Exchange currency before you leave.
Currency conversion can be an unnecessary expense, and it’s one that you can avoid with some clever preparation for your travel, Hamm writes.
Take some currency with you by exchanging some dollars for your foreign currency of choice at a large bank before you leave, Hamm advises.
Should I exchange money before I travel to Europe?
Avoid (or at least minimize) cash exchange.In general, I avoid exchanging money in Europe; it’s a big rip-off. On average, at a bank you lose about 8 percent when you change dollars to euros or another foreign currency. A good rule of thumb: The difference between the buy and sell rates should be less than 10 percent.
Where can I exchange money before I travel?
Your bank or credit union is almost always the best place to exchange currency.
- Before your trip, exchange money at your bank or credit union.
- Once you’re abroad, use your financial institution’s ATMs, if possible.
- After you’re home, see if your bank or credit union will buy back the foreign currency.
Is it better to exchange money in US or Europe?
In general, exchanging money in Europe is better than doing so in the U.S.; however, having a small amount of local currency in your wallet when you land at the airport makes sense.