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Where to Exchange Currency

By Editorial team

If you are planning your next trip or family vacation you may be wondering where you can exchange currency. There are a lot of available options, but before you make your decision it is important that you research if the country you are visiting accepts and prefers US dollars, or if they have any restrictions. You should also contact your local bank and credit union so you can compare fees and rates to other available options. 

All options have pros and cons and it is important that you know them so you can lower your risks and get more buck more your money! 

Here are the most common options available for currency exchange: 

 

Bank or Credit Union 

Most banks and credit unions offer currency exchange to their customers at low fees and rates. It is important that you call or check your bank's website to check fees and rates, amount and time limit so you can plan accordingly. 

Pros

  • Safety 
  • Low fees and rates 
  • Many banks offer online order and delivery 

Cons

  • It usually takes a few days to order so you need to plan ahead and call your bank to check availability. 
  • There is a limit on amounts 
  • Some banks charge additional fees for delivery 
  • Most have better rates and fees for credit and debit card use abroad

 

Exchange Kiosks 

At international departure and arrival terminals you will find currency exchange kiosks. You may also find these shops at hotels, bus or train terminals and downtown or tourist areas.  All though there are convenient, these should only be used in emergencies or as a last resort because they have higher rates and fees. 

Pros:

  • Convenience
  • Open 24 hours a day 
  • There is no limit, you can exchange as much or as little as you need

Cons:

  • High service fees and rates

 

Prepaid debit cards

You can buy a prepaid debit card that can be used when traveling to keep yourself and your family on a budget. These work as a normal debit card, but are not connected to a checking account, you have to sign up and load the cash you want to spend. 

Pros

  • Safety. Prepaid cards are safer than carrying around cash and you are able to replace them and  in case of theft. 
  • Helps you control your spending 
  • Anyone over 18 can buy one. No credit study is needed. 
  • Worldwide acceptance

Cons:

  • Costly fees and rates

 

Online Exchange 

The best and most convenient method for currency exchange are online services. With just a few clicks and simple steps, you will exchange the amount of money you need without ever leaving your home. It is important to research different options and only use reliable sites so you are not scammed. 

Pros

  • No need to leave your house to order and to receive the currency. 
  • Competitive rates and fees 

Cons

  • You need to order in advance 
  • Some sites may charge fees for delivery and limits may apply. 

At Foreign Currency and Coin Exchange you can order your currency online. You get to choose from over 135 currencies, get the best rates and fast shipping! Click here and see more about how it works. Just follow a few easy steps and get the currency you need at your doorstep! 

Tags: travel

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