Have you ever landed in a foreign country only to realize you have no local currency for a cab or a coffee? Preparing ahead can save you that hassle. There are several ways to do this, which are listed below:
Is It Better to Have Foreign Currency Before You Leave?
As a general rule, it’s good to carry at least some local currency before departing on a trip. How much you need or if you choose to exchange your money will also depend on your final destination and this is good to consider when you are still in the planning phase for your international trip.
Other parts of the world are not as reliant on credit cards as the United States For example, If you are an American traveling to Germany, you may find that your debit cards and credit cards are not accepted everywhere. Germans typically use their debit cards known as Girocards to make purchases. Unlike the US, these do not operate like a Mastercard or Visa.
However, big cities that cater to tourists will generally accept credit cards. Big stores, such as H&M, and hotel chains will also take these. Even with the notes above, we still recommend putting big purchases, such a rental car and accomadations on a credit card, due to the anti-fraud protections.
Tips for Getting Local Currency
Go to Your Local Bank
Many banks will carry foreign currency, which you can exchange for US dollars. You will have to check with your local bank to ensure that they have the currency you would like. In some cases you may need to preoder it. Below are some of the offerings of several different banks:
Bank of America
Bank of America allows you to order currency ahead of your trip. These orders ship the same day if placed before 2 pm. More information can be found here.
Citizen’s Bank
Many Citizens’ Bank branches carry foreign currency, making it easy to get this quickly. However, if you are looking for a less popular currency, you may need to call ahead. More information can be found here.
TD Bank
TD Bank has 55 currencies available, which are ready within 2-3 business days. If you need a more immediate solution, they have various branches that hold up to 15 currencies. More information can be found here.
For most countries, you can get cash at local ATMs (see below), but the above should get you some local currency for when you first arrive.
Exchange Currency at the Airport
However, if you find yourself without time to visit the bank or you are already at the airport without local currency, there are options there too. The airport is one of the easiest ways to get foreign currency, but it can be one of the more expensive ways to do so.
The airport will typically charge you a premium, so we don’t recommend exchanging all of your money (if any) here. However, if you know you need a few bank notes for a cab ride, this is likely the best place to do it if you can’t find an ATM.
Exchange Currency with Friends
This is the best option, since you can guarantee a fair exchange rate. If you have a friend traveling to a similar destination as you, ask them to hold onto their remaining currency. Then you can exchange it before your trip, without needing to facilitate this exchange through a bank.
Take Out Money at the ATM
If you prefer to skip the hassle of exchanging currency in advance, using local ATMs is a convenient option. However, be mindful of potential fees, which can vary depending on your bank.
Additionally, not all ATMs accept foreign cards, so it’s important to verify that you can take money out before traveling. Additionally, to minimize risk, stick to ATMs that are affiliated with reputable banks.
Pro Tip: Specific cards, such as the Charles Schwab ATM card, offer ATM-fee rebates globally.
Final Thoughts
Ultimately, the best way to get local currency depends on your travel style. For ease, try your local bank for at least some currency. For last-minute needs, consider an airport exchange—but only if necessary. And if you want to save, consider ATMs or swapping with friends before you go. Have a favorite currency exchange tip? Share it with us in the comments below!
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