Getting your hands on foreign currency doesn't have to be complicated or expensive—you just need to know where to look.
June 15, 2025
Whether you're traveling for business or pleasure, you'll need foreign currency to make the most of your overseas experience.
From our best online banks to local exchange offices, you'll find plenty of options for converting your money.
However, fees and exchange rates can vary significantly depending on your choice. We've researched the best places to exchange foreign currency before, during, and after your trip.
You can exchange money at banks, credit unions, or currency exchange offices. Many credit cards also offer fee-free transactions abroad, making them a convenient option for international purchases.
If you choose to exchange at a bank, call ahead to check if they carry the currency you need. Not all banks stock every type of foreign currency—in this case, you might need to wait until you arrive at your destination to exchange money at a local bank.
Here's how to exchange currency at a bank or credit union:
Note: You may need an open checking or savings account with the bank to exchange currency.
Once you arrive at your destination, you may want to take out more cash for shopping and paying for local expenses. Using an ATM is the most convenient but usually the most expensive.
Another option is using a service like Wise to exchange foreign currency digitally. Wise comes with a debit card that charges a very low foreign transaction fee—and you can hold up to 40 different currencies in your account simultaneously.
While having local cash is helpful for international travel, you don't necessarily need to exchange currency before going abroad. Here are some alternatives worth considering:
Using credit cards for international purchases can be both safe and cost-effective.
Credit cards often provide competitive exchange rates, reducing the need for carrying large amounts of cash.
– Jacob Rothman, CFP, and founder of Rothman Investment Management
He mentions that travelers can choose cards without foreign transaction fees and research their destination's payment preferences, as some countries primarily operate on cash transactions.
Several banks offer debit cards designed for international use without foreign transaction fees. For example, Schwab provides a checking account with no international transaction fees or ATM charges, making it easy to access your money worldwide without incurring extra costs.
Smart currency management is essential for international travel. Planning ahead and exchanging currency through your local bank or credit union typically offers the most cost-effective solution. Currency exchange apps also provide competitive rates and convenient international debit cards.
If you prefer to minimize cash transactions, credit cards and debit cards with no foreign transaction fees offer a seamless way to make purchases abroad. Regardless of your choice, comparing exchange rates before your trip will help you maximize your travel budget.
Jacob Wade is a personal finance expert at BestMoney.com, focusing on banking products, loans, and financial apps. His work has been featured in Forbes Advisor, Investopedia, and Time. A former enrolled agent with CPA firm experience, Jacob also shares his knowledge of credit card rewards and travel hacking.
