How to Convert Money
Withdraw cash with a debit card at an automatic teller machine (ATM)., Purchase items with your credit card., Visit your local bank and exchange currency., Purchase traveler's checks., Exchange currency at the airport., Convert your money at your...
Step-by-Step Guide
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Step 1: Withdraw cash with a debit card at an automatic teller machine (ATM).
You can use your debit card at a foreign ATM just as you do at home.
Your bank will charge a currency fee that is lower than with most other options for converting money.
This is one of the least expensive options for currency exchange.
If your bank isn't part of the network that includes the foreign bank you're using, the fees for using the ATM can make this a less desirable option for exchanging currency. -
Step 2: Purchase items with your credit card.
Purchases made with a credit card overseas are no different than they are at home.
The credit card company will charge a nominal currency exchange fee.
This is another good option for currency exchange if fees are a concern. , Typically, only very large banks in high tourist locations have foreign currency on hand, and only the most common currencies.
However, if you give your bank a few days' notice, it will order the currency you need for a small fee. , Traveler's checks can be purchased at your local bank, which will charge a fee.
Keep your proof of purchase and check numbers in case you lose them.
One advantage of traveler's checks over cash is that they will be replaced it lost or stolen, making them a good option in places where theft is a problem.
However, you may have difficulty finding merchants that will accept them. , Currency exchange desks at airports carry the highest surcharge for exchange than any other.
If exchange fees are not an issue, then the convenience of the exchange counter may appeal to you. , Larger hotels usually have a currency exchange desk for their patrons.
Exchange rate fees are typically only slightly better than airport exchange fees. , The foreign currency is shipped to the desired location.
Converting money this way can be expensive because of the delivery fees. , Larger banks at your destination will convert your currency to traveler's checks.
They will charge higher fees for this service than your local bank. -
Step 3: Visit your local bank and exchange currency.
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Step 4: Purchase traveler's checks.
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Step 5: Exchange currency at the airport.
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Step 6: Convert your money at your hotel.
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Step 7: Purchase currency from online websites.
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Step 8: Visit a bank overseas.
Detailed Guide
You can use your debit card at a foreign ATM just as you do at home.
Your bank will charge a currency fee that is lower than with most other options for converting money.
This is one of the least expensive options for currency exchange.
If your bank isn't part of the network that includes the foreign bank you're using, the fees for using the ATM can make this a less desirable option for exchanging currency.
Purchases made with a credit card overseas are no different than they are at home.
The credit card company will charge a nominal currency exchange fee.
This is another good option for currency exchange if fees are a concern. , Typically, only very large banks in high tourist locations have foreign currency on hand, and only the most common currencies.
However, if you give your bank a few days' notice, it will order the currency you need for a small fee. , Traveler's checks can be purchased at your local bank, which will charge a fee.
Keep your proof of purchase and check numbers in case you lose them.
One advantage of traveler's checks over cash is that they will be replaced it lost or stolen, making them a good option in places where theft is a problem.
However, you may have difficulty finding merchants that will accept them. , Currency exchange desks at airports carry the highest surcharge for exchange than any other.
If exchange fees are not an issue, then the convenience of the exchange counter may appeal to you. , Larger hotels usually have a currency exchange desk for their patrons.
Exchange rate fees are typically only slightly better than airport exchange fees. , The foreign currency is shipped to the desired location.
Converting money this way can be expensive because of the delivery fees. , Larger banks at your destination will convert your currency to traveler's checks.
They will charge higher fees for this service than your local bank.
About the Author
Daniel Kelly
Daniel Kelly has dedicated 7 years to mastering non profit. As a content creator, Daniel focuses on providing actionable tips and step-by-step guides.
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