Where to Exchange International Currency: Everything Travelers Need to Know

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Learn where to exchange international currency without losing money. Discover the best places, tools, and tips for safe and affordable exchanges.

As full-time travelers and a family who worldschools on the road, we’ve learned a thing or two about stretching our dollars (and euros, baht, pesos…) as far as they can go. One of the most overlooked areas that can quietly eat up your travel budget? Currency exchange. Whether you’re planning your first international trip or you’ve been nomadic for years, understanding where to exchange international currency can save you hundreds—if not more.

Why Currency Exchange Matters for Travelers

If you’ve ever landed in a new country only to find your bank card doesn’t work, or you’ve been charged 12% in hidden fees at a shady kiosk, you know the struggle. Currency exchange is more than just convenience; it’s about:

Getting a fair exchange rate
Avoiding unnecessary fees
Having access to local currency when digital payments fail

Smart travelers know that planning for currency exchange can make or break your budget, especially when traveling long-term or to multiple countries.

Where to Exchange International Currency

1. ATM Withdrawals Abroad

Best for: Most travelers, especially for longer stays.

Pros: Usually gives the best rates; convenient.
Cons: Your bank and the local ATM may charge fees.
Tip: Use a debit card with no foreign transaction or ATM fees (e.g., Charles Schwab, Wise). We personally use the Charles Schwab debit card for ATM withdrawals because it reimburses all ATM fees globally and it works everywhere. Wise does not work in certain countries.

2. Currency Exchange Offices

Best for: Cash-only countries, Argentina or when you’re in a pinch.

Pros: Available in airports, malls, and city centers.
Cons: Worst rates are often at airports; watch for commissions.
Tip: Compare rates before exchanging. Look for offices with “no commission” signs and transparent pricing.

3. Banks

Best for: Large withdrawals or safer transactions.

Pros: Secure; reasonable rates.
Cons: May require an account or ID; longer wait times.
Tip: Ask your home bank if they have partnerships with foreign banks. Opening a bank account in many countries can be done without residency. If you are transferring large amounts of money or will be leaving in a country or region for an extended period of time, this might be a cheaper option. For example, we opened a bank account in Portugal and paid for a private health insurance without needing to live or be residents in Europe.

4. Online Money Transfer Services

Best for: Sending money to yourself abroad.

Examples: Wise (formerly TransferWise), Remitly, Western Union.
Pros: Easy, transparent rates, quick delivery.
Cons: Fees can still apply.
Our tip: We use Wise for wire payments and Western Union in Argentina, where it gave a much better exchange rate (blue dollar) than ATMs or official exchange offices.

I love using Wise for international money transfers—low fees and super easy! I’ve included my referral link above. If you sign up through it, I might earn a little thank-you bonus (it won’t cost you anything extra).

5. Prepaid Travel Cards & Multi-Currency Accounts

Best for: Digital nomads, families, and multi-country travel.

Examples: Wise, N26.
Pros: Easy to load multiple currencies, better rates.
Cons: Daily withdrawal limits; not accepted everywhere.

Tips to Get the Best Currency Exchange Rates

Always choose the local currency at the ATM or terminal. Never accept the “conversion” rate they offer.
Know the mid-market rate. Use tools like Google, XE, or Wise to check real-time exchange rates.
Withdraw large amounts less frequently. Fewer fees.
Notify your bank before you travel. Avoid declined transactions.
Use travel-friendly bank cards. Look for cards with no FX fees or ATM reimbursements.
Carry crisp, new U$100 bills if exchanging cash. In countries like Argentina, you’ll get a significantly better rate for U$100 bills compared to U$20s or worn bills.

Countries Where Planning Ahead Is Essential

Some destinations have strict cash-only policies or unreliable ATMs. Always carry some cash in:

Japan (many places in the countryside still prefer cash)
Vietnam (some rural areas lack card readers)
Argentina (ATM fees can be sky-high, and blue dollar rates give you almost double the cash than official rate)

Why We Use Wise as a Travel Family

As a family traveling full-time, we use Wise for our international transfers and multi-currency account. It allows us to hold, convert, and spend in dozens of currencies at competitive rates—right from our phones.

We also carry a small amount of emergency USD or EUR, which can be exchanged almost anywhere in the world when needed. For ATMs, we rely on our Charles Schwab debit card because of its zero fees and worldwide ATM reimbursements. We also use credit cards with no foreign transaction fees for nearly all purchases.

In Argentina, we used Western Union to send ourselves money and pick it up in pesos, which gave us the best possible exchange rate—often significantly better than what the banks or ATMs offered.

Currency Exchange Scams to Watch Out For

Airport kiosks with hidden fees: These offer poor rates and sometimes add commissions without notice.
Dynamic Currency Conversion (DCC): At shops, ATMs, or restaurants, you’re asked whether to pay in your home currency or local currency. Always choose local currency. Paying in your home currency uses a poor exchange rate.
Too-good-to-be-true street rates: These can be a front for scams, where you might be shortchanged or handed counterfeit bills.
Money changers swapping bills: You hand over crisp U$100s and get back small, damaged notes at a poor rate—or they subtly swap out fake currency.
Rigged ATMs: In touristy areas, some ATMs are set up with inflated exchange rates or rigged to skim your card data.
Fake banknotes: Especially when changing money on the street, counterfeit bills are a major risk in some countries. Always inspect local currency, and use UV markers or apps to verify authenticity when possible.

Tip: In Buenos Aires, you can exchange money easily on the streets, but it feels really shady. Always go with a friend, don’t carry too much money on your person, and do business in places where you could get help. There is no need to follow someone into an alley.

Your Currency Game Plan Before You Travel

Understanding how and where to exchange money internationally isn’t just for money nerds—it’s essential for every traveler. With a little planning, the right tools, and a healthy dose of caution, you can avoid costly mistakes and make the most of every dollar.

So before your next international trip, take five minutes to research your destination’s currency setup. Set up a travel card, grab some local cash, and enjoy the peace of mind knowing your money is working for you—not against you.

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