For expats who live abroad, or for travellers planning a vacation overseas, it is important to consider how to get the best currency exchange rates possible. There are several options for exchanging currency, but some are better options than others. Money can be changed at an exchange service, at a bank, or at a specialized foreign exchange brokerage – and then there is the best option of all – which is, technically speaking, not to change money at all, but to withdraw it directly from an ATM and let the bank back home perform the conversion.

Option 1: Changing Currency at an Exchange Service

This is definitely an easy option, but it is often costly. Changing money can be as simple as finding a currency exchange counter inside an airport upon arrival, or such businesses can often be found on many major streets in touristy areas of a city. These services are often near the various attractions that visitors want to see, so they are quite convenient. However, it is extremely important to look at the rates each counter offers. They can differ by a huge amount from place to place, and will sometimes charge a premium of 25% or more for their service. This is real money that would be wasted. Of course, if only a small amount of money needs to be changed, the service fees may not matter terribly much, and convenience may win. However, if a large amount of currency needs to be exchanged, there are most likely better options available. When using an exchange service, always know what the market rates are and compare the rates at several counters before changing money.

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