Americans are getting ready to travel again as role of the pent-up consumer demand from the pandemic. If your next holiday is going to take you to another land, yous may want to know how to get foreign currency without paying actress fees.

Undeniably, when traveling internationally, it'due south important to watch out for currency commutation conversion fees, foreign transaction fees and other costs. Currency exchange rates are complicated and are constantly fluctuating as function of the everyday blitz of global commerce. Ane banking company, merchant or currency exchange location could requite you a slightly meliorate deal on currency commutation rates, just based on the daily ups and downs of the markets.

Of course, it can be piece of cake to overspend in a foreign land. At least in function, this is because spending coin in foreign currency may experience different. The prices at stores and restaurant menus may not experience as real as they exercise in U.Southward. dollars. It can too be exciting to see and apply the colorful foreign banknotes and interesting coins that y'all may not experience in your everyday life. But, if you lot're not conscientious, yous could terminate up paying more yous bargained for.

In general, some methods of getting cash and making purchases will give you lot a ameliorate deal than others when y'all're ready to accept your next international trip. Hither are a few tips and insights on how to enjoy your international travels while minimizing currency fees.

one. Get Cash at Your Bank Before Leaving the U.S.

Ane of the best means to minimize currency exchange fees is to get some cash from your banking concern or credit spousal relationship in the U.S. before you depart on your trip. Depending on which land (or countries) you're visiting, well-nigh major U.S. banks will have strange currency available to sell to you. For example, Wells Fargo offers 70 currencies for use in more than 100 countries, and Bank of America exchanges currencies for more than 100 countries.

You may be able to get currency in cash at your local bank branch, or order currency online or by telephone to exist delivered to your dwelling house. Depending on your bank, where you alive and which country's currency you need, some currencies may be available for same-day exchange. Other less oft requested currencies could require a few days of advance notice or longer.

If you can plan ahead, in that location'due south a proficient chance you can get greenbacks at a more favorable exchange rate by dealing directly with your banking concern in the U.S. before yous travel.

"Customers who social club currency through their own bank can ensure the coin they receive is authentic and that they have received the all-time, legal rate," says John Sellers, rewards executive at Bank of America. "As these rates are constantly changing, Bank of America uses a variety of factors to determine its exchange rate—including market conditions and rates charged by other financial institutions," he says.

Depending on where yous do your cyberbanking and your overall relationship with them, yous may qualify for special rewards or perks on foreign currency exchange.

"By ordering your currency in accelerate through your banking concern, you lot may also qualify for extra perks or benefits," says Sellers. "For example, Bank of America Preferred Rewards members receive a discount of up to ii% on online and mobile foreign currency orders, plus free standard aircraft," he says.

2. Avoid Currency Exchange Kiosks at Airports

If you don't have time to get cash at the bank before your trip, information technology tin can be tempting to get foreign currency at an airport kiosk or currency exchange counter. These places offer convenience, but their exchange rates are typically much less favorable than your banking concern at home.

For example, if you are traveling to the United kingdom and your depository financial institution would accept given y'all an exchange charge per unit of £72 per $100, the airport kiosk may give you only £67 per $100, costing y'all extra coin in the class of fewer pounds for your dollar. If you had fabricated that exchange back at your home bank, yous'd have an additional £5 in your pocket.

Aerodrome kiosks may also charge college fees, which sometimes are hidden inside the poorer exchange rates they offer for converting your dollars to euros, pounds, pesos or some other currency. If y'all are traveling on short notice and need some foreign currency in cash at the airdrome, then it could exist worth paying the extra costs for the sake of convenience. If y'all tin can plan ahead, try to avoid airport kiosks and other substitution counters in heavily touristed areas—their business is based on charging extra for beingness a convenient, terminal-minute option.

3. Pay past Bill of fare, but Watch Out for Foreign Transaction Fees

Once you go far at your destination land, yous may cull to conserve your foreign currency cash and effort to brand payments with your credit or debit card as much as possible.

But this can pose another problem: foreign transaction fees. Depending on your depository financial institution and what menu yous have in your wallet, your credit card or debit carte du jour might charge a foreign transaction fee of up to 3% on every purchase in other countries.

This means that if you get out for dinner in London, Paris or Tokyo and spend the equivalent of $100 at the restaurant, your bank or bill of fare issuer will add an extra $3 fee to the cost of your meal. If you spend a total of $five,000 on a trip, and get charged a foreign transaction fee of 3% on every buy, it would amount to $150 of extra charges.

How can you avoid foreign transaction fees? Do your research and read the fine print of your bank and credit card accounts before you travel. Call your bank and ask if they accuse foreign transaction fees.

If y'all take time before your trip, you may want to open a new business relationship with a credit card that doesn't accuse foreign transaction fees, specially if it'south a good travel rewards credit bill of fare.

4. Pay in the Local Currency to Avoid Currency Conversion Fees

Some merchants will let you cull whether you want to pay for your purchase in the local currency or U.S. dollars.

This doesn't happen with every purchase. Only sometimes, later on swiping your card, the merchant will present you with a screen offer yous an choice: You lot can either pay the corporeality in the equivalent of U.South. dollars or pay in the local currency corporeality.

If you ever find yourself in this situation, you lot should always choose to pay in the local currency. If yous cull to pay in dollars, you'll be charged an extra currency conversion fee. You'll also probable get a poor exchange rate. The merchant's point of sale organization may get in seem like information technology's a convenient choice to pay in dollars instead of the local currency, merely it will ultimately cost y'all more. But pay in local currency when using your card.

5. Know Your ATM Fees and Limits

If yous want to become cash from an ATM in another state, bank check to see if your bank has ATMs in your destination city—you may be able to avoid costly ATM fees. Continue in mind that your bank may charge you a fee for using an out-of-network ATM. That'southward on acme of any local fee existence charged by the foreign ATM. The exchange rate that you get from a foreign ATM is likely to exist a amend bargain overall than what you would get from an airdrome kiosk, but ATM fees can add up, so brand certain yous're taking out enough cash to exist worth the fee.

Check with your banking concern before your trip to ask about the daily ATM withdrawal limits on your business relationship. If your daily withdrawal limit is currently set up too low, consider asking your depository financial institution to raise that limit so you tin withdraw what yous need while traveling.

Keep in mind that some international ATMs limit you to a lower amount of cash withdrawals than your bank allows. Fifty-fifty if your daily withdrawal limit is $500, the foreign ATM network or bank may but permit yous to withdraw $300 or $400. Plan ahead to make sure you lot have enough cash during your trip.

"Practice a little research before you travel and run into if your U.South. bank offers gratuitous or discounted international ATM withdrawals," says Sellers. "This way, you lot're minimizing your ATM fees while maximizing your greenbacks out. This is besides where ordering your foreign currency ahead of time can be beneficial, considering it means cutting dorsum on ATM visits, which could also reduce your incurred fees," he says.

6. Utilize International Banking Apps

If y'all're a frequent international traveler, consider using an international banking app to manage your money, such every bit TransferWise (now known every bit Wise), Revolut or others. These apps brand information technology easier to transfer money between countries and agree accounts with multiple currencies.

For example, with a multiple currency account, yous can keep some money in various currencies. It's helpful if, for instance, you frequently travel to Canada or Mexico, or if y'all love to go on vacation in Spain every summer. This helps you avoid the volatility of currency commutation rates, since you'll always accept some money fix for your next trip.

FEATURED PARTNER Offering

Wise – Multi-Currency Account

Wise – Multi-Currency Account

Convert and hold

Monthly fees

Payment options

Direct debit, wire transfer, debit menu, credit card & Apple tree Pay

Wise – Multi-Currency Account

Convert and agree

Monthly fees

Payment options

Direct debit, wire transfer, debit card, credit card & Apple Pay

Bottom Line

Before you lot plan your adjacent exciting international trip, give some idea to how you're going to go cash and how you lot desire to pay for everyday purchases. Understanding currency exchange fees, strange transaction fees, ATM withdrawal limits and other aspects of making payments in strange currencies can aid you lot save money, save fourth dimension and enjoy your travels to the fullest.