How do you compare banks to find the best exchange rate?


Quick Answer

The exchange rates for most U.S. metropolitan banks can be found by using a service called eZforex, according to Travel and Leisure magazine. These rates may be compared to the wholesale, or interbank, exchange rate offered by banks and listed in the business section of most newspapers.

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Full Answer

The best way to get cash while traveling overseas is to use a bank ATM debit card upon arrival in a foreign country, notes Travel and Leisure. As of 2009, the fees associated with using a bank card at an ATM machine are usually lower than exchange fees charged when converting money in a local bank before leaving the United States. Major ATM networks, such as Cirrus and Plus, have online ATM locators so the location of an accessible ATM in the city being traveled to can be verified. Memorize the PIN number of the ATM card by the numbers and not the letters, as many of the ATMs located abroad do not have letters on the key pads, recommends Travel and Leisure.

Although using a foreign ATM may initially appear to save money over exchanging currency at a local bank, it may not be possible to calculate the specific exchange rate until the charge, plus possible added fees, are fully processed by the bank, cautions The New York Times.

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