Note the difference between the rates for buying (the bank buys foreign currency from you to exchange into local cash) and selling (the bank sells foreign currency to you). If you do need to exchange money, look for places that don't charge a commission. When you use an airport currency exchange booth such as Forex or Travelex, the hit can be as much as 15 percent.īut exchanging money can make sense in certain situations, including emergencies (if your card - or the only ATM in town - doesn't work), or when crossing into a country that uses a different currency. On average, at a bank you lose about 8 percent when you change dollars to euros or another foreign currency. I've yet to see a European airport that didn't have plenty of ATMs.ĭon't bother with traveler's checks. They're a waste of time (long lines at slow banks) and money (fees to get them, fees to cash them).Īvoid (or at least minimize) cash exchange. In general, I avoid exchanging money in Europe it's a big rip-off. Some tourists feel like they just have to have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Resist the urge to buy foreign currency before your trip. With the following tips, you'll make the most of every cent you spend. Thanks to the ubiquity of cash machines and the widespread use of a single currency, gone are the days of having to go to your hometown bank for travelers' checks or foreign cash, of lining up at AmEx offices overseas, or getting fleeced at exchange bureaus at every border.
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