Cheapest Ways to Exchange Currency before traveling to your destination

Posted by pooja late on February 14th, 2019

Are you planning to go abroad soon? You will need to have access to foreign currency. While you could make all your purchases with a credit or debit card, you run the risk of wasting too much money on foreign fees. One way to avoid that is to exchange currency and carry around cash. However, sometimes getting access to foreign funds can be expensive. If you are on a mission to save money, here are the cheapest ways to purchase foreign currency.

Stop by Your Local Bank

Many banks and credit unions sell foreign currency. Some financial institutions order currency and ship it to their customers’ homes. That may be a convenient way to get the money you need for your trip. Nevertheless, if you have to pay shipping fees, you could lose a lot of money in the process.

A cheaper way to get access to foreign currency is to buy it from your local bank branch in person. You may not have to pay a fee at all. Moreover, banks often get access to the best exchange rates.

Visit an ATM

If you work long hours and you can never make it to the bank before it closes, your next best bet is to stop by an ATM before leaving the country. As long as it’s within your bank’s network, you should have to pay little to no fees for your withdrawals.

You can also find out whether your bank has a foreign affiliate. If it does, you may be able to withdraw funds from one of their ATMs. If there are fees that you have to pay, it might be a good idea to take out as much money as you can at one time.

Consider Getting Traveler’s Checks

Another way to exchange currency is to purchase traveler’s checks. Many traveler’s checks come from American Express, but you can get them from most banks or credit unions. You may be able to buy them from your bank or credit union, but you’ll likely have to pay a small fee. Again, going into the bank and buying them from a teller is a good idea if you don’t want to pay extra to have them mailed to you.

If you can’t get traveler’s checks from your own bank, there may be another bank in your vicinity that sells them. Many traveler’s checks come from American Express. If you visit its website, you can enter your address and get a list of the closest banks that provide traveler’s checks. But the fee you’re required to pay may be higher if you don’t have an account with the bank. An alternative is to find a prepaid travel credit card, like the ones offered by American Express and MasterCard. They offer some of the same benefits that traveler’s checks provide.

Buy Currency at Your Foreign Bank Branch

Opening a bank account in a foreign country might make sense if you frequently travel there. If the bank sells currency, you could wait until you arrive to get the funds you need. But setting up an account may take time. So you’ll either need to do it in advance or open the account so you can access it later during your next trip.

Buy Currency Online

Various online bureaus sell foreign currency. However, to get the most money at the cheapest rates, you’ll need to do some research. Travelmoneymax.com is just one website that makes it easy to compare different bureaus and find the ones with the best exchange rates. You may be able to avoid paying a shipping fee by ordering large amounts of currency.

Author’s Bio

Mohammed Yemen in this article explores the cheapest means to buy currency online. He further advises his audience on planning their journey properly.