Here are the best ways to get advantageous exchange rates, listed from best to worst, according to established personal finance experts from the banking, government, and consumer worlds. Over the course of a week of spending, especially if you purchase clothes or an elegant restaurant meal, those differences can add up to hundreds of dollars. On a day when currency markets suggest $100 should buy you €93, a currency exchange desk might hand you just €81, while a more modern method would net you a rate closer to €92, assuming you can avoid other fees. How much is at stake? Take dollars to euros. Whether it’s using an ATM affiliated with your home bank, or simply swiping your credit card, new methods offer better convenience and lower fees. Sandra Jones, senior vice president of member communications at State Employees Credit Union, recommends calling your bank's customer service to see if your location has the type of currency you need to exchange.Finding the best way to change money is an age-old problem for travelers, but the smartest methods for doing it have evolved dramatically in recent years.Ĭurrency exchange used to be as simple as dropping by a money-changing kiosk in a train station or a tourism hub upon your arrival in a new country, but new digital tools have made those old methods inefficient and pitfall-prone by comparison. To avoid unnecessary trips to a bank, consider taking the following steps for purchasing currency. Not all financial institutions exchange currency. Even if your bank provides this service, your nearest branch may only have certain types of currency available or limited amounts. The fee is waived if you make an order over $300. There's a $10 transaction fee for orders under $300.
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