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Buying foreign currency

T

tiger1210

TUG Member
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Location
Alta Loma, CA
Where is the best place to buy foreign currency before you go on your trip, banks?
 
Depends on the currency, but there are usually some decent options once you get to that country (exchange kiosks, ATM withdrawal)
 
There are many threads on this subject. I think many join my preference, which is to get it out of the ATM in the terminal when you arrive.

If you're talking about a major currency, you can usually order it from your bank. They usually offer a terrible rate.

If you want just a little, then Auto Club has TipPaks, usually $93 worth of foreign currency for $100.

Here's an article about the options.
 
isisdave said:
If you're talking about a major currency, you can usually order it from your bank. They usually offer a terrible rate.
Click to expand...
A banks rate is likely going to be the third best rate that you can find. Best would be using a credit card without foreign transaction fees. Second would be using an ATM in the country you are visiting to withdrawal as cash up to your single transaction limit. Third would be ordering or buying cash at a big bank. The only option to get money at the best rate before travel would be a bank. Having some cash when you land to avoid having to search out an ATM or getting stuck paying the really bad rates at the airport exchange counter. A banks rate may only be about 5-7% worse than the credit card.
 
Although an ATM (use a debit card) is best, I like to have some cash on hand.
That way, I can head for my hotel, instead of looking for an ATM when I land.

I use -- https://www.oanda.com/currency/traveler-cash
If you have a Wells Fargo account, they have an online service w/decent rates.
AAA also has an online foreign currency service.
.
 
Td bank has free withdrawals. A few other banks as well.
 
Really depends on the specific country. In Canada & the countries I visited in Europe, ATMs had great rates. Oh, but I was surprised that a bank in Canada also had a great rate. I discovered that when my ATM card didn't work.

My "no foreign transaction fee" credit card used the actual days exchange rate. In London & Scotland I only used my credit card just like in the US. I got stuck with 300 pounds since I never used any cash.

Japan is a cash society. In Japan you can exchange money at the post office for the best rates. Few people know that secret.

AAA has absolutely terrible rates. A lot of people on other travel forums will tell you to just wait til you get to your destination. However, I completely understand feeling more secure when having a little bit of foreign currency before you arrive.
 
I use atms in the country but if you really need foreign currency I have used OFX Group Ltd out of San Fransciso. You send them your money- they send you the currency you want. You can find them on line.
 
Jimster said:
I use atms in the country but if you really need foreign currency I have used OFX Group Ltd out of San Fransciso. You send them your money- they send you the currency you want. You can find them on line.
Click to expand...
Okay, how exactly did you use OFX Group? I setup an account online, called them up to verify and they indicated that they only do bank to bank transfers. There is no way to purchase physical currency through them. You must have a Mexican bank account?
 
It was several years ago, but I simply told them what i wanted, sent in a check and they sent the money back immediately.
 
I have a reverse question... I have a lot of "loose" notes and change (a couple of hundred dollars) of each foreign currency - about 10+ countries where I kept because I was travelling alot on business and it was always useful to have some on hand. I used to be able to turn them in to local foreign exchange shops/stands if I wanted to swap back to local currency but I don't find them here in the US. I want to get rid of them, and hope to get some money back. I won't be going back to most of these countries ever again...Any suggestions?
 
VacationForever said:
I have a reverse question... I have a lot of "loose" notes and change (a couple of hundred dollars) of each foreign currency - about 10+ countries where I kept because I was travelling alot on business and it was always useful to have some on hand. I used to be able to turn them in to local foreign exchange shops/stands if I wanted to swap back to local currency but I don't find them here in the US. I want to get rid of them, and hope to get some money back. I won't be going back to most of these countries ever again...Any suggestions?
Click to expand...
Me too. Italian Lira, Spanish Pesetas, Czech Coronas, Polish Zloty, Deutsch Marks, Russian Rubles, and a few others that became worthless when all those went to the Euro. I really think they (especially the coins) are simply curios. I suppose that if you had a significant amount in a currently used currency, the mentioned (in another thread) Travelex booth (or online) might give you somewhere around 80%-90% of current value.
 
Passepartout said:
Me too. Italian Lira, Spanish Pesetas, Czech Coronas, Polish Zloty, Deutsch Marks, Russian Rubles, and a few others that became worthless when all those went to the Euro. I really think they (especially the coins) are simply curios. I suppose that if you had a significant amount in a currently used currency, the mentioned (in another thread) Travelex booth (or online) might give you somewhere around 80%-90% of current value.
Click to expand...
Thanks. I will check it out...
 
Some Wells Fargo locations do foreign currency exchange.
 
Or find a friend who's going to one of those countries, and do a person-to-person foreign exchange at par. You both win. I bought Euros from a co-worker before I went there. And I intentionally bought too many Euros while there, so now I have a few hundred for my next trip.
 
All the folks that told you to use your debit card in an ATM after arriving are correct (provided your bank's fees for foreign currency withdrawals are reasonable).But they neglected to say that it should be a BANK ATM, not one of the commercial ones that charge usurious ATM fees. Our experience suggests also avoiding Airport ATMs, even bank ones, as we have found some to jack up their ATM fees a bit on at their airport locations.

Also, try if you can to use a bank that is in the same interbank network as your bank...like Plus or Cirrus. The fees charged will usually be less. Two examples for us are Santander (used in Mexico and Spain) and DeutschesBank in Europe. Scotia has also worked in the past. But we have learned to stay away from Sabadel in Spain.
 
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VacationForever said:
I have a reverse question... I have a lot of "loose" notes and change (a couple of hundred dollars) of each foreign currency - about 10+ countries where I kept because I was travelling alot on business and it was always useful to have some on hand. I used to be able to turn them in to local foreign exchange shops/stands if I wanted to swap back to local currency but I don't find them here in the US. I want to get rid of them, and hope to get some money back. I won't be going back to most of these countries ever again...Any suggestions?
Click to expand...

The Euro has been around a long time, but after its introduction, for years you could send notes to the central bank of the country and get them replaced ... but there was a fee, and probably a minimum. Google "exchange old european currency" and find stuff like https://www.ecb.europa.eu/euro/exchange/html/index.en.html
 
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