Where To Exchange Currency In The U.S. And Abroad

One of the biggest anxieties people face when traveling is handling their money. Do you have enough? How much is this excursion going to cost? And most importantly, where to exchange currency if you need to? With so many factors relying on money, it’s worth it to figure out how to exchange currency in the smoothest way possible.

There are many ways to achieve this task without too much stress or worry. That said, there are few things to know beforehand in order to make this process simple and effective, leaving you with one less thing to check off your traveling to-do list.

How Does Exchanging Currency Work?

Exchanging currency means replacing a certain amount of your money with a different currency for when you travel abroad. This adds a convenience to your trip, as you now have the correct money to pay for things without having to stress about fees or conversion rates.

How Long Does A Currency Exchange Take?

This will depend on the bank or business you choose to work with. For example, a major bank like Wells Fargo can deliver currency in 2 – 7 business days, and this seems to be the average amount of this for other banks and credit unions as well. With such a large range, make sure you’re getting this done in advance to prevent any last-minute rushing.

What Is The Currency Exchange Rate?

Another factor to consider is the currency exchange rate, which is the relative value of one currency against another currency. These rates fluctuate over time, so it’s important to use the current updated rates to see any increase or decrease of value. For example, for the week of August 18, the exchange rate to convert from $1 U.S. to a euro was 1.09, meaning 1 U.S. dollar can purchase 1.09 euro. This is great for figuring out how much money you need to exchange in order to have the right amount in the other currency.

A great reliable source to check these ever changing rates can be found in the U.S. Customs and Border Protection website, where they have updated exchange rates posted every week for numerous currencies. That said, your bank will have even more exact numbers, so if you’re still unsure or want to get an estimate, give them a call.

Where To Exchange Currency In The US Before Traveling Abroad

Many people like to handle the money situation before traveling to save themselves from any anxieties about figuring out how to exchange money there. Doing it beforehand offers a couple opportunities for you to get what you need in a simple and safe manner.

Visit Your Bank Or Credit Union 

Chances are, you’ll want to go somewhere familiar to handle your finances. The good news is many banks and credit unions are able to help you exchange currency. First, check their websites or call customer service to figure out if this service is available and if they are able to process your request. Some banks offer multiple ways of exchanging currency, like a phone call, online form or an in-person visit.

Keep in mind there could be potential added fees and these will vary depending on how much you’re exchanging and what bank you’re using. Your bank or credit union will have its own process, so prepare by bringing some kind of ID like a driver’s license or passport, the money you want to exchange and any additional money to cover added fees.

Order Foreign Currency Ahead Of Time

As mentioned, it takes some time to receive your foreign currency, especially if you’re going to a less-traveled place and your bank might need to order in a specific currency. Count on a week or more to give your bank all the time it needs to fulfill your order. Most places require you to go in person to pick up your currency, but there are some banks that will ship it to you for an additional fee.

Where To Exchange Foreign Currency Abroad

Maybe you didn’t have time before your trip or prefer to wait and exchange your money until you’re at your destination. Whatever the case is, there are a few options abroad that will help you safely handle your finances.

Find Your Bank’s International ATM

Many major U.S. banks have international ATMs that you can use to withdraw money. Bank of America for example, has ATMs available for customers all across the world. Fees and costs will vary, but this is a good way to avoid scams by continuing to use a trusted source.

Exchange Cash At An International Bank Branch

Similarly, your major bank could have an international branch that is available to account holders. This process would be similar to if you went to the bank at home, so fees will more likely be relatively inexpensive in comparison to other ways of exchanging money abroad.

Where Should You Avoid Exchanging Currency?

The last thing you want is to get caught up in a scam, and you don’t want to pay more fees than you have to. Remember some of these common places to avoid when exchanging money and save yourself from being taken advantage of.

• Currency exchange stores: You would think a store made specifically for currency exchanges would be a good place to handle this transaction, but these places can actually be the center of scams and higher exchange rates so please take caution before using this option.
• Airport kiosks: Just like everything else at an airport, exchanging currency at the airport is going to have a lot more fees and extra costs to do the same thing your bank would do. 
• International hotels: Hotels know that you want a quick and convenient way to convert your money, and what better way to achieve this than to set up their own ATM or kiosk? While it might be more convenient, you’ll end up paying higher fees and exchange rates to accommodate for that convenience.

Alternative Options To Exchanging Currency

In some cases, you might not even have to exchange currency as there are alternatives that can work just as well and depending on your travel plans, might be a better option overall.

Credit Cards

Major credit cards and credit unions can be used universally which makes them a great asset to add to your wallet when abroad, although there may be added fees to help with the money conversions. Additionally, a travel credit card is well worth it for those that travel more than average. The more you use this card for trips, flights or hotels the more perks and benefits you receive. Research whether your credit card company has a way to notify them when you’ll be using your card abroad to prevent them from locking your card while you’re abroad.

Prepaid Travel Cards

This card can be obtained through your bank and is essentially like a debit card. You’ll load up the amount you want beforehand and that’s it! You’re all set to use it as a debit card or to make a withdrawal at an ATM abroad.

Mobile Payment Services

Last but not least, mobile wallets and payment services are another option to consider. Services like Apple Pay have you upload your card to your phone directly for a convenient place to keep all your money. Keep in mind that some stores might not take Apple pay as the technology needs to be installed, and there will still be added fees to convert money.

Currency Exchange FAQs

Here are some other commonly asked questions about currency exchange:

How do I exchange foreign currency for free?

It might be difficult to do this for free, but there are ways to lower fees like doing the transaction at your bank and credit union where you have access to special loyalties that could waive costs.

Can I exchange any remaining currency when I return from a trip abroad?

Yes, and it’s a fairly simple process as well. Once again, your bank will be the best place to handle this transaction in order to get lower fees so reach out to them with any questions about the process.

The Bottom Line: Exchanging Currency Can Save You Time And Money

While there seems to be a million tasks you need to complete before a trip, make sure figuring out your travel money is near the top of your list. Every excursion, dinner or shopping trip will have some kind of cost. Exchange your currency to make every transaction simple and effortless so you can focus on having fun.

Vacations and trips come with a lot of extra costs, download the Rocket Money^SM app to help you track your finances and even automate your savings for your next vacation.