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Travel Tips: Foreign Money? What Not To Do When Exchanging Your Money
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- Опубліковано 10 чер 2012
- Sonia Gil on the mysteries of exchanging Dollars for Yen, Yuan, Euro, Pesos and every other currency, plus how to deal debit and credit cards while traveling. The basics of currency exchange in three very entertaining minutes.
A really helpful thing to do is to make a small chart in your wallet before you go out shopping. 5$ is xx€, 10$ is xx€, 15$ is xx€, etc... it really helps guage how much you're really spending and to tell whether or not the item is really worth it!
Best solution I have found...
1. When you arrive, use your ATM to pull local currency cash from local ATM - you get best exchange rate, plus foreign bank fee (minor).
2. Use the cash during the time there.
3. Anything left? Use it for paying hotel bill. Any balance left - use the credit card.
This is the simple way to look at it.
My tip - use a 4-digit PIN. Some foreign banks cannot handle more digits.
Here's another money saver: don't spend your money on stupid, useless stuff tourists tend to buy
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When I was in Turkey there were actually a lot of cases where paying with US cash came out to be cheaper then Euros or Lira. There were also places where paying for one item was cheaper in US Dollars and another was cheaper in Euros within the same store. (These places all had the price already listed in both Euros and Dollars)
I totally agree with you, Sonia! My credit card stopped working after I made an expensive purchase aboard and I had no idea about that. Well, not until I went into the next store only to find out that I could no longer purchase anything. Talk about embarrassing!! So everyone, definitely follow Sonia's tip on calling the bank, you'll thank her later!! x
Tip: CaptialOne Bank cards - no foreign transaction fees! I've also found that withdrawing from ATMs give the best rates. To minimize ATM fees, consider opening an account with well known international banks like HSBC. They tend to have ATMs in most countries.
thank you, Sonia, for sharing these very useful tips. right after I watched your video, I called my credit card company and requested to activate my card for international use. only then had I realized that I would not be able to use my credit card had I not called them to activate. thank you for saving my trip to US. you are my angel. God bless you more. =)
The Charles Schwab Investor Checking account with the cash card is my answer... It's a free account with a VISA cash card, no foreign transaction fees and they reimburse you for any fees charged by the ATMs
If you live or work in San Francisco, get a bank account with SF Fire Credit Union. They don't charge any foreign currency or exchange fees when you use your card abroad at an ATM or a store. If the local atm has a withdrawal fee, the SFFCU will reimburse those fees.
Glad you found us!
Don't assume just because your credit card is a "travel credit card" that it doesn't charge foreign transaction fees. There are quite a few credit cards in the travel category that do. When in doubt just call your credit card company or look online. Taking that one small step can save you approximately 3% on all your credit card purchases abroad. American Express is known to have great perks for people that love to travel, but use the wrong one and you'll be surprised to see foreign transaction fees when you get home. The American Express Green Charge Card Charges foreign transaction fees while the gold and platinum charge cards do not. Easy for any traveler is to use a Capital One Card if you're not sure because none of their credit cards charge fees for currency conversion.
that was so useful. THANK YOU!
Capitalone and Amex (only certain credit cards) are no longer charging fees! yay for me.
+Woosung58 Amex do have credit cards that you don't have to pay in full. Platinum and Premier rewards gold do require to pay in full. Unless they offer you to pay over time. Delta Amex, Everyday Amex on the other hand do not request a pay in full in one cycle.
Glad you liked it!
Just saved me i was planing to go to japan and i was wandering how to exchange dollars for yen THANK YOU
Hey David I'm not Sonia but I have your answer depending upon where you live if your Mall has those places set up that might be cheaper than going into your city and doing it there.
I would also suggest a Mall over your bank, unless you have a checking account with them, savings, credit card and a Mortage then you would get a better rate at your bank than the Mall. but aside from having lots of account set ups The Mall should be your best bet.
I would pick the Mall over any city and any bank.
Chase credit cards does not charge foreign transaction fees. You can also earn points each time you use it. The only downfall is they charge you an annual $90 fee for using the card, the first year is free however. The more you use the card, the more points you earn and you'll eventually earn back the annual fee.
When you arrive, go to ATM and take out all the money you will need for your trip! this will save on more fees. Derek is right on all this!
Thank you so much for this video. I didn't think about my card being locked. Now I made sure to set a travel notice :)
Not sure about this but it makes sense to me to create a bank account with a large international bank that has branches on your home country and the countries you will visit as well. After that talk to the bank to see which kind of account allows you to transfer and exchange your money overseas with the best rates. Mostly it would be in ATM form or a credit card as travelers checks are becoming obsolete. Preferably change the money in your home country before even leaving and have it transferred overseas in advance. Give it around a month or 2 leeway. I welcome any comment contrary to this but having surfed some banks that seems to be the best way to go about that. One thing I am certain about is DO NOT change your money at the airport if you don't want your vacation ruined as ours was.
Well said .. I'm a world traveler and you are 100% right
I'm so glad that I found you! I'm often in Poland but live in the UK and cashiers etc always ask me "charge in British pound sterling or polish zlotys?" and I didn't know what was the difference. Finally I know! And luckily, I always took local "Polish zlotys" option in these situations :D
Well, it was long time ago, I don't remember what she said, but local = the place where you are. So if I am in Poland, Polish zlotys is local currency.
I find that if I take money to my bank and buy Euros and have them deposited to an ATM card, I can use the card in Europe. When I return I exchange them back to dollars and it all goes rather smoothly. Have done this for three trips, even one to South Africa.
Thank you! I needed this so much.
look up the Global ATM Alliance and consider getting a card with a bank that is a part of it in order to help further reduce fees paid at ATMs when making withdrawals in foreign currencies.
I knew about the credit card giving the best rate, but not about the tip to keep the charge in the local currency and not the dollar. Have to remember that for my next trip. Thnx
and i agree that calling your bank regarding your visa and debit card before leaving is a most.
Thank you so much. I subscribed straight away. Thank you for helping us travelling grasshoppers! :)
I live in Europe and I know that when you go to an ATM, your best bet is to get money using your ATM card, and not your credit card if you are talking about small amounts.
Credit cards charge you a fee of 5 units of the local currency per transaction. So if you get 10$, you'll pay 15$. So it's only worth it if you get, say, 300$ at once.
I believe Capital One doesn't have any exchange fees. Also, your bank may have a partnership with a local bank to where ever you're going which will allow you to draw money without paying fees. For example, BofA has a partnership with Deutsche Bank, in which case drawing money from a DB ATM will be cheapest for someone with a BofA account. I've also been told that a European ATM card with the chip may not work in certain Asian countries. I guess I'll find out when I go to Korea tomorrow.
Can you do a piece on which credit cards have the best travel rewards for domestic and international travel???? Pleaaaseeee!!
Great video. Really clear!
if you visit Niagra falls (Canadian side) do your cash exchange at the casinos. They give you a pretty fair rate since they're hoping you gamble there.
TY Sonia! This was very informative!
@jephree Pretty sure they are... whenever Link appears the ATM always says 'we will not charge you'
Thanks!
It may appear that way because almost all ATMs are part of the LINK network. Go find a machine where you have to pay and you will also find the LINK logo.
Thanks for sharing!
Thanks, Sonia, great information. Like you, I have made most of the travelers currency exchange mistakes you mention--and more.
I have recently switched my banking to Andrews federal credit union--as in Andrews Art Force base. And I live on the west coast. (And this is not an ad for the credit union!)
It is easy to join--all was done online. Why would I do this?
No foreign transaction fees--either for the ATM card or the credit card and the only "chip with a pin" Visa card that I am aware of in the USA (specify the Globe Trek Visa). It is logical that AFCU would offer these features when you consider that its core membership consists of US military personnel, many stationed in Europe. The credit union even has physical branches in Europe.
And you can make mobile deposits from any location using your smart phone or a scanner.
Thanks for the continued great information. Ciao.
In the UK we have a system called Link which doesn't charge you for ATM withdrawals at other banks. Pretty useful!
What would be the best option to get cash? My toddler and I are going to be traveling to England towards the end of this year for 6 months =)
Very helpful! Do you think you could maybe do a "think about when packing"-video? I'm in the middle of packing for a week in Greece and I HATE packing! I always pack too much but I still always feel that I've brought the wrong things, even though I travel a lot and should know what to bring :P
:) wow I got a very good new reason to look forward to mondays! :)
Sonia,Im in France,Igo to the bank ATM,it gives me 2 options:one with the currency rate(in which it's terrible) and the other with a unknown,what do I do?
Very helpful Sonia! Great vid as always... Keep on!
I found that Mastercard didn't charge me a fee for being in Europe. Also, my credit union was awesome and didn't charge me a fee either for using other people's ATMs or for being abroad. The only time I had fees were from the bank who owns the ATM and from Visa when I mistakenly used it for my first trip while abroad. It is because of that that I am more fond of MC.
I worked in a Bank so can safely say that it is cheaper to use credit cards then Atm withdrawal. And the money exchange is the worst not including the scams. Watch UA-cam for the scams. One more thing is all credit card transactions happens in dollars so if you purchase something in Euro it's converted to Dollars then your local currency (for me say Rupees) so each time a conversion happens there is a fee. So if fee is 3% then you pay 6% and on top of this the local country service tax. The part that some banks don't charge fee is suspect as it is part of visa/mastercard policy bank don't have much say in that.
Great video. Job well done again
Mmm very useful tips! thank u ;)
I have found plenty of instances when a hotel or restaurant REFUSES to ring your CC bill in local currency. It has happened to me in mostly touristy places where they are hep to the extra $ they can make on you. Small vendors do not do this. When I refuse to sign a CC slip in US dollars the hotel and restaurants went ballistic and wanted to take action as if I was trying to run out on the bill. So ask first, before you order that meal or make that reservation.
Good article on this topic, do a search: seattle times +currency exchange+ travel (can't leave a link here)
Hi Sonia!Thanks for the tips!
Thank you!! :)
When I was going to Mexico, I made sure I got 300 pesos (a bit more than $30) before I left. That way I didn't have to exchange in the airport in order to take a bus/taxis, and I had some money just in case something happened.
Love your videos Sonia!!! I'm preparing for a trip to Italy and would like to know where I can look to buy tickets to the museums or anything really so I don't have to wait in long lines???? Please and thank you :)
hey sonia! do you have any suggestions on types of credit cards and how they work? i don't currently have a credit card - i just have a debit card (that has a mastercard part to it so I can swipe it as credit - still comes out of debit, though - my dad also works for the airlines, so I can fly anywhere in the U.S. standby for free, but int'l have to pay the tax portion...and if I need to go on an airline that is not in our network, then have to pay for those - so travel rewards could be good :-)
I actually was able to exchange money in many places while in Sofia Bulgaria at the EXACT rates as posted on xe.com! I was greatly surprised! It's not impossible the get the exact rate!
I'm thinking of travelling by myself to Europe and I was just wondering if you think my first experience should be with Contiki, a tours company? I just don't want to end up spending more money than I have to...
you are very good in this ,,,,,,you gona make money girl.
Good advice.
Is this information still accurate today?
if you go to England with a American express and if you get money out of a atm what is not your banks atm it will not charge you in the uk
Thanks :)
I'm Hispanic. My first language is Spanish. :)
Any advise on travelling to the US regarding exchange?
Have you visited San Francisco? Any recommendations :)
So far for me caption one is the best no fee n most places take visa
Sonia, you should post daily!
what about travelers cheques? i used them when i went to Thailand. what are your thoughts?
maan she is so beuitiful that i forgot how to spell buitiful !!
You are sweet!
LINK is just the ATM network, they are not necessarily free withdrawal machines.
So for the transaction, do we go to our bank before we leave to convert our dollars to Euros or do we go to a bank over there? I got confused, sorry.
Your voice and your style.i so like
Que tarjeta de credito recomiendas para iniciar en eeuu
What a beauty. You look like Karen Carpenter. Thanks for the good ideas.
I just want to ask..If i can only bring visa debit card in Europe?
I don't have a credit card and it will be my first time to go abroad and study there, I really worry about using money
Your bank can and most likley will hit you with fees for each transaction you make. Another big thing is the EU doing away with slide cards, they are switching to chip banking cards so the old slide readers are getting rare. BTW I've run into cash only businesses so you will more than likely have to exchange $CASH$. What I did last year when I went to Scotland was hit up a (CASINO) in Edinbrough; they exchanged my money at the casino with no fees. Yes NO FEES just that days exchange rate! FYI the casinos in the UK are a little different, you cannot just walk in and start playing, you have to sign up for a free membership;PS Don't wear shorts to a Casino in the UK.
that's a good idea, I think Sonia should go!
Credit cards are great for ATMs, but a lot of European card readers do not work with the common American swipe cards. :/
the painting on the desk is eerie but intriguing.
Not all debit cards charge foreign transaction fees. My local bank doesn't. It charges a per transaction fee that's actually the same to use an overseas atm as it is to use any atm that isn't theirs in my town. I'd pull currency for a couple of days at a time (so I wouldn't lose much if someone stole my wallet) & use my credit card for extras. Also some countries don't have as many atms & not all shops take credit cards so think about how tech savvy your destination is before you travel.
So, I am about to travel the world and have been looking for a bank card. I found a credit card that promises no fees and interest free for 55 days (28 degree master card). I was wondering if this is true, then how do these card make money? Is it only off people who dont pay their balances before the interest free due date? How does this concept compare to say a cash passport? Great video btw, thanks.
Capital one charges no foreign currency fees and 0% APR for at least 6 months. You'd be better off with that. And there's no annual fee. I just applied for the Quiksilver card.
ShanteRoxxane Chase doesn't charges foreign currency fees
PROTIP: Capital One does not charge any credit card fees abroad,
Be careful if you're going to Japan though; not everywhere will accept credit cards (read: the mall and big stores, and that's about it), and most people deal entirely in cash.
Impressive français! Have you traveled to Morocco? You could get by!
how can i enjoy a week with my wife this winter in Amsterdam? i mean vacation in winter and summer changes every thing, oh yeh and what to wear in really gold weather. I'm living in Qatar so you know.
thank you
is the water really clean there? :P
love thia video. and for all the Australians watching and looking for a great travel credit card, defs check out 28 degrees mastercard (GE Money). going to use it on my holiday in vietnam and thailand! no conversion or international fees! woohoo
Hi sonia! it's so glad to know you and watch your videos, they are helping me so much!
I am so glad that I am going aboard to Russia as my very first time in my life on this month. It feels like I cannot wait to go to Russia!. However, I have some questions, is that right we have to use the original windows on our laptop? some people said that international airport are not allowed fake software or etc. Do you have some advice?
por qué no puedes poner subtítulos en tus vídeos?
Should I exchange my USD for foreign currency here in the US or wait until I go abroad?
I always exchange about $50-100 for whatever currency I need at my starting airport just in case I'll need it right after I land!
Awesome, thanks. I'm thinking of going to Japan one day.
Get the Amazon.ca Rewards Visa if you're Canadian. Zero exchange fees with Visa' exchange rates and no annual rate.
Exchange money with fellow travelers at the officially published rate.
Hi Sonia, when you say currency exgange are evil, and to stay away from those you mean it is better to get money from an ATM if you ever need cash than traveling with cash to exgange?
+Kevin Aponte I was reading about this the other day, apparently it's better to get from the atm when you get to your destination, and check with your bank on atms to use, and to save on fees draw the highest amont out each time.. And you apparently get a a way better deal too.
you remind me of a mix between Cordelia Chase from Buffy and Christy Carlson Romano
I wish someone would have told me this to...
Went to Venice..l exchanged 500$ at the airport and got 250€ back.
Every exchange booth after was just as terrible. Ruined the whole trip, and all of expectations of riding in a gondola!!!
Can you help with some sort of information on out of country medical coverage?
Never been asked that third question before.
Cool video. But I have MORE questions.
I leave for China next week and my Aus dollar has just started to drop pretty significantly. It used to be 1AUD = 6.5CNY (chinese yuan)
Now it is 1AUD = 5.5CNY
And still dropping. I wonder what is the best approach to this. Should I buy as much CNY cash as I can now? Should I trade in a third currency such as USD? Since my bank doesn't allow me to store CNY on my 'travel-money card' (overseas ATM card).
Is Western Union a useful place??
AGGGGGGGGGGGGGGH