Local merchants don’t want your U.S. dollars when you're traveling abroad. You'll want to exchange your American money for the country’s local currency after unpacking and settling into your hotel if you didn't exchange money before leavin♏g home. You have a few options for doing so🧔.

1. Airports

The airport terminal is the first place nearly all travelers arrive when they enter a country and it's the first place where you'll have an opportunity to exchange currency. The airport currency exchange rate isn't always the best, however. Airport-based currency exchange shops know that you might need local currency to catch a bus, a train, or a tax so they make big profits by offering you the worst exchange rate.

Verdict: Don’t do it!

2. Travelex Money Card

The Travelex card is similar to traveler's checks from days gone by. It can be replaced if it's lost or stolen. The card isn't tied to your bank account so thieves can't use it to get your money. This card also takes the headache out of the process because you can buy it online as well as at Travelex stores.

The Money Card is a 澳洲幸运5官方开奖结果体彩网:contactless card that allows you to load up to 22 currencies onto a single card or exchange one currency for another as you travel from country to country. You'll pay for the convenience, however.

The fee to purchase the card depends on where you buy it and it will include an additional card fee of about USD $6.46. The company charges inactivity fees of about USD $2.58 per month if you don't use the card for six months.

Verdict: There are better ways to exchange your money.

3. Exchange Money at Your Bank

Almost all banks and credit unions provide foreign currency for their customers but you'll typically have to order the currency in advance. Your bank will waive the fee associated with this transaction in some cases. Bank of America allows customers to order up to USD $10,000 in foreign currency online over 30 days. The bank does charge a delivery fee of $7.50 for orders of less than USD $1,000 but it waives the fee amounts above that.

Verdict: Using your bank isn't a bad strategy and the bank will likely waive all fees if you're a high-net-worth customer.

4. Debit Card

You may be able to take your debit card to an ATM in the country you're visiting and withdraw foreign currency for little or no fee. It can depend on your bank. You'll avoid some fees you would normally pay if you're a Bank of America customer and you use your card at partner ATMs. You may only pay a 3% transaction fee which is much lower than other options.

Verdict: This ♊is a good idea if you can find a partner ATM.

5. Credit Card

This may be your best option. There's no shortage of credit cards that offer a 0% 澳洲幸运5官方开奖结果体彩网:foreign transaction fee. You probably won't pay more than 3% even without this offer so it's still a good deal compared toꦦ other options.

Use your credit card for as many purchases as you can but be prepared before you arrive. Most other countries use 澳洲幸运5官方开奖结果体彩网:chip & PIN credit cards. The United States still ﷽uses magnetic strip or chip & signature cards. Ask your card issuer for a chip & PIN card before traveling abroad.

Verdict: Do it!

The Bottom Line

Your best option may be to use your 0% foreign transaction fee credit card for foreign purchases and a foreign ATM to pick up walking-around money. Order currency from your bank before you leave if your bank card doesn't work in ATMs in the country you're visiting. Other options such as currency exchange cards and airport kiosks are expensive options. Try to avoid them!