Find the best time to exchange your travel money (2024)

FAQs

What is the best time to exchange money? ›

You'll get the best rates when you exchange currency during bank hours. The worst time to exchange is on the weekends because markets around the world are closed.

Head to your bank or credit union before you leave to avoid paying ATM transaction costs. You may even receive a better exchange rate. Credit unions and banks will exchange your dollars into a foreign currency before and after your trip when you have a checking or savings account with them.

Typically, the least busy times of the week are Mondays, mid-week and the weekend (excluding Friday). These days have the lowest number of transfers in the week, so you might expect to see less fluctuation in the mid-market rate.

You can begin by finding out what a fair exchange rate is for the country or countries you'll be visiting. Check key currency exchange websites first. The following are some of the best and least expensive places to convert currency: Local banks and credit unions usually offer the best rates.

As much as you can, don't exchange money on weekends

This is because the international foreign exchange market is closed during weekends, which means that money changers may charge higher rates to cover their costs and make a profit based on the last closing.

Currency exchange shops and kiosks in airports are not the best places to exchange money. For the best rates, try a local bank or a bank ATM to make your currency exchanges. Check to see if your U.S. bank offers foreign ATM fee refunds for using a foreign ATM. Not all currency exchanges charge the same rate.

A good rule of thumb, though, is that, on average, you should plan to carry between $50 and $100 per day in the currency of the country in which you're travelling. As with all things, research is your friend here. Understand where you're travelling and what the local customs regarding cash are.

If you do want to wait until you arrive in Europe to get your euros, a word of caution. It's not usually a good idea to exchange currency at the airport, or even at your hotel. These places are definitely convenient, but you're likely to pay a premium for it. Commission fees can be high and exchange rates unfavorable.

What is the strongest exchange rate? ›

Kuwaiti dinar

You will receive just 0.30 Kuwait dinar after exchanging 1 US dollar, making the Kuwaiti dinar the world's highest-valued currency unit per face value, or simply 'the world's strongest currency'.

Which supermarket has the best US dollar exchange rate? Waitrose has the best US dollar rate right now at 1.2204. You'll need to order online to guarantee this rate; it may be lower if you turn up unannounced and buy over the counter.

Of the major UK high-street banks, Halifax offers the cheapest exchange rates. However, money transfer specialists can normally provide better exchange rates than any of the big banks. Click the bank name below to find out the exchange rate costs for your bank: Barclays.

Definitely, use a currency broker. International payments can be made cheaper and faster than your bank. A bank could charge up to 4% in exchange rates costs, whereas a currency broker will normally be under 0.5% from the mid-market.