Is it better to go to bank or currency exchange?
Ordering currency from your bank before you travel is almost always better than using the airport currency exchange. Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings.
Though there may be a small fee if you exchange less than a certain amount, your bank or credit union will almost always be the cheapest place to exchange currency. You may be able to order currency at a branch location, by phone, or online to have it delivered to you or to pick up at a branch.
Local banks or credit unions may be the most convenient and affordable place to exchange currency. Make sure to check your institution's exchange rates and service fees to get the best trade.
Local banks and credit unions usually offer the best rates.
- TD Bank: TD Bank has 55 types of currencies. ...
- U.S. Bank: US Bank customers may exchange currency at a local branch or online. ...
- Wings Financial Credit Union: Wings Financial Credit Union has over 90 different currencies.
Should I get foreign currency before I travel? You don't need to, but if you want to, Granite said, “Your bank can definitely give you a wonderful experience, provided the U.S. dollar is stronger before you leave.”
A good rule of thumb, though, is that, on average, you should plan to carry between $50 and $100 per day in the currency of the country in which you're travelling. As with all things, research is your friend here. Understand where you're travelling and what the local customs regarding cash are.
Banks typically charge either a flat fee or a percentage, such as 1% to 3% of the amount you take out at an ATM in foreign currency.
Online currency exchange brokers, such as Travelex, Eurochange, TravelFX, TorFX, and the Currency Online Group, are all likely to offer more competitive exchange rates compared to the high street banks. These providers offer a wide range of currencies for home delivery.
- Open a Credit Card Without a Foreign Transaction Fee. ...
- Open a Bank Account Without a Foreign Transaction Fee. ...
- Exchange Currency Before Traveling. ...
- Avoid Foreign ATMs. ...
- Ask Your Bank About Foreign Partners.
Where not to exchange money?
Currency exchange shops and kiosks in airports are not the best places to exchange money. For the best rates, try a local bank or a bank ATM to make your currency exchanges. Check to see if your U.S. bank offers foreign ATM fee refunds for using a foreign ATM. Not all currency exchanges charge the same rate.
- Use airport kiosks prior to leaving the US.
- Buy traveler's checks or foreign currency cash from your bank or credit union.
- Choose an online exchange bureau.
- Buy currency on arrival at your hotel or in popular tourist areas.
Ordering currency from your bank before you travel is almost always better than using the airport currency exchange. Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings.
Resist the urge to buy foreign currency before your trip.
Some tourists feel like they must have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Wait until you arrive to withdraw money.
- Banks and credit unions. Banks and credit unions typically offer the best rates and minimal fees, making them a great option for currency exchange. ...
- Foreign exchange houses and airport kiosks. ...
- Online currency exchange.
A Bank of America International Transaction Fee of 3% will apply when converting your currency.
If you are going all cash or even part cash then creating a budget is key. As a rough estimation, budget $50-100 per person for each day that you will be away. This should cover your accommodation, food, drink and transportation costs.
Don't Expect to Get Too Far Without Cash
There's a lot that you can buy with a credit card in Europe, so bring at least one. But don't expect to get very far without a little cash, too—especially if you're a tourist. Transportation services, such as taxis and buses, often require local currency.
For large amounts, especially if they are less common currencies, place an order at least a few days in advance to ensure you can pick up as much as you need. You'll probably be able to lock in the exchange rate then and there.
So, you might be wondering - how much cash should I bring on a three-week vacation to Europe? You can use the costs in our table above, and the $100-per-day rule of thumb, to calculate how much money you'll need for your trip. So for a three-week trip, you'll be needing over $2,000.
What is the cheapest way to get euros in the US?
What is the cheapest way to get euros in the US? You'll need to compare exchange rates and fees for your bank with currency exchange services such as CXI. But a travel card such as the Wise international debit card can be a cheaper option, offering low fees and fairer, margin-free exchange rates.
| Expense | Estimated cost |
|---|---|
| Local transportation | $0 to $30 per day, depending on whether you walk, drive, or use public transportation |
| Food & drink | $25 to $100 per day, depending on whether you are cooking or eating out |
| Attractions | $0 to $100 per day |
| Spending money | $0 to $100 per day |
You may be able to get foreign currency in cash at your local bank branch, or you can order currency online or by phone to be delivered to your home. Depending on your bank, where you live and which country's currency you need, some currencies may be available for same-day exchange.
To avoid dynamic currency conversion fees when traveling internationally, choose to pay credit card transactions in the local currency rather than in US dollars. Some merchants will attempt to make this decision for you, so confirm which currency you're transacting in before you pay.
Any Bank of America customer can exchange foreign currency at any financial center.
