Where to Exchange Currency Without Paying Huge Fees?

Traveling internationally for pleasure or business needs proper preparation and for the new travelers, it can be difficult knowing the best places to make a currency exchange, without incurring poor rates and high exchange fees.

Consequently, the simplest solution is never the best option, especially when it comes to exchange rates and fees. However, with some bit of knowledge and early preparation, you can get most for your foreign currency. You just have to research a bit on currency exchange before you leave for your trip.

Here are the best places to exchange currency without paying huge fees.

1. Currency exchange at your home bank

Most banks will exchange your money to the local currency of your destination if you have a checking or savings account with them. Some can even change your money to another currency if you have a credit card with them.

Even though some banks may charge a fee for the exchange, their exchange rate are often more favorable than any other means of currency exchange in your home country and at times abroad.

You can also make an online order, which will be deducted from your savings or checking account. The money is then sent to your home address, sometimes at a fee or free depending on the amount you ordered.

In other cases, while dealing with banks for foreign currency exchange, you will be required to stop at the branch for the order.

Anyhow, if you opt to exchange your money to the money of your travel destination via your home bank just do it before your travel day, as they might not have the money or may charge you some fees for speedy delivery.

In addition, common currency requests often take a day to be fulfilled while the less-requested currencies often take a few days.

2. Withdraw local currency from the ATM

Nowadays most banks have partner banks and branches in different countries or they belong to the Global ATM Alliance. What this means for you is that you can make your withdrawals abroad at no charges at all or just a small fee, using your ATM.

So, do your research on banks and if it turns out you will be traveling for a while, consider opening an account with an international bank with in-network ATMs all over or a bank that will not charge you for out-network ATM withdrawals.

Anyhow, you can still take your money in large sums once to avoid extreme ATM withdrawal fees, if your bank does not have in-network ATMs worldwide.

3. Currency exchange bureaus

If you are not comfortable with carrying loads of cash around, you can opt to make the exchange when you arrive at your destination. There is bound to be many currency exchange businesses in the country, even at the airport.

You can also make your way into the city and look for some bureaus with better rates and good service fees. You are bound to find some in places with loads of tourist traffic. However, here it is easy to be scammed, so be careful and ask for their rates plus fees before opting to transact with them.

In addition, stay away from vendors that advertise no-fee exchange, as they usually have poor rates. The most reputable bureaus are those at the airport, as you will not be scammed, though their fees can be a bit high when compared to withdrawing from an ATM. Nonetheless, if you are within the city of Winnipeg, Canada, you can make your money change at the currency exchange Winnipeg airport.

Conclusion

It pays to be informed about currency exchange, especially if you tend to travel a lot. Even first-time travelers need to be informed as it can make a huge difference on your finances.

Therefore, before you leave your home country be sure to know some of the cheapest ways you can access the local currency, without having to pay huge fees for it.