How to Change Money to a Foreign Currency

Whether taking an exotic vacation to Thailand or a business trip to Tokyo, every traveler should be prepared to exchange money into foreign currency. Currency exchange locations are a common sight at popular travel destinations. Having foreign currency can ensure you can pay for food and lodging at your destination.

• Know the exchange rate. Knowing the exchange rate can help get the best deal for your money. Currency exchange locations do not exchange money at the exact market rate. They must turn a profit, so they exchange at a slightly lower rate than the market reports.


• Find a currency exchange location. The airport exchange may be the easiest to access, but is not always the cheapest. Get the best exchange rate for your money by searching for currency exchange locations in a big city near where you will be staying.


• Check the banks. Many foreign banks have entire floors dedicated to currency exchange. Banks often give the best exchange rate.


• Be prepared. When exchanging currency, you will be asked to fill out a variety of forms. These forms will ask for the amount of money you will be exchanging. You will also be required to provide personal contact information. Many foreign currency exchange locations will ask to see some form of identification.


• Use your debit or credit card. The quickest way to exchange currency is to access your money from a foreign ATM. Check with your bank to ensure your card will work in a foreign country. There may be extra transaction fees associated with using foreign ATMs.


• Find out whether exchanging your money is necessary. Some countries, such as Canada and Mexico, accept the U.S. dollar. Find out what currency is acceptable before changing money.