Never, never, ever exchange currency at an airport currency exchange booth –

Never, never, ever exchange currency at an airport currency exchange booth – On my recent trip to Rome, Italy, two weeks ago I had a connecting flight through Washington Dulles Airport (IAD). As I was rushing through Terminal C, it dawned on me that I had forgotten to get any Euros before my flight. No problem, I’ll just stop at one of the currency exchange booths at the airport. I approached the counter and asked the man how many Euros I could receive for $1,000 USD. Now, before doing this, I had already checked the daily exchange rate while sitting in the lounge prior to my flight. At that time, $1,000 USD was equal to 904 Euros. So you can imagine my shock when the man behind the counter told me he would exchange my $1,000 for a mere 724 Euros. I almost fell over. Essentially, this company was going to charge me $180 just to convert my money! This is highway robbery! You’re better off using an ATM or planning ahead to get your currency before arriving at the airport. Don’t let these modern-day robbers take advantage of you. Stay alert, stay informed, and keep your money where it belongs—in your pocket.

Using a bank ATM is your best and safest way to access foreign currency – Upon arrival in Italy I also thought this would be the perfect time to validate that bank ATMs are the best way to access Euros while traveling in Europe. When in Florence I used an ATM and asked for 500 Euros. The currency exchange rate was 1.1459 USD to the Euro (this means they charged me 4% more than the daily rate of 1.10. The ATM charged me a 3.90 Euro commission. This resulted in a total cost of 4% exchange plus a 3.90 commission. So for less than 5%, I was able to convert USD to Euros using an ATM. 

Warning – Not all ATMs are equal– Please notice that I said that you should use a bank ATM to access foreign currency as not all ATMs are equal. Many ATMs are private ATMs that can charge you commissions of up to 25% on top of the current currency conversion rates. If you thought airport currency exchange booths were highway robbery, private ATMs add insult to injury. Only use bank ATMs as they are what the locals use. 

Most European banks will no longer exchange currency for Americans – Years ago you could easily walk into most banks in Europe and exchange USD for Euros. Well, things have changed. Today, most banks in large cities no longer exchange currency for foreigners, only account holders. However, some small-town banks will help you exchange currency. A recent trip with friends to Gubbio, Italy, found us waiting in line for 45 minutes in a bank but we finally were able to exchange funds. 

Hotels often are able to help exchange currency for guests – Another option you can often use to convert small amounts of money can be to ask the front desk of the hotel you are staying in to help exchange USD to Euros. This is a way to get money for taxis, gelato, and tips. 

You will need to present your passport to get currency exchanged – Most banks and even hotels and money change booths require you to present your passport to exchange currency. I always carry my passport with me in my front pocket everywhere I go in Europe. 

Using your credit or debit card is the best way to pay for everything when traveling internationally –  My greatest advice to everyone traveling internationally is to try to pay for everything using your credit or debit card. This provides your best currency conversion rate and also protects you from fraudulent charges. You can charge almost everything to your credit card when traveling including taxis, hotels, restaurants, gelato, coffee shops, car rentals, gasoline, and even admissions to tours and the hop-on hop-off buses.

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