Excited for your upcoming international vacation? While checking off your to-do list of things to pack, what to wear and documents to bring, don’t forget to exchange some of your U.S. dollars for foreign currency. Having local cash in your wallet can come in handy for meals, tips and other small purchases.
You can save yourself time and money by getting your foreign currency ahead of your trip. AAA foreign currency exchange service makes it easy. Simply visit your local branch to order currency from over 100 different countries.
Not sure how much cash to exchange or where to start? We’ve got you covered with answers to the most common foreign currency exchange questions.
Is now a good time to travel abroad?
There’s so much culture to explore, food to try and new people to meet around the world. It’s always a good time to travel abroad. Of course, it’s always important to do research on your desired destination to ensure you’ll have the best and safest experience.
Is there an ideal time to order foreign currency and how can you get the most value before traveling?
It’s important to plan ahead for travel but we wouldn’t recommend trying to time your trip around the foreign exchange markets. Currency values fluctuate constantly and no one has a crystal ball that can predict whether the U.S. dollar will be stronger next year versus right now. If you are curious whether the U.S. dollar is strong, you can view the dollar index online (symbol: DXY); when that number is higher than in months or years past, the dollar is gaining strength and will offer greater purchasing power abroad.
Once your trip is in the books, it’s a good idea to order your currency while you are still home. Think about how you feel after a long flight — you’re totally exhausted and just want to get out of the airport. The last thing you want to do is wait in line (and pay extra fees) at an ATM or an exchange desk. Foreign currency exchange at AAA usually takes at least three business days to ship, so plan accordingly.
I have a goal and a budget for my trip. How do I estimate how much U.S. currency to exchange and stay within my budget?
Budgeting is key and you want to ensure you are aware of the costs to expect when you arrive at your destination. Bringing some foreign money can put you at ease. At least $100 per person is a good starting point, although you should consider how often you might need cash.
Remember that ride-sharing companies like Uber and Lyft aren’t guaranteed to be available or even operating in the city and country where you’ve landed. So, it’s best to have cash to buy a train ticket or pay cab fare just in case your technology fails you.
Get more tips on managing your money abroad.
What is the best way to pay for purchases and buy currency when you are abroad?
A mix of cash and credit cards for purchases each day is a smart way to go. It’s great having cash to grab a small bite while you’re running around. There’s also something satisfying about walking into an Italian cafe, placing your euro on the counter and signaling for a quick shot of espresso like a local.
If you need more cash, it’s always best to use an ATM provided by one of the country’s largest, most well-known banks if possible. It’s more likely that the ATM will work properly and accept your debit card. Never use a credit card to withdraw foreign cash from an ATM; most foreign ATMs ask for a pin and your credit card likely isn’t set up to accommodate that. Also, fees and charges on cash withdrawals using a credit card usually are higher.
What do I do with leftover foreign currency? Should I switch it back to dollars or keep it for future use?
It depends on how much currency you have left and whether you need cash immediately. You can certainly switch any paper currency you still have back to dollars. Most exchanges won’t accept coins, so keep them as a souvenir or consider sharing them with the kids in your life to get them excited about traveling abroad one day.
Learn more about AAA foreign currency exchange. It’s just one of many services offered at your local AAA branch.
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