The Best Place To Exchange Currency Before Your Next Trip

With holiday travel back on everyone's minds, it's time to get those bags packed and passports ready. But, before you make tracks to the nearest airport, you should consider exchanging some of those dollars for the currency of the country you're headed to. At first, you may think that all money exchange institutions are created equal, but you may be shocked at the varying rates and fees that come along with changing over your funds.

There are many factors that contribute to the rise and fall of a country's currency and its worth compared to that of another country, including trade, market expectations, interest rates, and inflation. However, when you want to exchange your own currency for the funds recognized in the country you're visiting, all you're thinking about is how you can get the most for your money and whether or not you can save on any additional expenses attached to the process. Let's take a look now at the best places to go for currency exchange.

Where to exchange your currency and where to avoid

When you're ready to exchange your American dollars before heading off on a trip, it's a good idea to plan ahead. Because currency rates are fluctuating on a daily basis, it can be a good idea to visit the bank where you hold your own account. Major U.S banks keep up to date with the worldwide currency rates, and you might be able to skip any unnecessary processing fees as you're already a customer of the financial institution.

Banks may even offer a 0% foreign exchange rate fee on your debit or credit cards, so it might be worth it to pay with your cards instead of cash when you can. The next best place to exchange your currency would be to visit a credit union. These types of financial institutions differ from regular banks as they are generally not-for-profit, so the money earned is re-invested into the company as opposed to the pockets of its shareholders.

There are also, however, many places where you do not want to exchange your currency. Locations found in airports, hotels, or even tourist centers could tack on additional fees, along with a not-so-desirable currency exchange rate. To make certain that you're getting the most on your dollar every time you need to exchange your funds, you can compare and look for the best value by doing some research online ahead of time.