Some exchanges may even offer promotions such as a "buy back" program that allows consumers to sell their leftover currency back to the company at a favorable rate, in some cases waiving the service fees. Brancato, Travelex's currency exchange provides a lower service fee for larger transactions - for a $100 exchange the service fee is 5.5 percent while it is generally about 1.5 percent for transactions over $500. Puente Currency Services, an operator of a Travelex Worldwide exchange service at Dallas-Fort Worth International Airport. "Each exchange involves processing, servicing and/or administrative fees some exchange locations even give breaks on larger transactions," said John Brancato, managing partner of V. You typically want to do as few exchanges as possible. It's a 60-second question that could save you $5 to $10 each time." "Ask them what their exchange rate is and how much their commissions are. "If you're changing a lot of money, check out rates at the currency exchange centers and the banks," said Colm Hanratty, editor of. With hard currency exchanges, some on-the-fly research can be particularly valuable. "Most people don't know until they get their credit card bill how much they'll be charged for foreign purchases." "The process is not transparent," said Tim Jarrell, publisher of Fodors Travel Publications. Meyers said he tells people to avoid it: "You'll get the highest transaction fees and the worst exchange rates."įor purchasing goods or services, credit cards frequently offer the best rates, although it can be hard to determine what they are. with a Chase credit card, Chase charges a 3 percent cash advance fee (minimum $10) on top of a 3 percent foreign currency transaction fee, along with 23.99 percent variable interest rate accrued daily. For example, for a cash advance from a foreign A.T.M. to withdraw money from your credit card credit line, since these transactions are cash advances and subject to more fees. But, if you use your Citibank card to withdraw money from your checking account at a foreign Citibank A.T.M., there's still a foreign exchange fee of 1 percent of the transaction in dollars.Įven those fees are less than the fees you'd pay using an A.T.M.
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