Withdrawing cash from the ATM is subjected to additional fees (even if you have a “feeless” card, there are other charges). Depending on the ATM in question, there’s DCC meaning it shows up a prompt whether to accept the ATM’s flat rate for conversion or continue without DCC (your bank is handling forex instead). There are alternatives such as Wise or Revolut (for multi-currency accounts).
Currency exchanges are a mixed bag (NEVER USE THE ONES AT AIRPORTS AS THEY RIP YOU OFF). You can go contactless throughout the entire trip (but at least have physical money on hand, in case). You get a smaller cut from the “market” rate referenced online. For instance: if you exchanged $1000 (861€) for Euros, you receive 795€ depending on the place, why is money lost upon conversion?
Also, expensive currencies I’ve encountered whilst traveling are: UAE Dirham & Kuwaiti Dinar for example since I have a rough idea on how much to withdraw (in order to not exceed my balance). Getting AED 1000 (234€ / $272) is expensive despite using a card without forex fees. That came out as a single bill upon being withdrawn from an ATM in Dubai, will stores accept it for small transactions?
Have you traveled abroad and withdrawn cash where it only consists of one bill (the highest denomination) due to how valuable the currency is (i.e. Omani Rial)? Or the reverse, withdrawn cash where it ends up being a reasonable stack due the currency’s value being shit (inflated) like Vietnamese Dong? The reason why Japan is popular for travelers besides anime is the Yen’s value has gotten weaker.
Is that a question or some slop article?
Anyway, typical bank exchange and withdraw fee are cheaper than the local one. Check with your bank, many advertise free withdrawal in many countries, other will gladly sell you a world traveler package suited to your needs
Don’t have the ATM do the conversion. Just withdraw cash and let YOUR bank do the conversion. The only fee you pay is the ATM fee and if you have a bank that refunds those fees is no big deal.
If you plan ahead, you can order the foreign currency from your back before your trip. That will save you the most.
Take a look at Revolut and/or Wise (non-referal links used).
With either, you’ll get a plastic debit visa/master card.
Anything you’d pay for you’d just use your card, each transaction they will do the currency exchange based on the immediate forex exchange rate.
The other option is that (depending on the foreign currency) you can create an “account” in that foreign currency and exchange money to/from that foreign currency whenever you want. Any transactions made will be automatically pulled from that foreign account. If you don’t have enough to cover it, whatever foreign currency you have will be used and the difference will be pulled from your primary currency.
The same rules apply to ATM withdraws. You don’t need to pay ATM fees, because there is no currency conversions.
So, if I’m planning a trip abroad, I’ll just look for a favorable at the exchange rate convert some currencies and when I come back, I’ll convert the left over back.
Caveats:
- ATM withdraws have a monthly limit, that you can withdraw w/o paying revolut/wise a fee (as they make their money from the cc purchase).
- You might need to “shop around” and find a foreign bank/ATM that won’t try to ding you with stupid fees
- Do not do currency transfers on the weekend, either have a foreign account and/or enough local cash. As the exchange/forex markets are closed during the weekends, wise/revolut have worse exchange rates on Sat/Sun (but still probably better than your bank)
- You may want to get both Wise and Revolut, as there are some places Revolut won’t work at, but Wise will (and the opposite is true).
- For me Revolut offers more “value”, but they’re following the enshitification mantra… so, I’ll be happy to dump them as soon as something " better" is available.
The term tourist traps come to mind.
Many vendors and machines will charge exhorbitment rates and disguise them throughout the transaction.
Depending on how much cash you need, perhaps order the money from your local bank.
Check if the country you’re visiting supports a major credit card. If they do you can get cards that don’t charge a surcharge ontop of the exchange rate.
That way you can be charged in the local currency of the region and not worry about it.
Also check the travel advisories for wherever you’re going and carry a false wallet with some petty cash and bs cards.
All currency exchanges are a rip off, they give themselves favorable exchange rates that scale proportionately with the cash value. ATMs typically charge a flat $1-$3 USD rate and give the current exchange rate for a withdrawal.
There are also many credit cards without a foreign transaction fee and they also give the current exchange rate
Depends on your bank. Mine reimburses atm fees and doesn’t charge currency conversion fees.
I spent about 6 months living in Japan in the last year, and had zero trouble getting Yen. There are plenty of ATMs around, especially inside the konbinis, and the fee was rarely more than $1 or $2. At the time, ¥10,000 cost me roughly $66. My debit card barely (if at all) stacked any foreign transaction fees, and I was able to pay for a fair amount of things with my credit card, again with zero foreign transaction fees.
I only need to switch between € and £ from time to time. I just withdraw cash from the ATM, no real exchange fees involved. I don’t know what it’s like with other currency, though.
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It depends on the country and where the ATM is located.
