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What is the best way to convert U.S. dollars to a foreign currency without getting shafted and losing money? I have used places like Travelex and they are a rip off.
If you belong to Bank of America, they don't do it for a fee. I'm not sure if it's limited by area, but you should call your bank. I know BofA charges nothing and does the conversion based on the rate that day.
Also, my capital one card does not charge fees for foreign currency charges on my card, but that has nothing to do with cash. Just thought I'd throw that out there, it's worth looking into.
If you're a new overseas traveler, be sure that the place you are going actually accepts credit cards (I'm assuming you're American, European cards can be different).
Never had a issue, (US cards do need to be swiped) EU cards have RFID chip in them so they just have to be held on the terminal. But many US cards (my Amex has the RFID in it ) are starting to get the RFID chips now.
I go to places that take credit cards, or if i use cash, i have enought.
I should have clarified. I was talking about cash. When I travel overseas, I generally pull out around $500 USD and covert it to the local currency. Everytime I do this, I generally stop at the local Travelex place in the airport and they never give me a good rate. I end up losing a lot of money.
I guess the best advice would be to find an ATM and just pay my bank's foreign transaction fee.
When I traveled to Paris and London, I went to Bank of America (in Northern VA where I was living at the time) and placed an order for a few hundred in each currency. It was ready for me a day later. It was free of charge.
You can look at the airport ATM's/banks at your destination ahead of time if you do not have the free exchange luxury through your bank. Do research ahead of time. It can save you a lot.
Airports in the US are the worst place. The exchange rates there were awful.
Last time, I did it through a bank where I have an account. I got a good exchange rate.
Otherwise, you can withdraw from an ATM when you arrive. You usually get a good rate that way, though there may be a foreign transaction charge by your bank.
Best option is to pay with credit cards that don't charge for foreign transactions.
For both, make sure you activate them for overseas use first.
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