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Where to Exchange Currency Without Paying Huge Fees

Your bank or credit union, not an airport kiosk, is likely the best place to exchange currency.

Written by Melissa Lambarena

Melissa Lambarena is a senior writer on the credit cards team at NerdWallet. She has enthusiastically covered credit card-related topics for over nine years. Her prior experience includes nine years as a content creator for several publications and websites. Through her work, she aims to help readers extract value from credit cards to meet financial goals like stretching their budget, building credit, traveling to dream destinations and paying off debt. Her articles have been published in The Associated Press, The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor’s degree in sociology from the University of California, Los Angeles.

Quick tips for where to exchange currency

• Before you leave the country, it’s best to do a currency exchange at your bank or credit union, which likely offers better rates and fewer and/or lower fees.
• Your bank or credit union may buy back leftover foreign currency in exchange for dollars when you return.
• Once you're abroad, use your financial institution's ATMs if possible; they’re the best option to exchange currency with minimal fees.

Banks and credit unions are generally the best places to exchange currency, with reasonable exchange rates and the lowest fees. Here’s how financial institutions — and a few other places — can help exchange currency near you.

How to find a currency exchange near you

If you’re looking to exchange currency, try the following options:

• Check if your bank or credit union offers currency exchange services.
• Look for an online currency converter that offers cash delivery.
• Outside of the U.S., you can use your bank’s ATM network to withdraw local currency.

Best place to exchange currency in the U.S.

Exchanging currency near you before you leave for your trip abroad can be the cheapest way to get foreign cash. Here’s more info on the best place to change money.

Your bank or credit union is the best place to get currency

To get the best currency exchange rates, you’ll want to change money before you leave the country. Before you check out options for where to exchange money near you, figure out what the current exchange rates are by using a trusted source such as Reuters. That way, you’ll know what the going rate is and have an idea of what to expect when comparing exchange rates at banks and currency exchange service providers.

Many banks offer currency exchange to their customers. Though there may be a small fee if you exchange less than a certain amount, your bank or credit union will almost always be the cheapest place to exchange currency.

How to exchange currency

You can exchange currency with your bank or credit union by taking the following steps:

1. Look up current exchange rates.
2. Check online, by phone or in person with your bank or credit union to make sure they have the currency you need.
3. Find out about fees and delivery or pickup options.
4. Compare the bank or credit union’s exchange rate to make sure it’s fair.
5. Arrange to pick up the currency or have it delivered to you.

Another money-change option: online currency converters

You can also order through an online currency converter such as Currency Exchange International, which will have the cash delivered to your home. But exchange rates are less favorable, and the delivery charges may eat into your funds.

Where to exchange currency outside the U.S.

Once you’ve reached your destination, avoid airport kiosks or other exchange houses. Your bank's ATM network is likely the best option. You may be able to withdraw cash in the local currency with competitive exchange rates and low fees (1% to 3%).

Use your institution’s app to find an ATM near you. Try to withdraw larger amounts if your bank charges ATM fees. And avoid out-of-network ATMs — in addition to a possible foreign transaction fee, you could end up paying surcharges to your bank and the ATM owner.

Where to avoid exchanging currency

Whether in the U.S. or at your destination, there are a few places you should avoid for exchanging currency if you can:

• Airport kiosks.
• Exchange houses.
• Tourist centers.

Those should only be used as a last resort, because they typically offer poor exchange rates and high fees, so you’ll get less currency for your money.

Skip currency exchange: Use a credit or debit card

Figure out whether your destination is card-friendly. If it is, you can avoid many of these extra travel fees with one of NerdWallet's favorite no foreign transaction fee credit cards or debit cards.

Consider applying for one of these credit cards or debit cards well before you leave (allowing ample time to process your application and receive the card in the mail) so you can use it instead of cash wherever possible. Credit and debit cards can be a safer option than cash; they offer fraud protection and safety features (such as the option to freeze them in case of misplacement), but once cash is lost or stolen, it can be impossible to recover.