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Global Newsphere > Travel > How to Get the Best Exchange Rate When Traveling
How to Get the Best Exchange Rate When Traveling
Travel

How to Get the Best Exchange Rate When Traveling

April 29, 2025 7 Min Read
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Currency conversion is one of the easiest ways for travelers to lose money without realizing it completely. Whether it’s a hidden fee burned into an airport kiosk, an inadequate fee at a hotel desk, or a credit card company that charges an additional fee per tap, the cost of converting cash can increase rapidly. Even the ATM comes with countless markups. Some are from the banks, some are theirs. And unless you are paying attention, it is very easy to overpay due to the simple privilege of accessing your own money.

Luckily, it doesn’t have to be like this. With a little planning, the right tools, and some insider tricks, you can stretch your money even more and avoid being consumed with nickel by the intermediary along the way. From choosing the right credit card to avoiding dynamic currency conversions, here are some ways to travel smartly and maintain your budget funding adventure, rather than bank margins.

Do not use airport currency kiosks

Those sparkling kiosks next to the luggage? Convenient, certainly – but it’s also one of the worst deals in town. Airport currency exchanges often charge inflated fees and large service charges, preying on jet-packing travelers desperately with local cash.

“Their fees can be 15% higher than what you can find at ATMs and banks outside the airport, not to mention the service charges they charge,” says Katy Nastro, a travel expert whose purpose is to help travelers and travelers save money. “Your best bet is to order currency from your local branch about two weeks before your trip.

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Do not pay electronically in US dollars

“If you use bank ATMs overseas, don’t choose to ‘pay in dollars’,” says Jeff Opiqueke, a personal finance expert in international life. “Too many people don’t need to convert currency, but alas, not so much. If they choose to pay in dollars, then allow the merchant or merchant processing company to choose the exchange rate.

Opdyke said the same applies to using credit cards in restaurants, hotels, tourists, or other businesses. If you are given the option to pay in USD or local currency, always choose the latter. If you are encouraged to accept or reject a conversion, it is wise to refuse it.

“You’re once again telling the payment network that the merchant’s local bank or your credit card company will convert for you,” Opdyke says. That’s true if Uber, a US-based company, is used overseas. The app currently charges a 1.5% fee, which you pay in dollars rather than local currency (to avoid paying additional costs, you must go to your account and under “preferred currency” to select “No Preferred Currency” according to the recent Nerdwallet story on Uber’s currency pricing).

Avoid ATMs that are not affiliated with banks

Not all ATMs are created equal. These no-main machines in hotels and corner stores often have increased prices and terrible exchange rates. Your best bet is to use a machine that belongs to a major international bank considering HSBC, Barclays, and Santander during business hours in case something goes wrong (for example, your card gets caught up in the machine).

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“Tourist-focused ATMs can be easily accessible at tourist hotspots and may not be branded, and may cost more due to transaction fees and dynamic currency conversions,” Nastro said. “Always choose local currency and ‘Rejection Conversion’ rates to get the highest rate of local currency calculated by the bank, as well as avoid the markup rate for real-time conversions. ”

Do not use credit cards that charge international transaction fees

Some cards are suitable for international travelers, such as the Chase Sapphire Preferred Card, Capital One Venture X Card, and the American Express Platinum Card (the latter is accepted in many countries, but not all, so check where you are scheduled and make sure you have one or two backups). These travel-centric cards do not have foreign transaction fees (may be 2-3% per swipe). It offers many fraud protections. Better yet, as many people offer reward points for travel and meals, the Paribistro Ranch can help you fund your next flight. More and more, debit cards offer the same kind of perks, so check your wallet card before traveling.

Don’t withdraw or exchange too much (or too little) cash

Some countries, such as the UK, New Zealand and South Korea, are mostly cashless and you can use your credit card for the smallest transactions. In other countries, such as Egypt, Morocco, the Philippines, cash is still very king and is needed for everything from restaurant meals to local artwork purchases. Do some research in advance. This means you will need to have a cash-only taxi payment method. Also, make sure you don’t convert more than you use. Restructuring the remaining foreign currency at the end of the trip means taking a double blow to the exchange fee.

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