Help Needed - Currency Exchange, Who Offers The Best Rates In The Area?

[lperry]

Does anyone know who has the best rates for currency exchange? I won't go to Travelex in Dulles anymore - they gave me counterfeit Chinese RMB. We are considering going with the American Express service, but would like other ideas.

Thanks!

[DonRocks]

Does anyone know who has the best rates for currency exchange? I won't go to Travelex in Dulles anymore - they gave me counterfeit Chinese RMB. We are considering going with the American Express service, but would like other ideas.

Thanks!

Charging things on your credit cards tends to give you the best rates, but if it's actual *currency* you want, one of the places on K Street (Thomas Cook on 18th and K, perhaps?). Around twenty years ago, that area was about your only option; now, I'm not so sure.

[lperry]

We'll use credit cards for most things, but we are renting an apartment for the stay and need to pay in cash or check. Banks are the worst for charges, so we figured we'd see about exchanging first.

[MMM]

We never exchange money in the US, but always wait until we arrive abroad and get cash from an ATM using a debit card so the money comes directly out of our bank at home but we get the best exchange rate. Check with your bank to see what ATM charges they have and if they charge a foreign exchange fee. I think you can withdraw up to $300 (maybe more?) at a time daily. Also be sure to alert your bank or credit card issuer that you will be abroad before you leave. Here's a web site with some tips: http://www.independenttraveler.com/travel-tips/money-and-insurance/atms-abroad.

[DonRocks]

We never exchange money in the US, but always wait until we arrive abroad and get cash from an ATM using a debit card so the money comes directly out of our bank at home but we get the best exchange rate. Check with your bank to see what ATM charges they have and if they charge a foreign exchange fee. I think you can withdraw up to $300 (maybe more?) at a time daily. Also be sure to alert your bank or credit card issuer that you will be abroad before you leave. Here's a web site with some tips: http://www.independenttraveler.com/travel-tips/money-and-insurance/atms-abroad.

Come to think of it, this is what I do now also; my previous advice is 20 years old. Thanks, MMM.

[Joe H]

http://en.wikipedia.org/wiki/Global_ATM_Alliance is the link for Wikipedia discussing the global ATM alliance which waives most fees on specific ATM relationships.

In over 30 years of heavy international travel I have never exchanged money in the U. S. Use an ATM. Try to use an ATM that your bank has a relationship with as detailed above.

[mdt]

We'll use credit cards for most things, but we are renting an apartment for the stay and need to pay in cash or check. Banks are the worst for charges, so we figured we'd see about exchanging first.

Depending on what bank you have and the type of account they may provide foreign currency with low or no fees.

[lperry]

I have Wells Fargo, so ATM use incurs an 8% fee. That's garbage. I'd rather do the Amex advance here and have them FedEx me the cash.

[Joe H]

Please see my post above.

I have Wells Fargo, so ATM use incurs an 8% fee. That's garbage. I'd rather do the Amex advance here and have them FedEx me the cash.

Please see my post and the link above. Wells Fargo may not have a preferred relationship with a local bank in another country. Also, American Express Platinum does not charge exchange fees on purchases made with it.

[thetrain]

I have Wells Fargo, so ATM use incurs an 8% fee. That's garbage. I'd rather do the Amex advance here and have them FedEx me the cash.

I also use Wells Fargo and might be traveling abroad soon. Last time I did extensive traveling I had a Bank of America account and fees were minimal (1-3%), and according to Joe H's link they still should be. I might open a Bank of America account just for the trip to avoid the fees.

[lperry]

BoA has a relationship with BNL in Italy, and there are a ton of ATMs in Rome. Maybe it's time to change banks.

Thanks for the tip, JoeH. I travel quite a bit, but it's usually work related, so I just need enough cash to get me through the airport before someone shows up with an envelope of money for me. This is an actual vacation.

[Ericandblueboy]

I use my ATM card at whatever machine i find around the world. Don't recall ever incurring a fee. I bank with PNC, and I don't pay ATM fees in the US either, even when the fee is astronomical at a Vegas casino.

[MMM]

The other issue to consider is the foreign transaction fee that most credit cards charge. For a long time Capitol One was the only card that did not charge a fee. Now there are a few more. It pays to look into this and use one that is fee-free, even if you have to get a new card just for that purpose. Using a credit card when you can will get you the best exchange rate.

[lovehockey]

If you are going to Canada and have a Bank of America ATM card, you can avoid the big fees if you visit a ScotiaBank ATM. They may charge you a currency conversion fee, but I'd have to look way back for that. Regardless, it could be much worse.

As many people know, travelers checks have gone by the wayside unless they're specifically requested. And that's rare these days.

[Gary Tanigawa]

As many people know, travelers checks have gone by the wayside unless they're specifically requested. And that's rare these days.

True, but after doing some online research, I found the best deal for obtaining yen is to get US$ traveler's checks from my bank (no charge) and exchanging them at Narita for yen. The exchange rate is better for traveler's checks than for US$ cash because the transfer for the bank is electronic. There was no difference that I cound find in exchange rates between banks and Thomas Cook at the airport. The caveat is exchanging traverler's checks outside the airport is difficult. Otherwise, the advice about using an ATM is true in Japan. Most US bank cards could be used in 7-11 or Lawsons.