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Get used to internet banking
If you’ re not already doing your banking online, start doing this now, before you leave on a trip. You will want to get used to your bank’ s website, learn how to perform common transactions, and download your bank’ s mobile app on your phone.
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Don’ t buy foreign currency before you leave the US
You will not get a good deal. Wait until you land in your destination. It’ s a good idea to have a little local cash right away, but if at all possible, avoid exchanging money at those airport currency kiosks. Instead, find an ATM and use your debit card to make a withdrawal in the local currency.
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Not all notes are equal
If you’ re bringing cash from home, it can pay to bring larger notes. With U. S. dollars( and Euros), there may be a slightly more favorable exchange rate for larger notes( like a $ 100 dollar bill) versus small ones.
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Always use the ATM to get cash
This is not only the most affordable way to get cash, it’ s the most convenient.( Who wants to waste time standing in line at a bank or a currency exchange bureau?) You’ ll want to make sure that your card is on the Cirrus or PLUS network. Yes, you will likely incur a fee for using an ATM that’ s not part of your bank, but it will still be less than the commission you’ d pay at an exchange bureau. You’ ll avoid fees by taking large enough amounts to last you for the week, as opposed to making many small withdrawals.
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Set up a separate travel account
If you load your travel account with money and do not use your normal“ at home” account, it will spare you the headache of having to reset all your direct debits in case your travel-only account is compromised. Shop around for a bank that offers no-fee checking accounts or one that will absorb foreign transaction fees.( Try a credit union, or Charles Schwab, which offers a checking account with unlimited ATM rebates worldwide.)
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Ditch the traveler’ s checks
They are no longer widely accepted and a hassle to exchange into cash.
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