The cheapest ways to exchange currency involve using specialized travel credit/debit cards (like Monzo, Starling, or Wise) for near-perfect exchange rates, or using currency exchange specialists (such as Travel FX) online to get cash delivered. Avoiding airport kiosks and using bank-owned ATMs abroad also saves significant fees.
What is the least expensive way to exchange currency?
Your bank or credit union
Banks and credit unions are often the best places to exchange currency before a trip, especially if you're an account holder. Major banks typically offer currency exchange services at lower fees than currency exchange kiosks, and some banks may even waive fees for premium account holders.
Shop around for the cheapest and fastest service using foreign exchange calculators. Compare supplier prices using foreign exchange rate calculators. This is the best way to find out who offers the best value deal for a consumer's transaction.
Is it better to exchange money at bank or currency exchange?
Your local bank usually offers the best combination of exchange rates and low fees, especially for account holders. If you need additional cash abroad, using bank ATM networks often provides better rates than currency exchange services.
What is the best day of the week to exchange currency?
Quieter periods tend to be more favourable for currency exchange. Since the Forex market is closed during weekends and bank holidays, some bureaux apply higher margins. It is generally better to exchange your money between Tuesday and Thursday.
Generally, exchanging currency in your destination country can offer better rates, especially if you use local banks or ATMs. However, for certain destinations or less commonly traded currencies, you might get better rates by exchanging in your home country.
Many banks offer currency exchange to their customers. Though there may be a small fee if you exchange less than a certain amount, your bank or credit union will almost always be the cheapest place to exchange currency.
Where to exchange currency without paying huge fees? Avoid airports and hotels; instead use local ATMs or online exchange services like Revolut. Exchange booths are another place to avoid – while often conveniently located, the rates are usually poor. You could find yourself paying fees and hefty commissions, too.
Is it better to exchange money in the morning or afternoon?
Currency can fluctuate throughout the day too, with the morning or late afternoon cited as the best times to buy. These are just trends though and the currency markets fluctuate regularly, so keep your eye on them if you're looking to exchange currency soon.
For currency exchange, you'll generally need photo ID like a valid passport or driver's license, and sometimes a proof of address (utility bill), especially for larger amounts or UK residents, due to anti-money laundering (AML) regulations; some countries also require travel tickets/visas for buying foreign currency. Always bring your ID and be prepared to explain the purpose (e.g., holiday, property) for large transactions.
For fee-free debit cards abroad, look to digital banks like Starling, Monzo, Revolut, and Wise, plus some traditional banks like First Direct, Chase, and Capital One, offering no foreign transaction fees and fair exchange rates for spending and often ATM withdrawals, though some (like Monzo) have limits on free withdrawals unless it's your main account. These cards use Mastercard/Visa rates, avoiding extra markups, but always check for specific ATM limits or any potential fees for non-sterling cash withdrawals from your provider.
The 2/3/4 rule for credit cards is a guideline, notably used by Bank of America, that limits how many new cards you can get approved for: no more than two in 30 days, three in 12 months, and four in 24 months, helping manage hard inquiries and credit risk. It's a strategy to space out applications, preventing too many hard pulls on your credit report and helping maintain financial health by avoiding over-extending yourself.
Having a credit card with no annual fee is especially beneficial for those on a tight budget who want to maximize the rewards earned from their credit card. Many of these cards offer competitive rewards programs and perks, so you can still enjoy the benefits of using a credit card without worrying about an extra cost.
Global Finance names Scotiabank 'Best Foreign Exchange Bank in Canada' for the second straight year. Scotiabank is proud to be named 'Best FX Bank in Canada' by Global Finance for the second straight year, as part of the Global Finance Gordon Platt Foreign Exchange Awards for 2025.
