Where to Exchange Currency Without Paying Huge Fees

Try to withdraw larger amounts if your bank charges ATM fees. And avoid out-of-network ATMs — in addition to a possible foreign transaction fee, you could end ... Manyoralloftheproductsfeaturedherearefromourpartnerswhocompensateus.Thismayinfluencewhichproductswewriteaboutandwhereandhowtheproductappearsonapage.However,thisdoesnotinfluenceourevaluations.Ouropinionsareourown.Hereisalistofourpartnersandhere'showwemakemoney.Banksandcreditunionsaregenerallythebestplacestoexchangecurrency,withreasonableexchangeratesandthelowestfees.Here’showfinancialinstitutions—andafewotherplaces—canhelptravelersexchangecurrency.WheretoexchangecurrencyintheU.S.before yourtripIfyouhaven’tpackedyourbags,youmayhavethetimeto getthebestcurrencyexchangeratesbeforeyouleave. Manybanksoffercurrencyexchangetotheircustomers. Thoughtheremaybeasmallfee,yourbankorcreditunionwillalmostalwaysbethebestplacetoexchangecurrency(andthecheapest).Youmaybeabletoordercurrencyatabranchlocationorbyphoneoronlinetohaveitdeliveredtoyou,ortopickupatabranch.Somecurrencyprovidersallowyoutopickupyourfundsassoonasthenextday,haveitdeliveredwithinonetothreebusinessdays,oroptforovernightshipping.Youcanalsoorderthroughanonlinecurrencyconverter,whichwillhavethecashdeliveredtoyourhome.Butexchangeratesarelessfavorable,andthedeliverychargeswilleatintoyourfunds. And airportkiosksorstoresshouldbealastresort. Exchangeratesarepoor,andfeesarehigh.BacktotopAsmartwaytomonitoryourmoneyTrackyourcash,cards,andbankaccountsallatthesametime.STARTTRACKINGWheretogetforeigncurrencyoutsidetheU.S.Onceyou’vereachedyourdestination,avoidairportkiosksorotherexchangehouses. Yourbank'sATMnetworkislikelythebestoption. Youmaybeabletowithdrawcashinthelocalcurrencywithcompetitiveexchangeratesandlowfees(1%to3%).“Somebanksandcreditunionsallowyoutowithdrawcashwithlowfees(1%to3%).”Useyourinstitution’sapptofindanATMnearyou.TrytowithdrawlargeramountsifyourbankchargesATMfees.Andavoidout-of-networkATMs —inadditiontoapossibleforeigntransactionfee,youcouldenduppayingsurchargestoyourbankandtheATMowner.BacktotopThebestplacetoexchangecurrencyintheU.S.afteryourtripAgain,yourbankisprobablythebestplacetoexchangecurrency,butitmaynotbuybackalltypes.Ifnot,youcanexchangeyourmoneyatacurrencyexchangestoreorkioskintheairportabroadorintheU.S.,eventhoughyoulikelywon’tgetthebestrate.“AkioskintheairportabroadorintheU.S.likelywon'tprovidethebestrates.”Ifyoucan’tsellyourforeigncurrency,youmaybeabletodonateitattheairportorinflight.TeninternationalairlinesparticipateinUNICEF’sChangeforGoodprogram,whichtakesdonationsinforeigncurrencytohelpimprovethelivesofchildrenworldwide.Ifyou’realreadybackhome,youcanmailyourunusedforeigncurrencytotheprogram’soffice.Clickformoreinformationabout ChangeforGood.BacktotopSavingsCashManagementCDCheckingMoneyMarketAsavingsaccountisaplacewhereyoucanstoremoneysecurelywhileearninginterest.Asavingsaccountisaplacewhereyoucanstoremoneysecurelywhileearninginterest.LearnMoreMemberFDICDiscoverBankOnlineSavingsAPY0.40%AdvertisedOnlineSavingsAccountAPYisaccurateasof02/12/2021Min.balanceforAPY$0LearnMoreMemberFDICSynchronyBankHighYieldSavingsAPY0.50%APYsaresubjecttochangeatanytimewithoutnoticeincludingafteranaccountisopened.Offersapplytopersonalaccountsonly.Feesmayreduceearnings.MemberFDIC.Min.balanceforAPY$0LearnMoreMemberFDICQuonticHighYieldSavingsAPY0.55%Min.balanceforAPY$0Thesecashaccountscombineservicesandfeaturessimilartochecking,savingsand/orinvestmentaccountsinoneproduct.Cashmanagementaccountsaretypicallyofferedbynon-bankfinancialinstitutions.Thesecashaccountscombineservicesandfeaturessimilartochecking,savingsand/orinvestmentaccountsinoneproduct.Cashmanagementaccountsaretypicallyofferedbynon-bankfinancialinstitutions.LearnMoreonSoFi'swebsiteSoFiMoney®APY0.25%Min.balanceforAPY$500LearnMoreonWealthfront'swebsiteWealthfrontCashAccountAPY0.10%Min.balanceforAPY$1CDs(certificateofdeposit)areatypeofsavingsaccountwithafixedrateandterm,andusuallyhavehigherinterestratesthanregularsavingsaccounts.CDs(certificateofdeposit)areatypeofsavingsaccountwithafixedrateandterm,andusuallyhavehigherinterestratesthanregularsavingsaccounts.LearnMoreMemberFDICSynchronyBankCDAPY0.55%APYsaresubjecttochangeatanytimewithoutnotice.Offersapplytopersonalaccountsonly.ApenaltymaybeimposedforearlywithdrawalsfromaCD.Aftermaturity,ifyouchoosetorolloveryourCD,youwillearnthebaserateofinterestineffectatthattime.Feesmayreduceearnings.MemberFDIC.Term1yearLearnMoreMemberFDICQuonticBankCDAPY0.60%Youmustmaintainaminimumbalanceof$500.00intheaccounteachdaytoobtainthedisclosedannualpercentageyieldTerm1yearLearnMoreMemberFDICSynchronyBankCDAPY0.70%APYsaresubjecttochangeatanytimewithoutnotice.Offersapplytopersonalaccountsonly.ApenaltymaybeimposedforearlywithdrawalsfromaCD.Aftermaturity,ifyouchoosetorolloveryourCD,youwillearnthebaserateofinterestineffectatthattime.Feesmayreduceearnings.MemberFDIC.Term14monthsLearnMoreMemberFDICCapitalOne360CDAPY0.70%Term2yearsLearnMoreDepositsareFDICInsuredOneSpendAPYN/AMonthlyfee$0LearnMoreDepositsareFDICInsuredChimeSpendingAccountAPYN/AMonthlyfee$0LearnMoreMemberFDICCitiPriorityCheckingAPY0.01%0.01%AnnualPercentageYieldMonthlyfee$30LearnMoreMemberFDICLendingClubRewardsCheckingAPY0.10%0.10%APYonbalancesof$2,500–$99,999Monthlyfee$0Moneymarketaccountspayratessimilartosavingsaccountsandhavesomecheckingfeatures.Moneymarketaccountspayratessimilartosavingsaccountsandhavesomecheckingfeatures.LearnMoreMemberFDICCITBankMoneyMarketAccountAPY0.45%Min.balanceforAPY$100LearnMoreMemberFDICQuonticMoneyMarketAccountAPY0.40%Min.balanceforAPY$0LearnMoreMemberFDICAxosBank®HighYieldMoneyMarketAPY0.25%Min.balanceforAPY$0EXPLOREMOREACCOUNTSSavemorewithplasticFigureoutwhetheryourdestinationisplastic-friendly.Ifitis,youcanavoidmanyoftheseextratravelfeeswithoneofNerdWallet'sfavorite noforeigntransactionfeecreditcards ordebitcards.Considerapplyingforoneofthesecreditcardsordebitcardsbeforeyouleavesoyoucanuseitinsteadofcashwhereverpossible.AvoidusingthecreditcardatATMsoryou’llbehitwithfeesandinterestrightawayfortakingacashadvance.Recap:WheretoexchangecurrencyintheU.S.andabroadYourbankorcreditunionisalmostalwaysthebestplacetoexchangecurrency.Beforeyourtrip,exchangemoneyatyourbankorcreditunion.Onceyou'reabroad,useyourfinancialinstitution'sATMs,ifpossible.Afteryou'rehome,seeifyourbankorcreditunionwillbuybacktheforeigncurrency.Abouttheauthor:MelissaLambarenaisacreditcardswriteratNerdWallet.HerworkhasbeenfeaturedbyTheAssociatedPress,NewYorkTimes,WashingtonPostandUSAToday.ReadmoreOnasimilarnote...WhatIsCompoundInterest?HowtoChooseaBankWhatIsaCD(CertificateofDeposit)?EmergencyFund:WhatItIsandWhyItMattersDiveevendeeperinBankingBestHigh-YieldOnlineSavingsAccountsofJanuary2022byMargaretteBurnetteReadmoreCompoundInterestCalculatorbyMargaretteBurnetteReadmore4WaystoEarnMoreInterestonYourMoneybySpencerTierneyReadmoreExploreBankingGetmoresmartmoneymoves–straighttoyourinboxSignupandwe’llsendyouNerdyarticlesaboutthemoneytopicsthatmattermosttoyoualongwithotherwaystohelpyougetmorefromyourmoney.Signup