Travel Money Tips: Getting the Most Currency for Your Dollar

Every dollar saved on currency exchange is a dollar you can spend on experiences. With some planning, it's easy to avoid the worst rates and fees.

Before You Travel

Order currency in advance: Your home bank or a local credit union often offers better rates than airport kiosks. Some banks allow you to order foreign currency online for branch pickup. Allow 3–5 business days.

Get a travel credit card: Cards with no foreign transaction fees and competitive exchange rates (typically the Visa/Mastercard mid-market rate) are often the best way to pay abroad. Top picks consistently include Charles Schwab, Capital One Venture, and Chase Sapphire in the US.

Check your debit card: Some banks, particularly online banks like Charles Schwab, reimburse international ATM fees. This makes local ATM withdrawals one of the cheapest ways to get cash abroad.

At Your Destination

Always pay in local currency: When a merchant or ATM offers to charge you in your home currency (called Dynamic Currency Conversion or DCC), always decline. The rate offered is almost always worse than your card's rate.

Use ATMs on bank premises: Standalone ATMs in tourist areas often charge higher fees than those at local bank branches. Use bank ATMs where possible.

Avoid exchange booths in tourist areas: The worst rates are found near major attractions, cruise terminals, and tourist streets. A local bank branch or post office typically offers better rates.

The Budget Rule

Keep track of the mid-market rate before you travel and use it as your benchmark. As a rule of thumb, any rate within 2% of mid-market is acceptable. Anything worse than 3% is worth avoiding if you have an alternative.