Bring Your Own Currency?
Purchasing foreign currency from a bank or exchange bureau
before you go overseas is generally not the most cost-effective option of
exchanging money; you'll be charged a commission, and you won't get the
interbank rate that you would if you used an ATM or credit card. (For more
information, see The Best Way to Carry Money Overseas.) That's why, if you're
headed to a major international airport or train station, your best bet is
probably to seek out an ATM as soon as you arrive and withdraw some cash in the
local currency.
However, there are certain circumstances where it still may
be worthwhile to have some local currency on hand before arriving in a foreign
country. First, some small airports may only have a single ATM -- and there's
no guarantee that it will be functioning, or that your particular ATM card will
be compatible with it.
Take this example from IndependentTraveler.com member hafa:
"Don't count on being able to use an ATM in Japan.
For some reason they don't seem to be connected to foreign ATMs. I have used my
ATM card in countries all over the world but it wouldn't work in Japan.
I ended up having to get a cash advance on my credit card."
Likewise, certain countries may also have spotty ATM
service; one IndependentTraveler.com editor was nearly stranded without cash on
a small Caribbean island when the only cash machine in
town was out of service. (Fortunately it was a weekday, and she was able to go
into the bank for a cash advance.)
Get the Best Exchange
Rate
Smaller airports and train stations, particularly in less
developed countries, may not have ATMs at all. (Airport websites typically
include information on ATM locations, change bureaus and other services; check
ahead to see what's available.)
In these cases, it's a good idea to have some cash on hand
before you arrive -- we suggest about $100 - $150 in the local currency,
depending on the cost of transportation and how soon you think you'll be able
to reach an ATM. You can either bring U.S. dollars to use at the airport's
exchange bureau, or change your money before you leave home. The latter is a
nice option simply for the convenience factor; writes Host Bonjour, "The
last thing I feel like doing when I arrive is to have to find the ATM in a foreign
airport after a long flight. I just want to FIND my LUGGAGE, FIND my way to my
HOTEL and then figure it out from there. So long as I have currency, I don't
have to worry about a thing."
