meanwhile your plastic may charge a foreign transaction fee on every purchase. You don’t want to be caught in the position of needing funds in a foreign country without the means to access them.

If you opt to carry some spending cash while traveling, exchanging currency is a necessary part of the process, whether you’re actually trading physical dollars or withdrawing funds from your account as foreign currency.

The key is to do it in the most cost-effective manner, and before you actually take your trip. 

Where to exchange U.S. currency before your trip

Many banks and credit unions allow you to exchange U.S. currency for a relatively minimal cost, or none at all, and in the manner that best suits your needs, including online, through a bank’s mobile app, in a branch or over the phone. Bigger banks, such as Wells Fargo and Bank of America, typically offer more of these options than smaller banks or credit unions.

Other, non-bank entities, allow for currency exchange. AAA members, for instance, can visit a AAA branch and exchange currency for no added fee.

Whichever path you take, exchanging currency through a bank prior to your trip can limit costs and give you certainty that you’re receiving actual currency.

“This method is one of the best for obtaining currency because there are no fees, and you’re guaranteed genuine currency,” said certified financial planner Joel Ohman.

The days leading up to an international trip are often hectic. A particularly convenient option is to have foreign currency delivered directly to your home. CitiBank charges $5 for next-day delivery on transactions under $1,000 and Bank of America charges a $7.50 delivery fee, though the fee is waived on orders of more than $1,000.  

Before you hit the confirm button though, double check that the exchange rate is reasonable. You can often find costs embedded directly into a less-than-ideal exchange rate. 

Compare the rate you’re being offered to the exchange rates from a competing national bank or at Exchange-Rates.org before committing to the transaction. 

Where to exchange U.S. currency in a foreign country

We recommend you skip the airport currency exchange, as tempting as it may be, and find an ATM within your bank’s network. Typically, you’ll be able to withdraw the local currency with more competitive exchange rates and lower fees than what you’d be able to secure at a kiosk. 

If your bank is international, you could also find a local branch at your destination.

Where to exchange foreign currency back in the U.S.

Typically, the best option to turn leftover currency back into greenbacks is to head back to your local bank or credit union.  

Many are willing to buy select foreign currencies. However, there are often limitations on their buyback programs. For example, you might only be able to exchange paper currency, leaving you stuck with coins.  

What to avoid to exchange your currency for cheap

While it’s convenient to exchange currency right before or after hopping on a flight, it’s also very easy to significantly overpay. The reality is that airport kiosks tend to have outlandishly unfavorable rates. You could be hit with a $5 to $15 fee on top of an exchange rate that’s 10 to 15 percentage points more expensive.

Traveler’s checks are another financially inefficient option worth avoiding. While a traveler’s check might provide refund options, a litany of transaction fees can often eat away at your funds.  

If you’re lost as to whether you’re getting a good deal, it helps to take a look at the exchange rate. 

“Know the most recent rate before you request and on the day of your payout,” said Mark Stewart, CPA at Step by Step Business. The rate will vary depending on the currencies and it typically changes by a few cents day to day.

Should you use currency or a bank card?

A bank card, also called a debit card, is an option in many countries. Typically, you should carry both a bank card and some cash. Debit cards protect you from fraud—if someone runs away with your wallet and you report the theft to your bank within two days, your liability for any fraudulent purchases is limited to $50.

But, before you pull out the plastic for all of your purchases abroad, check for foreign transaction fees. Many cards carry a transaction fee of 1% to 5% on purchases in other countries. If you find that your card has a high foreign transaction fee, you could open a new checking account (and thus get a new debit card) with a bank that doesn’t. 

Pros and cons of using your bank card while traveling abroad

Here’s what you need to know about using a bank card while traveling abroad. 

Let’s start with the pros:

• Convenience. Paying with plastic is often more convenient than carrying around paper currency, taking the time to count it out for every purchase and doing the math to double check your change. 
• Fraud protection. Debit cards offer fraud protection, which can keep your money safe while traveling. 
• Rewards. There are a few debit cards that offer travel rewards, although you’re more likely to rack up rewards via a credit card. 

Now for the cons:

• Payment mismatches. Not every merchant will accept credit payment methods. 
• Foreign transaction fees. Cards with foreign transaction fees can lead to additional costs on your trip. 
• Replacement difficulty. If you need a new card while traveling, it may be hard to find a local branch or receive one via mail. 

Frequently asked questions (FAQs)

While it’s challenging to completely avoid currency exchange fees, it is possible to minimize your costs. One way to minimize currency exchange costs is by skipping the airport kiosks and exchanging currency with your bank or credit union.

Typically, it’s cheaper to use an ATM to get the currency you need. Currency exchange kiosks often come with relatively high fees for travelers. 

Many international banks will exchange U.S. dollars for the local currency. If you want to be extra safe, check out your options online rather than assuming a particular foreign bank will exchange currency. 

The currency exchange rate represents the value of one currency against another currency. Currency exchange rates fluctuate regularly. Before exchanging currency, finding the official rate online will help you determine the costs tacked on by the bank. 

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy . The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Sarah Sharkey is a personal finance writer who enjoys diving into the details to help readers make savvy financial decisions. She covered mortgages, insurance, money management, and more. She lives in Florida with her husband and dogs. When she's not writing, she's outside exploring the coast.

Jenn Jones is the deputy editor for banking at USA TODAY Blueprint. She brings years of writing and analytical skills to bear, as she was previously a senior writer at LendingTree, a finance manager at World Car dealerships and an editor at Standard & Poor’s Capital IQ. Her work has been featured on MSN, F&I Magazine and Automotive News. She holds a B.S. in commerce from the University of Virginia.

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What’s the Best Way To Exchange Dollars for Foreign Currency? And When Should I Exchange Money?

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Traveling internationally is one of life’s greatest pleasures.

It’s also a statement that money expert Clark Howard fully believes. He founded and grew a chain of travel agencies early in his career. And he’s constantly taking trips to other countries.

One of the trickiest hurdles to navigate (outside of travel): figuring out how to pay for things in a different currency.

More specifically, what’s the best way to exchange money for a foreign currency so you don’t get ripped off? And should you do it before you leave the United States?

That’s what a listener of the  Clark Howard Podcast  recently asked.

How and When Should I Exchange Money for an International Trip?

How and when should I trade my dollars for a foreign currency ahead of an international trip?

A Clark listener asked that question on the June 27 podcast episode .

Asked Stephen in Colorado: “Clark suggests waiting to arrive at your destination to exchange money . With this in mind, which exchange agency is best to deal with? Banks, money exchanges, the black market, etc.? “And, can one get, for example, Australian Dollars prior to departure at a U.S. bank? Or should you always wait until you get to your destination to do an exchange?”

It’s a good thing that Stephen asked. He’s right about waiting to arrive at your destination. But everything else? Not so much.

“Everything you named — banks, money exchanges, the black market — stay away from all of that,” Clark says. “Exchanging money for Australian dollars before you go to Australia? Terrible idea. “The reason is we have perhaps the worst exchange rates in the world in the United States. There are weird particular reasons why money exchanged in the United States is hideously awful with massive fees in the system. “So getting money when you get overseas is the way to go.”

3 Great Ways To Exchange Money According To Clark

Clark says we should avoid exchanging dollars on U.S. soil. He also warns us to avoid banks, money exchanges and the black market. Got it.

But what options do we have, if any? Fortunately, there are three different ways that Clark recommends to navigate exchanging money or paying for things internationally.

1. Make Use of Your Smartphone

When was the last time you used cash in the United States? If you’re anything like me, it’s rare these days.

Most places in the world are like that, including Australia. Especially in metro areas.

“You’re going to find in Australia people overwhelmingly pay with their phone with Apple Pay or G-Pay. Or they use a credit card,” Clark says.

“With your Apple Pay, your G-Pay, make sure whatever credit card you tie into or whatever credit card you use has no foreign currency transaction fees.”

Make sure to pay in the local currency. If you pay with a credit card, for example, many foreign establishments will give you the option to pay in dollars.

While that may sound good, since you better understand the cost that way, it’s a trap . You’ll end up paying 7-10% more that way, Clark says.

Team Clark has identified the best credit cards with no foreign transaction fees .

2. How To Get Cash if You Really Need It

Clark frequently advises people to keep s ome cash on hand , even in the United States. He typically keeps $400 at home just in case.

It’s not the worst idea to have some local currency when you’re in a foreign country. Even if you’ll be able to pay for everything with your phone or a credit card.

Even so, there are some areas away from major cities where you may need cash.

“In most of urban Australia, most places, it’s like, ‘Cash? What’s that?’” Clark says. “But particularly if you’re going to the Outback, you’re going to more rural areas or you’re going to Western Australia, you want to have an ATM card that charges no foreign currency transaction fees and no ATM fees.”

For a long time, Charles Schwab was Clark’s lone recommendation for this. Schwab famously doesn’t charge international ATM fees. It will even reimburse you for any ATM charges you incur in the U.S. or internationally.

Clark cited USAA as another company that offers to take care of all ATM charges you incur (up to a ceiling).

“More and more financial institutions stand apart with this,” Clark says. “And this is something that’s more and more common.”

If you can withdraw money from your financial institution in the local currency without incurring any fees, you’ll save a lot of money vs. exchanging your dollars at a bank in the U.S.

3. Credit Cards That Specialize in Foreign Currency Exchange

In addition to withdrawing cash from a foreign ATM or using your phone or a credit card, you can look into getting a credit card from Revolut or Wise .

“These are companies that specialize in foreign currency exchange,” Clark says.

“Their principal market is sending money to friends or relatives overseas at much lower prices than traditional sending money services. But they also have Visa or Mastercard stored value cards that work in whatever currency of the country you’re going to at much lower or no fees depending on the currency.”

Why These Are Better Than Exchanging Money at a U.S. Bank

Just to reiterate, the worst thing you can do is exchange your money at a U.S. bank before you leave for your trip. That’s because the fees are so high that they represent a major ripoff.

“Any of these methods will work and be vastly superior to using a money exchange, using a bank, anything like that here or overseas,” Clark says.

“And still, even if you did default to going to a bank or money exchange overseas, almost always, their ripoff fees will be much lower than the ripoff fees exchanging money here in the United States before you go.”

Final Thoughts

Going on a trip out of the country? Congratulations! You’re in for a great experience.

Just make sure that you follow Clark’s advice when it comes to exchanging money. You’ll be spending enough of your hard-earned dollars without getting ripped off by a U.S. bank or money exchange.

Wait until you get to your destination. Then either pay with your phone, with a credit card or by withdrawing from an ATM through an institution that won’t papercut you with fees.

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Work exchanges: what kinds of positions are there?

Have you heard of doing a work exchange for accommodation, but don’t have any idea what kind of work there is? The answer is simple: the sky’s the limit! Some positions are more common, like helping with reception at hostels, but you can also find more varied work exchange positions too.

Luisa Janelas Abertas

Jun 12, 2023

Some of these tasks can be done by anyone who’s willing, while others require specific skills. In this case, volunteers can take advantage of the chance to not only save money and have incredible experiences while traveling, but also add to their resumés!

Want to see some examples of the things you can do in exchange for accommodation, which you can find on sites like Worldpackers ? Then just keep reading!

Typical volunteer positions which offer accommodation

1. receiving and attending to guests.

As I mentioned, these are some of the most popular positions published by places which offer work exchanges for accommodation. Usually, no experience is required for this kind of position, which generally consists of working at the reception of a hostel or hotel.

Checking people in and out, showing guests to their rooms, and answering questions about accommodation and the area are some of the most common tasks in this position. It’s a good option for people who like to have contact with others, and especially for those thinking of working in hospitality who want to really understand how the industry functions.

At some places, you’ll take on full shifts at reception, and at others you’ll only have to cover employees’ break times or help them out while they work. How about going to incredible places like Buenos Aires , for example, doing this kind of work? Also you may get these tips for a hostel life : 

• How to rock any hostel reception job like a pro
• First time working at a hostel? Here's what you need to know
• 10 reasons why you need to do a work exchange trip once in your life

2. Communication and marketing

If you have experience in marketing, studied (or are studying) communication or web design, or just have a lot of these skills to offer, you can find work exchanges for accommodation in this field.

Many places, from hostels to NGOs, are looking for creative people to help them market themselves, almost always with a focus on digital communication. In this case, they could require specific skills depending on the work. Some examples of tasks are managing social media, content marketing, graphic design, photography, and video creation.

I worked in this field in Hungary , living together with people from different countries while discovering the city and creating content for the hostel. It was one of the best experiences of my life! 

• Working at night in a hostel and getting 4 days off to enjoy Budapest  
• Promote parties in this hostel and get 4 days off and free events.

3. Entertaining guests

If you’re really good with people and like to socialize, this kind of position won’t even seem like work at all. I know it seems too good to be true, but a lot of places around the world offer accommodation in exchange for you to entertain people :)

This kind of position can involve things like playing instruments for people in a hostel, or being a guide for pub crawls and day trips around town. It’s a great way to meet people and explore the place you’re going, right? And all of this without any requirements except for being a fun and entertaining person.

You may want to develop your social skills in volunteering experience :

Top-rated party hostels to volunteer at with Worldpackers

• 5 reasons to work in hostels around the world

The ultimate guide to the hostel experience

4. Renovation and decoration

These positions are for people who are good with their hands, with experience in construction and renovation or decoration. Right now as you’re reading this article, many different hostels, small businesses, homes, and NGOs are looking for someone to fix something or give their place a new look. This can really include anything: painting walls, building furniture, creating artwork, doing small repairs, etc.

Interested? Check out all the open positions at Worldpackers .

5. Teaching and sharing

Language skills, IT knowledge, being good at sports – these are some of the skills that you can share with others through work exchange programs. Whatever the case may be, one thing is certain: you’ll learn much more than you teach.

6. Community work

Want to bring more meaning to your travels? If you’re looking for a chance to do community work, there’s no shortage of that: teaching lessons, doing artistic projects, helping with administrative tasks, fundraising... There are tons of possibilities in this area, from musical artists needed in Tanzania  to personal coaches in Lebanon .

7. Taking care of nature

For people looking to have more contact with nature and get a new perspective on our relationship with the environment, I recommend looking for opportunities with an environmental focus. In some cases, you’ll need to have some previous experience in farming or gardening, but many places offer to train their volunteers in these areas.

Many of these places work with permaculture and practice spirituality, offering meditation, yoga, and other similar mindful activities.

8. Cooking and bartending

If you have experience working in bars or restaurants, studied gastronomy, want to work in the field, or are just a boss in the kitchen or mixing drinks, these positions await you. You can prepare food, help the chef, wash dishes, bartend, make cocktails, or even create the menus.

Depending on the specific job, you can learn new recipes and develop useful skills for various areas of life, like speed and teamwork. Or at least have a delicious time! Is this your cup of tea? Then check out these cooking positions in Portugal .

9. Website and SEO optimization

Are you more of a programmer than a people person? No worries – programming skills are very much in demand at establishments that need to create or make changes to their websites and improve their search rankings.

If you have the necessary skills, take advantage of the chance to get new work experience in exchange for accommodation, and even add to your resumé. There are opportunities in this field in all corners of the world, from Recife to Myanmar .

10. Household tasks

Do you think it’s only businesses that offer this kind of work in exchange for accommodation? No way! Small farms and people’s homes are also options for those who are willing to help with household tasks like organizing, cleaning, and taking care of animals or children. You could stay in Hawaii or Switzerland , for example. Not too shabby, huh?

What’s included in a work exchange?

The basic premise is simple: you work for a limited amount of hours each week (generally between 20 and 30), and in exchange, you receive free accommodation. This is required, but the kind of accommodation varies, and can range from a bed in a shared room with other guests to a private room with a bathroom to yourself.

In my travels with Worldpackers , for example, I stayed in accommodations from a bunk bed in a female room in Budapest , sharing a bathroom and kitchen with other volunteers, to a room with two beds in Paraty (when I arrived, I shared it with another worldpacker, but she left soon after and I had the whole room to myself).

However, accommodation is very rarely the only benefit offered in a work exchange .

The majority of hosts provide breakfast, and many serve three meals per day. In these cases, the cost of your stay will be super low, unless you want to spend money on other things like parties, tours, and trips in the area.

So, go and ask yourself these  10 questions before traveling with a work exchange  and get some encouragement with these  10 reasons why you need to do a work exchange trip once in your life . 

Other benefits offered by hosts

You can even save money doing fun things! After all, hosts can offer various extra benefits that are really cool.

Here are some examples of benefits that you can receive in exchange for work:

• Free laundry
• Discounts on tours
• Free tours, parties, and events
• Bicycle use
• Discounts on drinks at pubs, restaurants, and parties
• Rides to the your destination
• Language lessons
• Volunteering certificates
• Yoga, dance, or surf lessons
• Surfboards to use
• Permaculture classes
• And even holistic therapies!

Remember that all of the benefits offered by a host are listed on their Worldpackers profile, always in the “Benefits” section of the page. If a benefit is not listed there, it’s because it is not offered by that host in their work exchanges.

You can even search for hosts on Worldpackers and filter by the benefits you’d like to receive in your exchange. Just start any search, and at the top left of the page, you’ll find the filter for “Other benefits”.

How do collaborative exchanges work, and what is not included?

Before confirming your trip, it’s important to carefully read the position description and communicate with the host to clarify any questions about the responsibilities you will be required to fulfill, as well as what will be offered in exchange. This avoids any chance of misunderstandings and guarantees that both parties will have a positive experience.

In these conversations, you can confirm, for example, if you’ll have access to the benefits for your entire time staying with a host. Usually, benefits are offered not only during your work hours, but also (or primarily, in the case of recreation) during your time off.

Also try to learn if you’ll have access to a kitchen on site to make your own food, especially if meals are not included. This is almost always possible, which also really helps you to save money.

Some things that are never included in an exchange of work for accommodation, on the other hand, are the cost of plane tickets or other transportation to arrive at your destination, as well as visas (if necessary) and travel insurance (extremely important when traveling abroad). So you should always remember to include these expenses in your travel budget.

You’ve just learned that there are many benefits that may be included in collaborative travel exchanges. Saving money is only one of the advantages, and collaboration creates a win-win situation for everyone, travelers and hosts alike.

Any questions about how these exchanges work or how to find the ideal host? Just send me a message here at Worldpackers ! Read more:

• An introvert's guide to work exchange with Worldpackers
• How a 2-month Worldpackers exchange in Ireland became a yearlong adventure
• An unforgettable work exchange in Western France

Join the community!

Create a free Worldpackers account to discover volunteer experiences perfect for you and get access to exclusive travel discounts!

Luisa Ferreira

Janelas Abertas

Autora do blog Janelas Abertas desde 2012, resolveu deixar o emprego fixo em 2016 para viver viajando e produzindo conteúdo pela internet, com foco em autoconhecimento e turismo responsável. Hoje o blog é a sua principal fonte de renda e maior paixão. Em 2022, lançou por crowdfunding seu primeiro livro, o "Guia de viagens pra dentro e pra fora: como viajar de forma transformadora e responsável". 💙

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I've saved thousands and traveled to dozens of countries using a home-swapping website

• Julie Williams has done 140 home exchanges in dozens of countries.
• Williams uses the home-swapping website HomeExchange to book accommodations.
• The website allows users to travel the world and form friendships. 

This as-told-to essay is based on a conversation with Julie Williams, 60, a semi-retired woman living in Devon, England, who has used HomeExchange more than 100 times over the last decade to travel the world. The website helps facilitate accommodation exchanges between 150,000 users in 145 countries. Williams estimates she's done about 140 exchanges since joining the site.

I came across HomeExchange about 12 years ago when my husband and I were living in Italy. My daughter was considering going traveling, and I was looking for some low-cost options for her.

We were a bit apprehensive about the website at first. I signed up but didn't pay the subscription. Then HomeExchange sent me an offer, and I said to my husband, "Shall we give it a go?"

The way it works is you subscribe to the website, make a profile, and list your home. You describe yourself and your traveling members and talk about your home and what you have to offer, as well as where you want to travel. Then, you start looking for people in that area who are on HomeExchange, too.

There are different kinds of exchanges. It's quite flexible. There's a simultaneous reciprocal exchange where you swap houses with another person at the same time, so they come to stay in your house, and you stay in theirs. That works well for families and people who have one home.

There is also a reciprocal exchange where you don't have to swap at the same time, so that's good for people who have second homes. The most flexible way is to use guest points. When somebody comes to stay in your house, the website gives you an allotted amount of guest points, which vary according to how large your home is, how many people you can accommodate, and what facilities you have. You can then use those points whenever you want. That's what we use a lot.

We had been living in Italy up until last year, and we had a much larger home with a separate self-contained apartment. We would mostly swap with people from Australia and New Zealand who liked to come to Italy during our summer, and we wanted to go in their summer, which are different times of the year. So, we would be at home when they came, and they would stay in our apartment.

We moved back to the UK last year. We had our first guest in this house a couple of weeks ago. We did a hospitality exchange, which is where you stay at home and host people. I like to cook and entertain for them. We've got some Australians coming in June.

You meet all sorts of people around the world

It's a complete cross-section of people and all ages. We've met doctors, people who work for NASA, academics, people who aren't necessarily professionals, and even people with plenty of money. We even hosted a senator from the US.

Some people just get fed up being in hotels, especially if they travel a lot. They want to live like locals when they go on holiday. They don't want to stay in a hotel and just be a tourist. We always tell people all the local places to go and things to see that they wouldn't have known about if they weren't staying with us. That's a big driver for people who get the bug for HomeExchange.

We've stayed in places in Australia that are totally off the grid in conservation areas that don't have electricity. That's completely different than being in a hotel and getting dressed up to go down for dinner.

We've kept in contact with some people we've met and even become friends. Our first exchange was in the Caribbean on St. John, which is a US Virgin Island . We stayed with some people there who later came to stay with us in Italy.

We were hooked after our first exchange

We were pretty much hooked after our first trip. The following year, I was coming up on 50 and decided I wanted to go to Australia. I put together a massive three-month trip, 12 weeks of back-to-back home exchanges around Australia and Tasmania. We had a stopover in Singapore on the way back. We couldn't have afforded to do a trip like that if we were staying in hotels.

HomeExchange means we can travel for much longer. The winters in Italy were cold and snowy, so we would often go away for three months.

Throughout my time using the website, I've been to Nevis, St. Martin, St. John in the Caribbean, Australia, Tasmania , New Zealand, Rarotonga, which is a Cook Island, Bali , Singapore, Hong Kong, England, Ireland, France, Germany, Switzerland, Italy, Denmark, Belgium, Holland.

In Western Australia, we once stayed outside a place called Monkey Mia, which is on the way to the Inglou Reef in somebody's beach house. We went to Monkey Mia, where wild dolphins come in to feed. They're completely wild. It was my dream to be picked to stand in the water and hold the fish to see if the dolphin wanted to come and eat it. And it did.

We've been to a fantastic place in Bali where we stayed in a beautiful villa with staff, a driver, and someone cooking for us.

I think we've saved well over £100,000 using HomeExchange. I haven't actually added it up, but we often go away for three months at a time. And we're not just talking about the cost of a double hotel room — we're staying in whole homes, places with swimming pools, vineyards, and fantastic views.

I'm always telling my friends about how wonderful it is. Even if you make an exchange agreement and, for some reason, the people hosting you cancel, there's a guarantee from HomeExchange that if they can't find you something suitable within a certain radius, they will give you an allowance toward staying in a hotel.

We don't see any downside to signing up and doing it.

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Planning a trip to Thailand? Here are 5 tips for your visit

Stay connected with international roaming plans

Save emergency contacts on your phone, prepare payment methods for smooth transactions, exchange currency before your flight, important apps to download for your thailand trip.

• Google Maps - For navigation and finding places of interest.
• Grab - Popular for cab-hailing and food delivery services in Thailand.
• Gojek - Another app for cab-hailing and delivery services, particularly in Bangkok.
• BTS Skytrain- Official app for Bangkok's Skytrain system, providing routes, schedules, and more.
• MRT Bangkok - Official app for Bangkok's metro system, offering route planning and real-time updates.
• Moovit - Public transport app for buses and trains in Bangkok and other major cities.
• Foodpanda - Food delivery app offering a variety of cuisines from local restaurants.
• GrabFood - Grab's food delivery service, offers a wide range of food options.
• Wongnai - App for discovering and reviewing restaurants in Thailand.
• Line - A popular messaging app in Thailand, useful for communicating with locals and businesses.

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I travelled to S.A. about a decade ago and I think the £GBP exchange rate was similar to what it is now

But I’m wondering if there has been lots of inflation in the interim in S.A.

Can you someone share some example food and drink costs pls

5 replies to this topic

Just look up the web sites of Pick n Pay,Spar,Checkers etc.

For a ballpark idea of restaurant prices, have a look at the menu online of a mid-range chain like Ocean Basket. Or maybe (everyone's favourite) Hussar Grill. Or Spur.

I think you’ll find the fx rate is much more in your favour than 10 years ago. It’s about 23 rand to the £

However, there has been inflation

Quick look at a supermarket shows a 6 pack of beer is R90, so just under £4 or in a restaurant/bar I remember paying around R30-35 recently so £1.30-1.50

There has been inflation but the exchange rate is much better for you than 10 years ago, so - at the end - prices are similar for you.

Take a look to supermarkets website or restaurants menu on the web.

most thing are cheaper in SA than UK so I would not worry about the price of beer .

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