Which bank is best for foreign currency?
Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas.
Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas.
Banks and credit unions are generally the best places to exchange currency, with reasonable exchange rates and the lowest fees. Here's how financial institutions — and a few other places — can help exchange currency near you.
Ordering currency from your bank before you travel is almost always better than using the airport currency exchange.
- Stop by Your Local Bank.
- Visit an ATM.
- Consider Getting Traveler's Checks.
- Buy Currency at Your Foreign Bank Branch.
- Order Currency Online.
- Bottom Line.
- Tips for Money Management.
Discover® Bank
Discover doesn't charge foreign ATM network or foreign transaction fees. But Discover card acceptance can be limited outside of the U.S., Canada, Mexico and some Caribbean nations. With an HSBC Premier Checking account, customers pay no foreign transaction fees. HSBC also has a worldwide network of ATMs.
| Retailer | USD | |
|---|---|---|
| Sell | Buy | |
| Royal Bank of Canada | 1.2856 | 1.2167 |
| TD Bank | 1.2927 | 1.2191 |
| Scotiabank | 1.2892 | 1.2202 |
A Bank of America International Transaction Fee of 3% will apply when converting your currency.
You can usually get cash from ATMs easily, but still it is worthwhile having a backup in cash of emergencies. It's often more cost-effective to exchange a small amount of euros in America for initial expenses and then withdraw euros from ATMs in Europe for a better exchange rate and lower fees.
Some branches, such as those located at airports, may offer currency exchange. Another option is to use your Chase debit card abroad, although there will be foreign transaction fees to pay – 3% of the withdrawal amount after the conversion to USD.
What is the best day to order foreign currency?
Typically, the least busy times of the week are Mondays, mid-week and the weekend (excluding Friday). These days have the lowest number of transfers in the week, so you might expect to see less fluctuation in the mid-market rate.
For large amounts, especially if they are less common currencies, place an order at least a few days in advance to ensure you can pick up as much as you need. You'll probably be able to lock in the exchange rate then and there.
Key Takeaways
Currency exchange shops and kiosks in airports are not the best places to exchange money. For the best rates, try a local bank or a bank ATM to make your currency exchanges. Check to see if your U.S. bank offers foreign ATM fee refunds for using a foreign ATM.
The best way to avoid foreign transaction fees is to acquire a no-foreign-transaction-fees credit card, if you qualify for one. Next in line are checking accounts or debit cards with no foreign transaction fee. It is also possible to avoid the fee by paying in the local currency for purchases.
It all depends on where you're going and what you plan to do during your trip. 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.
Some of the countries where a dollar is worth the most money include Mexico, Peru, Chile, and Colombia. It's possible to exchange dollars for local currency in these countries at favorable exchange rates.
- Best overall: American Express® Gold Card.
- Best for dining: Capital One Savor Cash Rewards Credit Card*
- Best for hotels: Capital One VentureOne Rewards Credit Card (see rates and fees)
- Best for luxury travel: Chase Sapphire Reserve®
- Best for bad credit: Discover it® Secured Credit Card.
- First Direct. When you were abroad, First Direct used to charge a 2.75% conversion fee every time you used your card to buy something or withdraw cash. ...
- Starling Bank. The Starling Bank current account is free. ...
- Chase. ...
- Monzo. ...
- Virgin Money. ...
- Kroo Bank. ...
- Cumberland Building Society.
Chase foreign transaction fees
The Chase debit cards that they show on their website charge a fee of 3% on every transaction you make in a currency that isn't US dollars. That covers ATM withdrawals, cash transactions away from ATMs, and purchases you make with your card.
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.
Which Bank of America will exchange foreign currency?
Any Bank of America customer can exchange foreign currency at any financial center.
Banks That Exchange Foreign Currency for Free
For instance, Bank of America customers can exchange foreign currencies for free, but only on orders of $1,000 or more. Otherwise, the bank charges a $7.50 delivery fee for foreign currency orders.
Orders placed before 2 p.m. (delivery address local time) are shipped the same day. Orders placed after 2 p.m. or on Saturdays, Sundays and holidays are shipped the next business day. With standard shipping, orders generally arrive within 1-3 business days.
Convenience and accessibility are key considerations when deciding between exchanging currency at home or abroad. Exchanging currency before your trip offers the convenience of having local currency readily available upon arrival at your destination and you won't need to worry about exchanging currency abroad.
Resist the urge to buy foreign currency before your trip.
Some tourists feel like they must 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.
