Tips on Currency Exchange: Where to Save on Fees

Are you planning an international trip and wondering where to exchange your currency without paying hefty fees? Look no further! We’ve compiled some general tips to help you navigate the currency exchange process and get the most value for your money.

1. Exchange Before You Leave:

To secure the best currency exchange rates, consider exchanging money at your local bank or credit union before embarking on your journey. Banks typically offer better rates and lower fees compared to other options. Familiarize yourself with the current exchange rates using reputable sources like financial news outlets so you have a benchmark for comparison.

Many banks provide currency exchange services to their customers, and while there might be a small fee for exchanging smaller amounts, this is often the most cost-effective option. You can order currency at a branch, by phone, or online, and some providers even offer convenient delivery options.

2. Online Currency Converters:

Explore online currency converters as an alternative. Some platforms allow you to order cash online and have it delivered to your doorstep. However, be mindful of less favorable exchange rates and potential delivery charges that could impact your overall funds.

3. Using ATMs Abroad:

When arriving at your destination, steer clear of airport kiosks or other exchange houses, as they often present unfavorable exchange rates and high fees. Instead, tap into your bank’s ATM network for cash withdrawals in the local currency. This approach typically offers competitive exchange rates and lower fees (ranging from 1% to 3%). For more travel tips and financial insights, explore our saving money blog.

Before embarking on your journey, it’s advisable to verify whether your bank has ATMs within their network at your destination. Opt for larger withdrawal amounts to minimize ATM fees, and avoid out-of-network ATMs to sidestep additional charges. In cases where your bank lacks in-network options, using your debit card at a local ATM remains a viable alternative, albeit with the potential for foreign ATM usage fees. Check out more money-saving advice on our dedicated saving money blog.

4. Credit and Debit Cards:

Consider the plastic-friendly nature of your destination. Use credit or debit cards to make purchases, ensuring they don’t charge foreign transaction fees. Apply for cards without foreign transaction fees well in advance of your trip to allow for processing and delivery.

When making purchases, opt to pay in the local currency to avoid currency conversion fees. However, refrain from using credit cards at ATMs to avoid cash advance fees and immediate interest charges.

5. Multicurrency Accounts for Frequent Travelers:

For those who frequently travel or work abroad, explore multicurrency accounts offered by fintech companies. These accounts allow you to spend, receive, and hold multiple currencies—research options from various providers to find one that aligns with your needs and preferences.

6. Currency Exchange at the End of Your Trip:

As your journey concludes, your bank remains a reliable option for currency exchange. Keep in mind that not all banks accept every foreign currency. If your bank doesn’t handle a specific currency, you can resort to currency exchange stores or airport kiosks, albeit at potentially less favorable rates.

Consider donating any leftover foreign currency at the airport or during your flight. Several international airlines participate in programs that accept foreign currency donations to support charitable causes.


  • Where is the best place to exchange currency?
    • Your bank or credit union is generally the best and most cost-effective option for currency exchange.
  • How do I find a currency exchange near me?
    • Search online for money exchange and your ZIP code, or contact your local bank branch to inquire about currency exchange services.
  • Where can you exchange currency for free?
    • Some banks may offer free currency exchange but note that certain financial institutions may charge a fee unless you’re a premium account holder or exchange a minimum amount, typically $1,000.

To ensure a smooth currency exchange experience, it’s essential to plan. You can make use of your bank’s services, which may include currency exchange at competitive rates. However, it’s necessary to be mindful of the fees involved, as these can add up. Alternatively, consider using online converters, credit cards, or multicurrency accounts. These options offer better exchange rates and are more convenient than traditional currency exchange methods. With these tips in mind, you’re sure to have a successful currency exchange experience. 

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