Is it better to exchange currency at home or abroad?
Where to Get Good Rates: ATMs and Local Banks. The best place to exchange money is a local ATM or a bank. Many foreign banks are happy to exchange your dollars for local currency for a better rate than you find elsewhere, or you can go to an ATM to skip the line.
It's not always better to exchange before you fly
In many countries, you're likely to get more for your home currency once you arrive – just make sure you avoid airports and unreliable vendors and choose somewhere trustworthy, such as a bank.
Before your trip, it's best to exchange money at your bank or credit union, which likely offers better rates and fewer and/or lower fees. Your bank or credit union may buy back leftover foreign currency in exchange for dollars when you return.
Avoid Airport Kiosks for Currency Exchange
You would have received an extra 5 USD in cash if you had made the exchange at your home bank. Airport kiosks may also charge higher currency exchange fees, which are sometimes hidden within the poorer exchange rates they offer for converting your dollars to another currency.
ATMs. Using an ATM is one of the easiest and cheapest methods to get cash while traveling abroad. All international withdrawals via an ATM typically provide a better exchange rate than you would at a currency exchange store or airport kiosk.
Resist the urge to buy foreign currency before your trip.
Some tourists feel like they just have to have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Wait until you arrive to withdraw money.
It's not usually a good idea to exchange currency at the airport, or even at your hotel. These places are definitely convenient, but you're likely to pay a premium for it. Commission fees can be high and exchange rates unfavorable. So, it's worth avoiding it unless you're really stuck.
In almost every case, euros you can get abroad from an ATM will be cheaper than those you can get back in the States. When buying in advance, get just enough to give you a comfortable cushion and get you through a day's worth of emergency expenses.
While credit cards are accepted in most situations, currency can be more convenient for public transportation and small vendors. It's also wise to carry an emergency fund with enough cash for a few days, just in case your card gets lost or stolen.
As you can see from our travel costs table above, some European cities are cheaper or more expensive than others. As a general rule, though, it's a good idea to budget at least $100 a day for your vacation.
Is it cheaper to exchange money at airport or bank?
It is cheaper to exchange money at the bank (or by using an ATM) than the airport. That's because currency exchange stores and kiosks at the airports mark up the exchange rate to make a profit. They know that travelers who just got off a plane probably need money right away.
Head to your bank or credit union before you leave to avoid paying ATM transaction costs. You may even receive a better exchange rate. Credit unions and banks will exchange your dollars into a foreign currency before and after your trip when you have a checking or savings account with them.
Using a credit card with no foreign transaction fees and choosing to make purchases in local currency will nearly always save you money. Currency conversion apps can help you better understand pricing and identify hidden charges.
How To Avoid Currency Conversion Fees. Purchase in the local currency: By allowing your card issuer to control when they process the conversion, you ensure you get a well-negotiated exchange rate. Use a reputable card network: To protect consumers, Mastercard and Visa provide regulations for DCC compliance.
- Use airport kiosks prior to leaving the US.
- Buy traveler's checks or foreign currency cash from your bank or credit union.
- Choose an online exchange bureau.
- Buy currency on arrival at your hotel or in popular tourist areas.
Exchange at your bank before your trip: Exchanging currency at your local bank is likely the most cost-effective way to convert currency.
Carry cash with you, but not too much
It's convenient to go to the loo (keep in mind that many public toilets in Europe aren't free and require coins) or to buy a croissant on the go, but the chances of theft or loss are too high of a risk to keep a large amount of cash on your person.
| EUR | USD |
|---|---|
| 100 EUR | 109.35 USD |
| 500 EUR | 546.79 USD |
| 1,000 EUR | 1,093.58 USD |
| 5,000 EUR | 5,467.93 USD |
It is always better to pay in local currency. Even if your bank does not charge fees, the bank of the shop is making a profit by setting an unfavourable exchange rate. Ask how much they would charge in € and how much in $ and than do the math which is better for you.
If you take two hotel rooms at $100/nite, of which there are many nice places, that leaves you $50/day per person. This is certainly doable if you won't be travelling a lot, eg, a week in Paris. Perhaps you should be budgeting $100/day per person + transportation costs.
What is the best way to get euros before traveling to Europe?
What is the cheapest way to get euros in the US? You'll need to compare exchange rates and fees for your bank with currency exchange services such as CXI. But a travel card such as the Wise international debit card can be a cheaper option, offering low fees and fairer, margin-free exchange rates.
How Much Spending Money for One Week in Europe? This is so entirely dependent on your own travel preferences that it's tough to estimate but we recommend putting aside roughly €700 to €1700 for spending money for one week in Europe.
Wherever you wander in Europe, it's wise to travel with cash euros. While ATMs and card facilities are widespread across the continent, this cannot always be relied upon. Some countries or areas off the beaten track have yet to fully embrace card payments, so cash means you won't get caught short.
The cheapest way to buy euros in the US is usually online.
Choose a specialist provider which has multi-currency accounts to support international spending - like Wise or Revolut.
A good rule of thumb, though, is that, on average, you should plan to carry between $50 and $100 per day in the currency of the country in which you're travelling.
