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At some point we’re going to be heading out to see the world again, and if you’re new to international travel, you may be wondering how to exchange currency. Here are your options.

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Exchange at your bank

Most major banks will exchange your U.S. dollars for foreign currency. It’s important to stop at your branch or call customer service to first find out if they offer it and if they’ll be able to get the foreign currency you need.

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Note that it has to be your bank: Banks will only allow you to exchange U.S. dollars for foreign currency if you have a checking or savings account (or, depending on the bank, a major credit card) with that bank. A bank is your best option for exchanging currency: most of them do not charge a fee for currency exchange and give the most up-to-date exchange rate available.

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Here is some information about major banks that offer currency exchanges:

Can order online at a $100 minimum

Currency under $1,000 will be sent by mail (does not include weekends)

Currency over $1,000 will have to be picked up at the bank branch

BOA does not charge a fee to convert

Standard wait is 1-3 business days

Call to set up foreign currency exchange

Money is immediately deducted from your bank account

$5 service fee for exchanges under $1,000

Currency will be sent free to your office, home or bank branch

$10 fee for Standard overnight shipping, $15 for Priority overnight, $20 for Saturday overnight

Will buy back foreign currency for a $5 fee if the amount is under $1,000 U.S. dollars

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Can order by phone, online and in-person

Order online with $200 minimum

Currency over $1,000 will be sent by mail

Will buy back unused currency

Standard wait is 2-7 business days

Exchange at the airport

After you’ve gone through your security screening at the airport, you’ll see a bunch of places offering to exchange currency. Travelex is one of the main currency exchange brands worldwide, but there are many; they’ll have signs with pictures of foreign currency symbols, so you can’t miss them.

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Exchanging currency at the airport is typically more expensive than any other method. They take a pretty hefty commission, although the percent varies from place to place.

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Wait to get foreign currency at your destination

When exchanging U.S. dollars, sometimes it’s better to wait until you get to your destination. Once you have, you can typically find currency exchange places similar to those you’ve seen in airports. They are commonplace in tourist areas, near hotels and next to or inside shopping malls. A good rule of thumb is to map out where they are in conjunction to where you are staying before reaching your destination.

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These places typically have lower rates than airports, but will still charge a fee to exchange. You can check a foreign bank at your destination to ensure that you are getting a fair rate. If you’re looking for a foreign exchange kiosk, you can spot a reputable one by its lit up, active board of foreign currency exchange rates. These places will also ask for your passport (to make a copy). Lastly, they will give you a receipt for your exchange.

Beware of exchange places that do not have the rates in plain sight, do not ask for your passport or attempt to do the exchange via calculator.

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Use a foreign ATM

Using a foreign ATM you can automatically receive foreign currency without carrying around U.S. dollars.

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The ATM will work the way you’re used to, with one notable difference: After you choose “withdrawal,” a prompt will provide you with two options.

Keep the exchange in the foreign currency (always shown on the left) Convert to U.S. d ollars (always shown on the right)

The ATM is asking if you want to be charged solely in the foreign currency or have your bank recognize it as a foreign transaction with U.S. dollars. You should always keep it in the foreign currency. When you choose the option on the right (convert to U.S. dollars), you are always charged more for the conversion. This option will ho t you with a foreign transaction fee (depending on your bank or credit card), a conversion fee and a surcharge. So, choose the option on the left.

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Also, remember to have your passport with you in case your card gets stuck. You want to be able to call the service number on the ATM (or ask your accommodations’ front desk/host) for assistance and be able to prove the card belongs to you in order to retrieve it.

Source: Lifehacker.com

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