You can go to your own bank, as many do, or any bank that has a foreign exchange desk. You can also change your money at the airport or you can go to a foreign exchange bureau in town. If you want to buy foreign currency and have a debit or credit card, you can buy online and have the foreign currency securely mailed to you. No matter how convenient or traditional in approach you are, it’s always best to check out the exchange rates and associated charges in advance as they can vary considerably.
Check out a newspaper for current exchange rates or go online. Look at the tourist rates, rather than money market rates as they are different. This gives you an idea of the rates so you can make comparisons and determine what you will actually receive when you complete the transaction. Make a few calls to banks and foreign exchange bureaus and ask what exchange rate they are offering: it saves you a lot of time, and will ensure you get the best deal available. Always check out the charges and especially take a look at any currency buy-back deals. Many currency exchange outlets offer a guaranteed buy-back rate with no commission on used foreign currency, and this is something you ought to consider for surplus currency which otherwise will suffer a second set of currency exchange charges. You will often find that independent foreign exchange bureaus in the city, and particularly those at airports, will charge more than your local bank. Airports have a captive market, especially for passengers in transit to another destination so they can charge a premium, but by planning ahead, you won’t fall into this trap.
Compare the various exchange rates and charges and select the best deal. You need to take note of the traveling distance too, as traveling several miles to get a better exchange rate may not ultimately save you money due to travel costs. Once you’ve made your decision the process is simple. Remember, if you’re buying foreign currency, you usually need ID such as a passport, though it’s not usually required if you’re changing leftover foreign currency back into US dollars.
To change foreign currency to US dollars, simply give the cashier your currency and ask for dollars – take care to check the exchange rate as they do fluctuate wildly. You should be told how many dollars you will be getting for your foreign currency and the US dollars will come with a receipt demonstrating the rates and fees which have been used in the transaction.
If you’re buying foreign currency you can pay using cash, debit or credit card, and some outlets will accept a check depending on their individual policies and the bank you are using. There may be additional charges if you use a credit card so again, check first. You also need to note that buying foreign currency using a credit card is considered by most card issuers to be a cash advance. This means you get charged interest daily on the amount borrowed until you pay it back, though additional charges don’t normally apply for debit cards. Tell the cashier the amount of dollars you want to change and the type of currency you want to buy. The cashier will again confirm the exchange rate and commission charges, so you’re sure it matches what you were told when you contacted them, but remember foreign exchange rates can change very quickly. Pass your dollars, debit or credit card to the cashier (and your ID, if required). The cashier processes your request and counts your foreign currency in front of you, you will get your foreign currency together with a receipt showing how the exchange rate and fees have been applied and you should keep this, especially if it is your proof of purchase for any currency buyback after your trip.
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