International Travel: 7 Currency Conversion Tips to Keep in Mind

Taking an international trip will cost a little more because of the surcharges, fees, and commissions involved in currency conversion. However, travelers can minimize those costs.

Here are seven currency conversion tips to keep in mind when traveling:

1. Know the latest exchange rate — Check out the current rates before you leave and keep track of the exchange rates periodically during your trip, advises Independent Traveler. You can search currency conversion online for the rates in particular countries or get the information from banks beforehand.

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2. Use foreign ATMs — This method works best for day-to-day withdrawals, Doug Stallings writes in Fodor’s. Some banks may have higher rates than others, but there are those that may have no charges for foreign ATM withdrawals. Check for international charges from banks before traveling.

3. Avoid “no fee” currency exchanges — These rates are often higher than the rates would be when simply withdrawing from an ATM. The charges may include exchanging money along with a bad exchange rate.

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4. Get foreign currency through your bank — Before you leave, ask the bank or credit union if they sell foreign currency. The exchange rates might be better than in other locations. Ordering online, by phone, or through the local branch takes only a few days to receive the money, according to NerdWallet.

5. Pay with local currency — Some places in Europe, for example, accept U.S. dollars, but it could cost you 20 percent more because of a store’s high exchange rate, explains Rick Steves’ Europe. The bad rate builds up every time you make a purchase with dollars.

6. Don’t be a “clueless tourist” — Unfortunately, some merchants may try to shortchange tourists with local currency, Steves notes. That’s why travelers need to know about the country’s currency.

7. Keep some U.S. dollars on hand — Emergencies may arise while visiting a country, such as ATMs not working or even banks going on strike. Local exchange establishments, airports, and train stations can offer currency services.

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