You can exchange currency in several convenient places depending on whether you are at home or traveling abroad: At Home:
- Banks and Credit Unions: These are generally the best places to exchange currency with reasonable rates and low fees. Many banks allow you to order foreign currency in advance for pickup or delivery. They may also buy back leftover currency when you return
- Online Currency Exchange Services: Platforms like Wise, OFX, Revolut, and Currency Exchange International offer competitive rates and low fees. You can order currency online for home delivery or local pickup
- Post Office Bureaus: Some countries' postal services offer foreign currency exchange with options for home delivery or in-person pickup
When Traveling Abroad:
- ATMs: Using your bank or credit union’s ATM network overseas is often the cheapest and most convenient way to get local currency, usually at rates close to the interbank rate. Use ATMs affiliated with major banks and cards that reimburse ATM fees or have no foreign transaction fees
- Currency Exchange Offices: Available in cities and tourist areas, but often with higher fees. It's best to avoid airport kiosks and tourist-heavy locations due to poor rates
- Foreign Bank Branches: If your bank has branches abroad, you may exchange currency there, but check fees beforehand
- Hotels: Some hotels offer currency exchange but usually at less favorable rates, so use only if necessary
In Luxembourg (as an example):
- Currency exchange offices like BT Money Transfers & Exchange or MERCEDES PAY S.A. are options to exchange money locally
- Servibank+ ATMs offer 24/7 foreign currency withdrawal or exchange for euros
In summary, the best approach is to exchange currency at your bank or credit union before traveling. Once abroad, use your bank’s ATMs or reputable bank branches for the best rates and lowest fees. Avoid airport kiosks and hotel exchanges when possible
