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whats the cheapest way to exchange currency? - carbassboy - 05-01-2015

Next friday i will be heading to London, Rome, and Barcelona and this will be my first time leaving the country so i am a little unsure on what to do.

I have about 160 London Pounds already in my room but the rest of my cash is US dollars. Should i exchange that cash here for Euros? Should i exchange it a bank when i get to London? Can i just go to an ATM and it will spit out the right money for me?

I tried googling but got so many different answers

whats the cheapest way to exchange currency? - aSimpNamedBrokeback - 05-01-2015

Quote: (05-01-2015 10:34 AM)carbassboy Wrote:  

Can i just go to an ATM and it will spit out the right money for me?

Yes, but but different banks have different transaction fees that are 2-5% or $5. Check with your bank. You probably will also need to tell them beforehand that you will be using the card international or they will turn it off.
Also Discover Cards don't charge foreign transaction fees when you use them international, neither does the platinum AE.

whats the cheapest way to exchange currency? - Going strong - 05-01-2015

Best way is usually to bring the money cash in US dollars, and change them once at your city of destination - but certainly not at any airport (bad rates): instead, you'll have to look for exchange offices, casas de cambio, bureaux de change, in the European city of your choice, and compare the different exchange rates on offer... Usually each city has a street or two with many 'casas de cambio', where locals change money at good rates (whereas tourists often change at over-touristy spots, like in hotels or close to museums, getting bad exchange rates in the process).
For example, I can tell you by private PM which street in Paris you will find the best exchange-offices (and best rates) in...

whats the cheapest way to exchange currency? - Brodiaga - 05-01-2015

In the UK, your best bet is to get local currency from an ATM. It's too late to open an account which is good for foreign ATM transactions (refunds the fee), but I've heard that Charles Schwab offers a good one.

If you have a credit card that doesn't charge foreign exchange fees (most charge around 2%), then use it as much as possible.

Currency exchanges in first world countries are rip off joints. The difference between buy and sell rates is proportional to the clerk's salary. Obviously, salaries are much higher in rich countries. If you go to South East Asia, for example, just bring some dollars (like 500) + a couple of ATM cards and a couple of credit cards. Keep backup cards in a different bag just in case.

whats the cheapest way to exchange currency? - swiss rabbit - 05-02-2015

Charles Schwab back account if you're US based.... No fees for anything and market based exchange rates

whats the cheapest way to exchange currency? - magicone - 05-02-2015

You can ask in the tourist information office where in the city where you arrived they have the best exchange rates for USD or GBP or whichever currency you want to exchange

whats the cheapest way to exchange currency? - Drazen - 05-03-2015

I always use the ATMs, with a strong preference of ones connected to larger banks.

Usually get 200 or 300 euros at a time. Make sure you put an alert with your bank that you're going out of the country.

whats the cheapest way to exchange currency? - Cattle Rustler - 05-03-2015

ATMs.

BNP Paribras and Santander give good rates. Check the local bank's exchange rates online.

Fucking currency exchange places are ripoff joints who charge you fees, low rates, and give you a lower rate if your bills is damaged, old, or not 100s.

whats the cheapest way to exchange currency? - Kissinger2014 - 05-03-2015

Agree with others: ATMs are the way to go. Preferably one like Schwab that doesn't charge transaction fees.

whats the cheapest way to exchange currency? - samsamsam - 08-14-2015

Very random question.

Is there any value to exchanging the new USD 100 vs old? Just wondering if you could get a better rate. I mean I know a 100 is a 100 but I know sometimes currency exchangers are picky about what they will take. I wonder if I could squeeze a little more out. I doubt it but thought I'd ask.

whats the cheapest way to exchange currency? - The Beast1 - 08-14-2015

*3 on Schwab. I also got a credit card with no foreign transaction fees (Marriott Rewards CC). Amex has several and Discover does too.

whats the cheapest way to exchange currency? - Off The Reservation - 08-14-2015

Goingstrong, No way where or when did you come up with this? You get raped changing dollars in Europe for the last decade.

Change before leaving and / or ATM.

whats the cheapest way to exchange currency? - Kissinger2014 - 08-14-2015

I really don't think you'll get a better rate with the new $100 bills, it's just some places, esp cash-based countries like Myanmnar, will prefer the new bills and might reject the older bills. When you see the posted rates on storefronts and exchange shops, it's for crisp new high-denomination bills.

whats the cheapest way to exchange currency? - Off The Reservation - 08-14-2015

OP question was for Europe but for anyone going to South America (any country) if your US cash has the slightest tear of 1 mm, any blemishes or even excessive folds they will universally reject it for payment or for exchange...

whats the cheapest way to exchange currency? - samsamsam - 08-14-2015

Quote: (08-14-2015 11:03 AM)offthereservation Wrote:  

OP question was for Europe but for anyone going to South America (any country) if your US cash has the slightest tear of 1 mm, any blemishes or even excessive folds they will universally reject it for payment or for exchange.

I experienced a rejection of a 5 USD in Ukraine. It was accepted elsewhere but funny as shit. It was a perfectly acceptable bill.