Where can one exchange foreign currency? It’s a common question for someone returning from an overseas trip and looking to get the best possible deal on converting any leftover foreign money. Likewise, if you’re planning an overseas trip you may want to stock up on some cash for your destination country beforehand, at a time when the exchange rates are working in your favour. This post will guide you through the process of exchanging physical currency – where and how to do it to get the most for your dollar.
Where to Exchange Foreign Currency
There are two primary physical outlets which make it easy for you to exchange currency:
Currency exchange outlets –
these are dedicated stores whose only business is exchanging currency. They are common in tourist areas of major cities all over the world. They tend to have high fees and less than favourable exchange rates.
virtually all major banks can convert cash to or from any currency right there on the spot. Their fees and rates tend to be a little better than what you’ll get from a dedicated currency exchange outlet (although not always).
You’ll typically find both of the above options in airports, which is convenient for last minute money exchanges before a flight or just after you’ve arrived in your destination. Bear in mind though, if you exchange currency in the airport it’s very unlikely you’ll be getting a good deal. Airport money exchange services know they have somewhat of a ‘captive market’ and charge accordingly – just as food tends to be expensive in airport cafes, currency exchanges in airport outlets tend to have high fees and poor exchange rates.
Also note that some banks and exchange locations have limitations on which currencies they will convert and how much money you can convert at one time.
Getting the Best Exchange Rates
One of the big considerations to take into account when converting foreign currency is the foreign exchange rates (FX rate) – many people don’t pay attention to this at all and end up disappointed when they realize the exchange provider they’ve used has gouged a large chunk of the value of their cash through an unfavourable exchange rate. Remember, the rates being offered by banks and exchange outlets can vary wildly, so it doesn’t hurt to do some research and shop around locally to figure out who can give you the best deal on exchanging your currency.
Exchanging Currency Online
At OrbitRemit we specialize in online international transfers, so if you’re simply wanting to send money from one country to another and convert the currency in the process, we might be able to help you out. You can use the calculator on the right hand side to work out how much money you would get at the receiving end of your currency conversion transfer.