Cheap airplane tickets and discount hotel rooms or discount travel packages can contribute to an inexpensive trip abroad. However, first time overseas travelers need to know in advance how to best convert US dollars into their destinations currency.
The following are suggestions as to how to most effectively deal with foreign currency:
Determine before you depart which currency you will need at your destination. Many assume that if going to Europe the currency of choice is the Euro. In the United Kingdom and Switzerland local currencies not the Euro are used.
Get a sense of the exchange rate for dollars you should expect at your destination, by visiting a currency website like XE.com Although currency rates vary daily, by checking in advance you will at least have an idea of a reasonable exchange rate.
Purchase enough foreign currency in advance of your trip to cover initial transportation costs, tips and a meal upon your arrival. Thomas Cook and Travelex are a couple of companies that will mail foreign currency to your home. Never buy all of your foreign currency in advance of travel since usually better exchange rates and lower fees can be found once at your destination.
Avoid airport exchange kiosks which normally offer very poor exchange rates. Most banks in city centers have much better exchange rates. It is wise to compare rates from at least a couple of locations prior to buying.
Travelers checks are no longer recommended on overseas trips. Consider, after first checking the fees, using your ATM card to withdraw money from at ATM at your destination.
If you do not want to become a target for thieves who are attracted to tourists unfamiliar with foreign money, familiarize yourself with foreign coins and bills before using them in public.
Remember foreign coins are not exchangeable back into U.S. currency at the end of your trip. If you find yourself with coins at the airport either use them to purchase snacks or see if donation boxes are available.
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