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Should I Be Exchanging Cash When I Travel Abroad?

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Photo credit: Depositphotos

There’s always one tricky question when going abroad – should I be exchanging cash or traveler’s checks?

To cut it short, most of the time it is better to exchange your money in the country you’re going to (if you are not the fan of ATM’s, that is).

The best exchange rates are typically found at banks, post offices and American Express offices, while Hotels and airport/bus station/train station bureaus tend to give the lowest rates.

Getting informed through Adventure

The indipendenttraveler.com has a useful and rather fun tip for you: “Wherever you go, take the time to shop around. Read the posted exchange rates carefully, and ask for the net rate after commissions.”

“Some commissions are charged on a per-item basis on each transaction, others on a percentage basis. To lure customers, some money changers will post the sell rate for U.S. dollars rather than the buy rate.”

However, make sure the adventure doesn’t get the best of you.

While it is always fun to live on the edge and explore “underground” areas of your destination, beware of the black market exchanges as they are usually a source of scams or counterfeit currency. If the rate is too good to be true, it probably is.