Even the best rate is wasted if something goes wrong at the counter. Run through this checklist before and after you exchange.
Common currency exchange mishaps
- Short-changing and sleight of hand: the clerk counts the notes in front of you, then slips a few out while handing them over. Always recount the money yourself.
- Street money changers: people offering great rates on the street may mix in counterfeit notes or old notes that are no longer accepted.
- "0% commission" traps: no fee is charged, but the rate itself is poor, or the attractive rate on the board applies only to large amounts.
- Paying in your home currency (DCC): shops and ATMs offer to charge you in your own currency "for convenience", which often costs several percent more.
- ATM skimming: devices attached to isolated ATMs in tourist areas can copy your card details.
- Mixing up denominations: with currencies that have many zeros, such as the Vietnamese dong or Indonesian rupiah, similar-colored notes are easy to confuse, so travelers overpay tenfold or get too little change.
Following the checklist below prevents most of these problems.
Before you exchange
- Ask for the final amount you will receive. Do not decide based on the rate board or a "no commission" sign alone.
- If a rate looks unusually good, check for extra fees or minimum amounts.
- Plan your mix of large and small bills. Taxis, street stalls and tips need small notes.
- If you order through a bank app, check the pickup location and hours in advance.
At the counter
- Count your money on the spot, before you leave the counter.
- Keep the receipt. Some countries require it to sell leftover currency back.
- Avoid people on the street offering to exchange money. Fake notes and sleight-of-hand tricks are common.
- Badly torn or very old notes may be refused abroad.
Using cards and ATMs
- When paying or withdrawing, decline paying in your home currency (DCC) and choose the local currency.
- Use ATMs inside or attached to bank branches to reduce the risk of card skimming.
- Before you leave, enable overseas use on your card and check your withdrawal limits.
After your trip
- Leftover coins usually cannot be exchanged back, so spend them before you leave.
- Keep leftover notes for your next trip, or convert them back in the cheapest way available.
- Selling back uses the less favorable sell rate. Exchanging only what you need is the best saving.