![]() Whatever approach you take, make sure to start the process well in advance of your trip. Some online currency exchanges also have the option of in-store pickup. Note that these fees are usually waived if you order more than a certain amount. As of the time of writing, for example, Travelex offered an exchange rate of GBP 0.74, a more competitive rate than Bank of America’s.Īlso keep an eye out for any delivery fees. You also can conduct this transaction online through a currency conversion website, such as Travelex or OFX.Ĭompare your rates to your bank’s to see which one gives you more bang for your buck. Order cash through a currency conversion websiteīanks aren’t the only places to exchange money. “The only catch is that oftentimes your local bank might not carry foreign currency, so it may take a few days to order the currency. “One of the best ways to exchange money into foreign currency is by exchanging money at your local bank or credit union before your trip,” says Danielle Desir, founder of travel and personal finance blog The Thought Card. But if you get cash in advance, you won’t have to worry about tracking down an ATM upon arrival. Note that the bank also charges a flat delivery fee of $7.50 for all foreign currency orders under $1,000. According to Google, the market rate that same day was only slightly higher at GBP 0.72, so Bank of America’s exchange rate wasn’t bad. Banking institutions typically have decent exchange rates, but you might have to pay a fee for the transaction.īank of America, for instance, offered a British pound exchange rate of GBP 0.71 (meaning 69 pence - or 0.69 pounds - per U.S. If you want some foreign currency in your pocket before you arrive at your destination, consider purchasing it from your bank or credit union. ![]() Buy foreign currency from your bank or credit union Use an airport exchange kiosk (but only if you have to) 1. Order cash through a currency conversion websiteĤ. Buy foreign currency from your bank or credit unionĢ. Here’s how to convert money when traveling:ġ. ![]()
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