If there’s one thing travelers around the world have most likely all experienced, it’s arriving in a new country without the appropriate currency. Worse than that, maybe you get there realizing you have no idea where to even begin when it comes to grabbing some cash. Well, not to worry because there are plenty of great hacks that will keep you from making mistakes many travelers make: heading straight for the airport exchange booths. If there would be a neon sign anywhere in the airport that says “turn back now,” it should be flashing above one of these booths. And travel guru Rick Steves agrees. He writes on his website, “Just say no to exchange booths.”
Not only will you be losing precious time by standing in line at one of these booths, but you’ll also be losing money. According to NerdWallet, “It’s not uncommon to see airport exchanges charging 14% more than the current International Monetary Fund (IMF) exchange rate. NerdWallet even found some premiums exceeding 17%. Some also charge additional fees on top of the poor exchange rate.” But don’t panic — some tips from travel guru Rick Steves will assist you with best practices for avoiding those pesky money-hungry booths. As Mrs. Doubtfire says: “Help is on the way, dear!”
What can I do instead of going to an airport currency exchange booth?
Credit and debit card options abroad
With travel being so much more prevalent than it used to be, many credit and debit cards are more widely accepted around the world, so the need for cash is not always necessary. For those who still need to pull out a few bucks, however, luckily, there are a few companies that offer great debit cards with no international transaction fees. First, Charles Schwab is a great bank to look into if you are an avid traveler but don’t want to put everything on your credit card. It offers checking accounts with zero foreign transaction fees and even unlimited ATM fee rebates for cash withdrawals worldwide.
If you’re looking for a card that gets you points and rewards on your travels, Chase Sapphire Preferred, Capital One Venture Rewards, Bank of America Travel Rewards, and Capital One Savor Cash Rewards Credit Card are all highly rated options that offer great deals with no foreign transaction fees. Using these cards, you can earn points for flying miles, hotels, rental cars, dining, groceries, and more. Many of them also have cash-back options. If none of the above seems like the ideal option for you on your travels, you can also order currency from your bank before heading off on your trip or exchange your local currency with a bank upon arrival. Whatever you decide to do, just don’t use an airport currency exchange booth.
