You can exchange foreign currency at several convenient locations depending on where you are:
- Banks and Credit Unions: These are generally the best places to exchange currency with reasonable rates and low fees. Many banks allow you to order foreign currency online or at branches for pickup. Examples include Chase Bank, Bank of America, PNC Bank, TD Bank, and various credit unions. Some banks require advance notice to have the currency available
- Currency Exchange Services and Bureaus: In major cities and airports, specialized currency exchange providers like Reisebank in Germany offer currency exchange at train stations, airports, and city centers. They often have both staffed branches and self-service ATMs that can exchange certain foreign currencies
- ATMs Abroad: Using your bank’s partner ATMs abroad can be a cost-effective way to get local currency with minimal fees. It is advised to choose to be charged in the local currency (e.g., Euro) to avoid poor exchange rates and extra fees
- Online Currency Exchange Platforms: Services like Wise and XE provide digital currency exchange and international money transfers at competitive rates, which can be a convenient alternative to physical currency exchange
Tips for Exchanging Currency:
- Exchange currency before traveling at your bank to get better rates and avoid high fees.
- Avoid exchanging money at airports or hotels as they usually offer poor rates and high fees.
- Always check the current mid-market exchange rate to avoid unfavorable deals.
- Beware of "zero fee" services that may offer poor exchange rates as a hidden cost
In summary, the best places to exchange foreign currency are your local bank or credit union before travel, reputable currency exchange bureaus in major cities or airports, and ATMs affiliated with your bank abroad. Online platforms also offer a convenient alternative for digital currency exchange and transfers.
