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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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