Dealing with foreign currency 
can be a head-scratcher. It’s possible to get burned simply by changing your money from one currency to another.
Here are our tips to avoid losing money when changing money in foreign currency exchange transactions:
Exchange some cash before arriving in your next country.
Exchange rates are most favorable outside of the country whose currency you’re looking for. Not to mention your ATM card may not function in the country in which you’re arriving.
Order foreign cash at home
Use Oanda (US only) or Travelex.
Avoid exchanging currency at airports or near tourist sites.
The most convenient exchange outlets have the least favorable rates – walk a little and save yourself money.
Use ATM machines to get the best exchange rate available.
If you’re arriving without local cash, get it from an airport ATM or bank, not the currency exchange. You’ll get 2 – 5% better rates with the ATM.
Use credit cards for bigger purchases.
You can save further on the ATM fee by using your no-fee credit card when paying for hotels, car rentals or other random merchandise.
Take the time to shop around.
Read the posted exchange rates and ask for the rate after commissions – they differ whether it’s based on a per-item or per-transaction basis, or on a percentage basis. To lure you in, some exchange kiosks will post their “sell rate” for US dollars rather than the “buy rate” (which is what you want if you’re changing US dollars into foreign currency) and they can differ dramatically.
Another popular tactic is to list a great rate that’s only available for large quantities of money (ie, thousands of dollars). Avoid the issue entirely by using bigger banks or post offices.
Get rid of all your cash before you leave the country.
(Except of course for European Union countries.) Changing it when you get to the new country will not give you the most favorable rates, and they don’t exchange coins. If you can’t spend your change you can donate it at the airport. Find the donation bins in the airport or send it to the United States Fund for UNICEF.
Turn your remaining currency into charity with their Change for Good program.
Or mail it directly to them:
U.S. Fund for UNICEF
ATTN: Change for Good Program
125 Maiden Lane
New York, NY 10038
Read more about using cash and/or credit cards on the road.
Finding an ATM
Take a look and see if your ATM card is part of either the PLUS or Cirrus networks. If so, you can use it to get cash in hundreds of countries worldwide. Each one of these networks have over a million ATMs around the world.
The PLUS network is associated with Visa and Cirrus with MasterCard so your Visa and Mastercards will typically work at those ATMs respectively.
Find out beforehand if Cirrus or PLUS networks are going to be available in the countries you’re going. Usually they will but it would hurt to take a look. Here are their ATM locators:
Cirrus users can also call (800) 424-7787 for a current list of locations worldwide.
Foreign Currency Exchange Tips,
