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Currency Converter: Currency Exchange Rate Calculator Online

Live currency exchange rates, popular exchange rates today, what is the exchange-rates.org currency converter.

The exchange-rates.org currency converter is a popular online currency converter tool that lets you easily check the exchange rate for any currency relative to another. For nearly 20 years the exchange-rates.org currency converter has been helping users get accurate and up-to-date currency exchange rates for over 130 global currencies.

Why use the Exchange-Rates.org currency converter?

• The exchange-rates.org currency converter has been trusted by users for nearly 20 years.
• We get our currency exchange rates from the most authoritative sources for forex data in the world.
• Our currency exchange rates are updated every few minutes to reflect the most up-to-date values.
• Our tool is completely free to access and has an intuitive, easy-to-use interface.

How to convert currencies online?

You can convert currencies online using the exchange-rates.org currency converter. Just follow these simple steps:

1. Enter Amount

Begin with entering the amount of currencies you want to convert in the conversion box.

2. Select From Currency

Next, from the dropdown list, choose the currency you want to convert the amount from.

3. Select To Currency

Now choose the currency you want to convert the amount into from the list of currencies that appear in the dropdown list. And you’re done! You’ll now see the value of the converted currency according to the most current exchange rate.

Currency Converter FAQs

Which currencies can you convert using the currency converter.

The exchange-rates currency converter can convert nearly 130 global currencies including the USD, AUD, CAD, HKD, EUR and GBP to name but a few.

How does a currency converter work?

A currency converter works by converting the value of one currency to another based on the latest exchange rates. To do this, the currency converter tool integrates with leading currency exchange rate data providers to get the latest exchange rates in real time.

How does currency exchange work?

A currency exchange works by converting the value of one currency into its equivalent in another currency. Since individuals and businesses need to frequently make international transactions involving different currencies, it is important for them to be able to convert one currency into another. Also, since currency exchange rate values fluctuate in real time, currency exchanges provide users with the latest values to facilitate conversions.

Why are exchange rates between countries different?

The value of one currency relative to another is driven by supply and demand based on a number of macroeconomic factors. If the currency of one country is in high demand (for instance, the USD) then its value relative to others is likely to go up. Sometimes, countries may voluntarily allow their currencies to appreciate or depreciate relative to others in response to domestic economic pressures. All these factors impact the exchange rates between countries.

What is the best time to convert currencies?

Unlike equities markets, currencies are traded 24 hours a day, 5 days a week. That said, 3 PM - 4 PM UTC is a good time to convert currencies as this is the time when peak activity of two of the largest currency exchanges — New York and London — overlaps, resulting in good liquidity.

What currency has the highest conversion rate?

The Kuwaiti Dinar (KWD) is currently the strongest currency in the world. 1 Kuwaiti Dinar (KWD) = 3.2758 US Dollars (USD) as of 2024-8-26 7:45 PM UTC.

What is the cheapest currency in the world?

The Lebanese Pound (LBP) is currently the cheapest currency in the world. 1 US Dollar (USD) = 89,600 Lebanese Pounds (LBP) as of 2024-8-26 7:45 PM UTC.

Why Trust Us?

Exchange-rates.org has been a leading provider of currency, cryptocurrency and precious metal prices for nearly 20 years. Our information is trusted by millions of users across the globe each month . We have been featured in some of the most prestigious financial publications in the world including Business Insider, Investopedia, Washington Post, and CoinDesk.

We partner with leading data providers to bring you the latest and most accurate prices for all major currencies, cryptocurrencies and precious metals. The currency, cryptocurrency and precious metals prices displayed on our site are aggregated from millions of data points and pass through proprietary algorithms in order to deliver timely and accurate prices to our users.

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Top Currency Exchange Websites

By Team RapidAPI // January 8, 2021

With more than 180 currencies being recognized as legal tender across the globe today, currency exchanges have become imperative for efficient global trade and tourism. Since time immemorial, it has been vitally essential for individuals who are traveling or paying for goods and services all around the world to convert currencies from one form to the next. Over the years, brick and mortar financial institutions such as banks, brokerage firms, and currency traders have been leading the way in the provision of currency exchange services. However, with the perverse growth of the internet has made it possible for organizations or individuals to convert money online via currency exchange websites. This has made it easy for individuals and organizations from all around the globe to convert cash without so much hassle.

What are Currency Exchange Websites?

Currency exchange websites are online-based platforms that help people and businesses from across the globe to convert currencies from one form to another. Through the provision of a secure and centralized setting, these sites offer immediate transparency, thereby allowing involves parties to understand the financial market conditions and exchange currencies safely. Most of these websites feature a universal currency converter, an application that permits the involved parties to convert currency values based on the day’s exchange rates.

When to Use Currency Exchange

One situation that warrants currency exchange is when traveling out of the country. Since every country has its unique currency, you need to convert your money into the destination country’s currency so that you can be able to buy their goods and services. When it comes to travel currency exchange, most individuals like to convert their cash before they embark on their journey so that they can get reasonable rates. Organizations and individuals can also convert currency when engaging in international trade. If you are looking for an online platform to exchange currencies, here are the top currency exchange websites.

Browse Currency Exchange APIs

Boasting to be one of the most renowned global foreign exchange platforms, XE is a professionally designed website that is easy to use and navigate. The platform offers a broad range of other financial services besides being among the most reputable and trusted international foreign exchange website. The site is cost-effective as compared to other platforms, and it helps you save money in the long-run. It covers up to 70 currencies across 170 countries.

• Feature an excellent exchange rate tools
• Offers strong services and support
• It is multilingual
• Exchange rates are provided only when you transact

TransferWise

Another renowned currency exchange website is TransferWise. This site is designed to help you save cash on exchanges through their exclusive peer-to-peer system. The website allows you to exchange currencies with other individuals seeking to convert their money to your currency. This platform is also renowned for its swift transfer services, which enable you to send or receive money in various countries. The website also takes pride in its transparency, which is what allows parties to view fees and rates before they make any transaction.

• Offers outstanding customer service experience
• It uses the mid-market exchange rate with no disguised fees
• It gives you value for money
• No cash pickup option
• It charges currency exchange fees for international transfers.

Feted with several prestigious awards for its outstanding customer service, Oanda is a US-based platform that offers top-class currency exchange services. Besides, they also provide money transfer services, Forex &CFD trading, and corporate fx payments. This platform provides currency conversion for up 160 currencies

• Easy to use and user-friendly website
• Reasonable exchange rates

Financial information is not available for those who are not transacting with this platform

Travelex is also another popular online platform for currency exchanges around the world. The website boasts a ton of currency exchange resources such as the currency calculator, historical analysis, graphs, and monthly averages. Through Travelex, businesses and individuals can access exchange rates for different currencies from all over the world. This site’s exchange rates reflect the changes that occur in worldwide markets whenever they occur.

• Exchange rates formulated by blending information from several independent sources.
• Exchange to more than 45 different countries
• Home delivery is available
• No cash payment or pickups
• Doesn’t have the most competitive exchange rates

Top Currency Exchange APIs

Some of the best currency converter and exchange APIs include:

• currencylayer
• Real-time Currency Rates
• Labstack Currency

See the full collection here .

Summary: Best Currency Exchange Websites in 2020

Team RapidAPI

Reader interactions.

March 28, 2020 at 6:31 am

Check out our brand new currency converter website http://Currency.World – a new generation currency converter

April 21, 2020 at 8:19 am

I would like to introduce a reliable currency converter website currencyconverterlive with historical and latest exchange rates.

July 30, 2020 at 10:42 pm

Thanks for sharing such a great information. keep it up.

June 17, 2021 at 10:06 am

remitbee.com recently introduced currency exchange online, where you can exchange cad to usd / USD to CAD online with mid market rate and zero fees.

July 27, 2021 at 7:19 pm

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Understanding Exchange Fees

• Exchanging Currency Home & Overseas
• Credit vs. Cash for Foreign Transactions

Other Travel Tips

Worst places to exchange currency, when to exchange currency, the bottom line.

• Personal Finance
• Budgeting & Savings

Where to Exchange Currency Without Paying High Fees

Brandon is a professor of finance and financial planning. CFP, RICP, and EA, and a doctorate in finance from Hampton University.

Tsuji / Getty Images

Travelers should look to convert their currency before embarking on a trip or know where to go to save on changing money while abroad. Trading currency at a hotel or even a currency kiosk in an airport or elsewhere in the country can be costly due to poor exchange rates and high fees. The best options are more likely to be associated with your local bank or credit union, so it's important to plan ahead when it comes to exchanging currency.

Key Takeaways

• Because of high currency exchange fees, travelers should consider converting their currency before traveling.
• Banks, credit unions, online bureaus, and currency converters provide convenient and often inexpensive currency exchange services.
• Once on foreign soil, the best means to convert currency is to use a foreign automated teller machine (ATM) or identify whether your bank has ATMs or banking affiliates nearby.
• Many credit and debit card issuers allow users to purchase items overseas using their cards without foreign transaction fees.

Currency exchange fees play a crucial role in the global financial landscape. These fees are the charges applied by financial institutions or currency exchange services for converting one currency to another. Financial institutions that provide currency exchange services take on the risk of price fluctuations; if they hold one currency and it goes down in value, they theoretically need to be compensated for holding this currency.

Behind the scenes of a currency exchange transaction, there are significant operational costs as well. Banks have to keep up with maintaining the necessary infrastructure and technology. Financial institutions also need to invest in secure and efficient systems to ensure they're using accurate exchange rates. Exchange fees help cover these operational costs.

Last, financial institutions are profit-driven entities. Banks and similar entities are in the business to make money. Offering currency exchange services is one way they generate revenue. While competition in the market helps keep fees competitive, financial institutions still need to generate sufficient income to remain sustainable and one way they do this is by charging fees for certain services.

Exchanging Currency at Home and Overseas

With the context of why fees occur behind us, let's start digging into how to avoid fees. You can begin by finding out what a fair exchange rate is for the country or countries you'll be visiting. Check key currency exchange websites first. The following are some of the best and least expensive places to convert currency:

• Local banks and credit unions usually offer the best rates.
• Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas.
• Online peer-to-peer foreign currency exchanges
• Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

Ordering cash online will likely include delivery charges, and the exchange rate won’t be as good as with your bank; however, this is still a better option when compared with the must-avoid options below.

The best option for exchanging currency and saving fees is to use a foreign ATM or your own bank's ATMs overseas, if possible.

Piggybacking on the suggestion above, if you don’t have time to get the foreign currency before leaving or don’t want to carry a lot of cash, check to see if your bank has ATMs in the destination country or its cities . It may even have banking affiliates there. A key tip is to use an ATM within the airport as soon as you arrive.

When you’re back in the U.S., head to your bank or credit union to transfer any leftover foreign currency to U.S. dollars. It's important to note that some banks will not take foreign currency. As a last resort, if you have foreign currency left over before you depart the country you're visiting, look to convert it at an airport kiosk or a store before leaving.

Using Credit vs. Cash for Foreign Transactions

The world has become so digital that most people no longer walk around foreign countries with traveler's checks and money belts. That’s why you should take both a no-foreign-fee debit card and a no-foreign-transaction-fee credit card with you. The likes of Chase, Bank of America, Capital One, and other major credit card issuers offer specific no-foreign-transaction-fee cards.

It is best to primarily use a no-transaction-fee credit card , rather than cash, on an overseas trip as it will likely offer fraud protection ; use currency only as a backup. You can replace lost or stolen credit cards, but lost cash can never be replaced.

However, don’t use your credit card for a cash advance to receive foreign currency. Doing so means you’ll get hit with a cash advance fee and a high interest rate that starts accruing immediately.

The widespread use and enhancement of technology have helped make using credit and debit cards possible in most parts of the world. However, there are exceptions, so it is worth investigating whether your destination accepts debit or specific cards before you go on a trip.

One thing to do before traveling abroad is to let your bank and credit card companies know of your travel plans, although some banks are moving away from encouraging this practice. That way, if you use your credit or debit card abroad, these companies won’t cut off access to your account due to concerns of fraud.

Also, avoid paying in U.S. dollars while outside the country when possible, even if a merchant offers to convert them for you. This includes paying with a credit or debit card. The merchant would likely convert at a rate that’s disadvantageous to you and charge fees. The same goes for paying with U.S. dollars in the form of cash.

Some places that you should avoid for exchanging currency are:

• Airport kiosks and stores when heading to a country (not to be confused with airport ATMs): Plan ahead, as airport kiosks generally charge some of the highest fees and have the worst exchange rates. When returning to the U.S. with foreign currency to trade in, however, this sometimes might be the only option.
• Traveler’s checks and prepaid debit cards: These are not efficient and often carry various transaction fees. They add little benefit in terms of security when compared with cash. Prepaid debit cards also come with card fees, foreign transaction costs, and ATM-use charges.  
• Hotels and tourist areas: Similar to airports, hotels and tourist-centric areas may provide convenience, but they generally charge higher fees for currency exchange. Locations such as Paris, Orlando , and Rome cater to tourists who may prioritize convenience over cost-effectiveness.
• Remote locations: In remote or less frequented destinations, currency exchange options may be limited, and providers may take advantage of the lack of competition by charging higher fees. It may also be more administratively burdensome to replenish and monitor these sites, so entities may charge higher fees in return.

Throughout this article, we've talked about it's best to optimize your foreign currency exchange before your trip. Even in international cities , you should avoid last-minute exchanges, and utilizing tools like limit orders or rate alerts in advance of your trip can help secure more favorable rates. Additionally, staying informed about economic events that may impact currency values allows for strategic timing.

There are a few other bits of advice on timing. The currency markets operate 24 hours a day during the business week, but they usually close over the weekends. During these market closures, there is no active trading, and as a result, liquidity tends to be lower. Lower liquidity can lead to wider bid-ask spreads, making it more expensive to execute currency transactions.

In addition, holidays can have a similar impact on currency markets. On public holidays, financial institutions and markets in specific countries may be closed, leading to decreased trading volumes and liquidity. This reduced liquidity can again result in wider spreads and less favorable exchange rates.

Where Can You Exchange Currency?

Banks, credit unions, and online currency exchange bureaus and converters provide convenient and often inexpensive currency exchange services. Also, your own bank's overseas ATM or a foreign bank's are ways to get local currency with a credit card or ATM card once you have arrived. Among the worst options are trading currency at a hotel or a currency kiosk in an airport or elsewhere in the country because these can be costly due to poor exchange rates and high fees.

What Are the Alternatives to Exchanging Currency?

Travelers can rely solely on their credit cards for purchases, if accepted everywhere in a country being visited. It's also still an option to bring traveler's checks, although these mostly have been supplanted by the widespread use of credit cards today. You can also choose to spend U.S. dollars in some instances while overseas, but this practice isn't recommended because the exchange rate given in a foreign country is often disadvantageous to the purchaser.

What Can I Do With Leftover Foreign Currency?

When you’re back home, you can go to your bank or credit union to transfer any leftover foreign currency into your own country's currency. Be aware that some banks will not take all foreign currencies. As a last resort, if you have foreign currency left over before you depart the country you're visiting, look to convert it at an airport kiosk or a store before leaving.

If you do a little homework before leaving for your trip by checking exchange rates, you’re likely to save. Remember to stick to ATMs and no-transfer-fee credit card spending, and avoid exchanging money at airport kiosks, hotels, and buying things with U.S. dollars to avoid costly exchange rates and fees.

Bank of America. " Foreign Currency Exchange ."

Bank of America. “ Placing A Foreign Currency Order FAQs ,” See “How can I exchange foreign currency for U.S. dollars?”

Chase. " No Foreign Transaction Fee Credit Cards ."

Bank of America. " Credit Cards With No Foreign Transaction Fees ."

Capital One. " Credit Card Frequently Asked Questions ."

Chase. " Do I Need to Notify a Credit Card Company When Traveling? "

Wise. " Why You Should Not Exchange Currency at the Airport ."

Consumer Financial Protection Board. “ What Types of Fees Do Prepaid Cards Typically Charge? ”

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Find and Compare the Best Exchange Rates: Monito's Guide

François Briod

Co-Founder of Monito and money transfer expert, François has been helping Monito’s users navigate the jungle of money transfer fees, bad exchange rates and tricks for the last ten years.

Byron Mühlberg

Monito's Managing Editor, Byron has spent several years writing extensively about financial- and migration-related topics.

Links on this page, including products and brands featured on ‘Sponsored’ content, may earn us an affiliate commission. This does not affect the opinions and recommendations of our editors.

Whether you're sending an international money transfer or travelling abroad, every time you or your money cross a border, you'll very likely be paying a hefty currency exchange fee caused by a poor exchange rate . Ultimately, these exchange rates mean that you get less foreign currency for each pound, dollar, or euro that you send or spend abroad.

While good exchange rates are out there, they can be challenging to find, with many people understandably finding themselves unsure about where even to begin. Fortunately, Monito's expert reviews and analyses, as well as our real-time comparison engine , allow you to discover the best exchange rates to suit your individual needs.

In this guide, you'll discover how to find and compare exchange rates on the market to find the best one for you, regardless of whether you're travelling or transferring abroad:

What You'll Find in This Guide

• 01. How to find the best exchange rates scroll down
• 02. What are the exchange rates by currency? scroll down
• 03. What exchange rates do banks charge? scroll down
• 04. What exchange rates do travel cacharge? scroll down
• 05. Frequently asked questions about exchange rates scroll down

Find the Best Exchange Rates for Transfers Abroad

Are you sending money to your loved ones abroad? Or perhaps you're a business that needs to pay freelancers or suppliers in another currency? Whatever your needs, good exchange rates can be difficult to come by, and you may find yourself having to wade through a jungle of international money transfer fees and hidden exchange margins just to be charged outrageously by your bank or currency exchange provider.

Find the best international exchange rates using Monito's smart comparison tools and expert advice for sending money abroad. In general, you can be sure to get the best money exchange rate simply by following these three steps before every transfer:

Step 1 — Compare Exchange Rates

To find the best that the market has to offer, begin by comparing exchange rates quoted by different providers, and save up to 95% in total fees compared to your bank.

To get the job done, compare the cheapest ways to send money internationally on Monito's real-time comparison engine below. By entering your transfer amount, your country, and your beneficiary's country, we'll offer you up-to-the-minute exchange rates from all the top money transfer services across the globe:

Compare Exchange Rates

Step 2 — consider your transfer method.

When sending money abroad, the exchange rates you're offered can vary significantly based on whether you're sending the money as a bank transfer, or whether you're sending it for cash pick-up — the two main methods for sending and receiving international money transfers:

Usually the slightly cheaper option, bank transfers allow your recipient to receive money directly into their bank account. Compare the best exchange rates for bank transfers by selecting the "Transfer to a bank account" tab (left) on our comparison engine results page.

While cash pick-ups (right) tend to be more expensive than bank transfers, this is only sometimes because they're offered at poorer exchange rates. Much of the time, the exchange rate remains the same, whereas the fixed fees are higher.

Step 3 — Choose the Right Service Type

In most cases, one of the many international money transfer services that we display on our comparison engine will offer a money exchange rate to suit your needs.

However, when it comes to sending a substantial amount of money abroad (i.e. upwards of US$5,000), then these services tend to be outmatched by specialist services known as foreign exchange brokers, which negotiate a favourable exchange rate on your behalf:

On our comparison engine, forex brokers are featured in their very own tab (left), when applicable. Be sure to select this tab if you're planning on making a very large transfer.

Follow Live Exchange Rates

Compare Exchange Rates — The Top Currencies

To find the best international exchange rates in real-time for a pair of currencies, in particular, take a look at the major world currencies and their popular trading pairs below:

Sending US dollars?

The US dollar is the most traded currency in the world. Compare the services that offer the best exchange rates for the Indian rupee, and other major currencies including the Canadian dollar , Euro , Mexican peso , Colombian peso , Nigerian naira , Philippine peso , Pakistani rupee , Argentine peso , or the British pound .

Sending Euros?

With 19 European countries making up the Eurozone, it's no wonder that the Euro is world's second biggest currency. Compare the services that offer the best exchange rates for the US dollar , Indian rupee , Canadian dollar , Colombian peso , Brazilian real , Nigerian naira , Argentinian peso , or the Russian ruble .

Sending British pounds?

The British pound sterling is among the top-five of the most traded currencies in the world. Compare the cheapest services that offer exchange rates between the British pound and the Polish złoty , Indian rupee , Pakistani rupee , Euro , US dollar , Nigerian naira , or the Philippine peso .

Sending Indian rupees?

Indian rupees are not only one of the most popular currencies for inward remittances, but they're also sent abroad from India at staggering amounts. Compare the services that offer the best exchange rates for the US dollar , Canadian dollar , Nepali rupee , Philippine peso , Euro , Pakistani rupee , or the Bangladeshi taka .

Sending Canadian dollars?

The Canadian dollar is the sixth most traded currency in the world economy. Compare the cheapest services that offer exchange rates between the Canadian dollar and the US dollar , as well as other popular currencies such as the Indian rupee , Euro , Philippine peso , Pakistani rupee , Mexican peso , and the British pound .

Sending Mexican pesos?

Mexican peso is a major currency, especially in North America. Compare the services that offer the best exchange rates for the US dollar , as well as other currencies such as the Euro , Brazilian real , British pound , Colombian peso , Australian dollar , and the Indian rupee .

Sending Australian dollars?

The Aussie dollar is the fifth most traded currency in world and an important currency not only in Australia, but also across many Pacific Islands. Compare the cheapest services that offer exchange rates between the Australian dollar and the US dollar , Indian rupee , Nepali rupee , Philippine peso , Canadian dollar , Nigerian naira , and the Pakistani rupee .

Sending Swiss francs?

Traditionally a "safe-haven" currency due to its perceived stability, the Swiss franc punches above its weight in the world economy. Compare the services that offer the best exchange rates for the Euro , US dollar , Brazilian real , Thai baht , Indian rupee , Colombian peso , and the British pound .

Compare Exchange Rates at Banks

Traditional banks across the globe offer some of the poorest exchange rates on the market, charging a mix of fixed fees , commission fees , and exchange rate margins that can sometimes amount to costs of more than 10% of your entire transfer amount!

To find out how to save on these often-exorbitant costs, take a look at our international money transfer guides for several key major banks across the globe:

Last updated: 08/07/2021

Find the Best Exchange Rates for Travel Cards

Are you planning your next trip abroad? Whether it's cash in your wallet or money on a card, you'll need foreign currency to do your spending in order to avoid paying exorbitant dynamic currency conversion (DCC) fees on every transaction paid in your home currency.

Insider Tip

Where possible, pay using the local currency at foreign point of sales. If you pay in your home currency, you’ll more than likely be charged a dynamic currency conversion (DCC), which is often a very bad rate (we've see as high as  5 to 18% !).

FAQ About Exchange Rates

While some banks offer better exchange rates than others, the best exchange rates of all are typically offered by neobanks rather than by traditional banks. The top competitors in this fast-growing financial sector are TransferWise Borderless , Bunq , N26 , Revolut , Monese , and (in the UK) Monzo — all of which offer very good exchange rates.

Finding the best exchange rate often means you need to find alternatives to your traditional bank, exchange bureau, or cash-based money transfer service. Here are our two top tips for getting the job done:

• Compare exchange rates on our smart comparison engine when sending abroad;
• Check out our smart travel card comparison tools when travelling abroad.

Exchange rates between currencies fluctuate all the time, leaving it nearly impossible to know in which direction they will go. Subscribe to Monito's email alert to be notified of relevant changes in an exchange rate of your choice.

Like anything of value, currencies are sold and bought. Let's assume you want to swap US dollars for Euros. Your bank will then sell you Euros in exchange of your US Dollars, with exchange rate for your transaction being the "Sell" exchange rate of Euros in exchange for those dollars.

It's busy changing right now. Run a search on our comparison engine to find out in real-time!

So that currency exchange providers can make money exchanging currencies. Simply put, banks trade currencies between one another at the mid-market exchange rate , while charging you a slightly poorer one to make a profit, known as an exchange rate margin .

The best exchange rates involving the US dollar are constantly on the move. Run a search on our comparison engine to discover them in real-time!

Sadly, it's often the case that you'll have hard time finding this information. Banks are notoriously non-transparent about their exchange rates, so are some money transfer services and card issuers. Even if the information is provided, you might be confronted to some financial jargon that is hard to understand. You can always try to call your bank to ask what's their current exchange rate.

Banks usually don't offer the same exchange rates if you need to exchange cash (coins & bank notes) or if you need to exchange currencies in the context of an electronic bank transfer, or a payment in foreign currency with your debit/credit card. The exchanges rates for cash transactions are usually easier to find, and less favorable, because of the cost associated with managing cash in multiple currencies.

The mid-market exchange rate , or inter-bank rate, is the exchange rate between two currencies of reference. This is the rate you'll see on Google or XE.com and it's used by banks when they exchange currencies with one another.

Check Out Our Money Transfer Guides

Canadian dollar image credit: Diane Hammond, distributed under a CC BY-NC-ND 3.0 license Point of sale image credit: Blake Wisz on U Blake Wisz on Unsplash Unsplash

Why You Can Trust Us

You’re probably all too familiar with the often  outrageous cost of sending money abroad . After facing this frustration themselves back in 2013, Monito co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services worldwide.

Today, Monito’s award-winning comparisons, reviews, and guides (no longer just about money transfers but also digital accounts, travel cards, eSIMs, and travel insurance) are trusted by millions each year. Our recommendations are backed by our comparison data and dozens of expert tests, allowing you to confidently make the savviest decisions.

15+ million people  across the globe trust Monito.

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• Money Transfer

Where To Exchange Currency Without Paying Huge Fees

Fact Checked

Updated: Mar 22, 2024, 11:11am

If you’re ready to hit the road after being grounded for more than two years, you definitely want to get the most bang for your travel buck. A smart way to save while traveling internationally is to understand how currency exchange works so you can exchange currency without paying more fees than necessary.

It all comes down to a little “know before you go.” The tips below will help you get the gist of currency exchange, so you can score the best rates when your travels take you abroad.

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How Does Currency Exchange Work?

Think about the currency exchange rate the same way you think about buying produce at the grocery store. For instance, you might get three pounds of oranges for $4.00 one day, but a week later, you can get those same three pounds for $2.79. The value of your dollar is stronger (gets you more) when the oranges are $2.79 and weaker when you have to pay $4.00.

A currency exchange rate is simply the value of one country’s currency against another country’s currency. Like produce prices, the U.S. dollar’s value against the currencies of foreign countries like France, Canada and Mexico tends to fluctuate. Currency exchange rates can change minute to minute, though most banks only update their rates once each business day.

Since exchange rates fluctuate, you’ll want to make sure you get the most foreign currency for your U.S. dollar, which means getting the best possible exchange rates and limiting the fees you have to pay.

Where to Exchange Currency

To help you save the most on currency exchange rates and avoid potential fees for international transactions, use the tips below to plan for your next trip abroad. More money in your pocket and less spent on unnecessary fees means more to spend on your globetrotting adventures.

1. Get Cash at Your Bank Before Leaving the US

One of the best ways to minimize currency exchange fees is to visit your bank or credit union before you leave the U.S. to exchange dollars for the currency of your destination. Depending on which country (or countries) you plan on visiting, most major U.S. banks will have foreign currency available to sell to you without charging an additional fee beyond the exchange rate. For example, Wells Fargo offers 70 currencies for use in more than 100 countries, and Bank of America exchanges currencies for more than 100 countries.

You may be able to get foreign currency in cash at your local bank branch, or you can order currency online or by phone to be delivered to your home. Depending on your bank, where you live and which country’s currency you need, some currencies may be available for same-day exchange. Other, less frequently requested currencies could require a few days—or more—of advance notice.

“Customers who order currency through their own bank can ensure the money they receive is authentic and that they have received the best, legal rate,” says John Sellers, rewards executive at Bank of America. “As these rates are constantly changing, Bank of America uses a variety of factors to determine its exchange rate—including market conditions and rates charged by other financial institutions,” he says.

2. Avoid Currency Exchange Kiosks at Airports

If you don’t have time to get cash at the bank before your trip, it can be tempting to get foreign currency at an airport kiosk or currency exchange counter. These merchants offer convenience, but their exchange rates are typically much less favorable than your bank at home.

For example, if you’re traveling to the United Kingdom and your bank offered you an exchange rate of £72 per $100, the airport kiosk may give you only £67 per $100, costing you extra money in the form of fewer pounds for your dollars. If you had made that exchange at your home bank, you’d have an additional £5 in your pocket.

A good currency conversion calculator will help you do the math and make the comparisons.

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Airport kiosks may also charge higher fees, which are sometimes hidden within the poorer exchange rates they offer for converting your dollars to another currency. If you’re traveling on short notice and need foreign currency in cash at the airport, it could be worth paying the extra cost for the sake of convenience. If you can plan ahead, however, try to avoid airport kiosks and other exchange counters.

3. Pay by Card, but Watch Out for Foreign Transaction Fees

Once you arrive at your destination, you may choose to conserve your foreign cash and pay with your credit or debit card as much as possible. But this can pose another problem: foreign transaction fees .

Depending on your bank and what card you have in your wallet, your credit card or debit card might carry a foreign transaction fee of up to 3% on every purchase in other countries. For example, if you spend a total of $5,000 on a trip using your debit or credit card and get charged a foreign transaction fee of 3% on every purchase, you’d rack up $150 in extra charges. Probably not what you wanted to spend your money on, right?

To avoid these sneaky foreign transaction fees, read the fine print on your bank’s or credit card’s website before you travel. You can also call your bank and ask if it charges foreign transaction fees with the type of card or account you have.

If you have time before your trip, you may want to apply for a credit card that doesn’t charge foreign transaction fees, especially if it’s a good travel rewards credit card .

4. Pay in the Local Currency to Avoid Currency Conversion Fees

Some international merchants let you choose whether you want to pay for your purchase in the local currency or U.S. dollars. While it may not happen with every purchase, be on the lookout because it’s a place to save on fees.

If you ever find yourself in this situation, you should choose to pay in local currency. If you choose to pay in dollars, you’ll be charged an extra currency conversion fee and likely get a poor exchange rate. The merchant’s point of sale system may make it seem like it’s a convenient choice to pay in dollars instead of the local currency, but it will ultimately cost you more.

5. Know Your ATM Fees and Limits

Even if you can get a favorable exchange rate using a foreign ATM, you may want to hold off on using the machine until you know what kind of fees your bank charges and what limits it imposes on daily withdrawals. Contact your bank to ask about the daily ATM withdrawal limits on your account. If your daily withdrawal limit is low, consider asking your bank to raise that limit so you can withdraw what you need while traveling. You’ll also want to know about any fees your bank might charge if you use an out-of-network ATM abroad.

Keep in mind that some international ATMs limit you to a lower amount of cash withdrawals than your bank allows. Even if your bank’s daily withdrawal limit is $500, the foreign ATM network or bank may only let you withdraw $300. Plan ahead to make sure you have enough cash during your trip.

6. Use International Banking Apps

If you’re a frequent international traveler, consider using an international banking app —such as Wise (formerly TransferWise), Revolut or others—to manage your money. These apps make it easier to hold multiple currencies and transfer money to accounts in different countries.

With a multiple currency account, you can keep some money in various currencies. It’s helpful if, for instance, you frequently travel to Canada or Mexico, or if you love to go on vacation in Spain every summer. This helps you avoid the volatility of currency exchange rates since you’ll always have some money ready for your next trip.

Banks That Exchange Foreign Currency for Free

Many U.S. banks will exchange USD for foreign currencies without charging a fee, but there are often stipulations. For instance, Bank of America customers can exchange foreign currencies for free, but only on orders of $1,000 or more. Otherwise, the bank charges a $7.50 delivery fee for foreign currency orders.

Likewise, customers of TD Bank can exchange U.S. dollars for foreign currencies without paying a fee, but only if they have a qualifying type of account. TD Premier Checking customers won’t pay foreign exchange fees, but other TD Bank checking account customers may. Check with your bank to find out if it exchanges foreign currency for free and if there are any conditions you must meet to avoid fees.

Where to Get Foreign Currency Internationally

If you need foreign currency while traveling outside of the U.S., ATMs are your best bet for bills you can spend locally. ATMs tend to offer competitive exchange rates, and you can save on ATM fees by withdrawing more cash than you need instead of withdrawing smaller sums several times during your trip. And if you’re outside of the U.S. and need currency to spend in a different country than the one you’re in, try visiting the biggest bank you can find to exchange your cash.

Bottom Line

Before you plan your next international trip, give some thought to how you want to pay for everyday purchases. Understanding currency exchange fees, foreign transaction fees, ATM withdrawal limits and other aspects of paying in foreign currencies can help you save money and time and enjoy your travels to the fullest.

Frequently Asked Questions (FAQs)

What is the best place to exchange foreign currency.

The best place to exchange foreign currency in the U.S. is at your local bank or credit union before you leave for your trip.

What is the currency exchange rate?

The currency exchange rate is the value of one country’s currency relative to another country’s currency. Exchange rates fluctuate 24/7.

Do banks accept foreign currency in the US?

Some banks may let you exchange unspent foreign currency you bring back to the U.S., but you generally won’t be able to deposit foreign money into your checking or savings account. Instead, you’ll have to exchange foreign currency for dollars before making a deposit.

Do foreign banks accept US dollars?

Many major international banks will accept U.S. dollars and give you the local currency in exchange. Some smaller banks you encounter during your travels may not be equipped to accept USD, so stick with bank names you recognize.

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E. Napoletano is a former registered financial advisor and award-winning author and journalist.

After ditching the dollar, Zimbabwe now rushing for it at a steeper cost

Sunday august 25 2024.

Zimbabwe launched a new currency in Harare on April 5, 2024. PHOTO | VOA

Nearly five months after changing its currency to arrest inflation, Zimbabwe is back in familiar territory as the new local unit has started losing ground.

The problem seems to be based on how the country tried to ditch the US dollar, now rushing for it. 

The southern African country has been grappling with currency crises for over 24 years. On April 5, it introduced the Zimbabwe Gold (ZiG), which it said was backed by 2.5 tonnes of gold and foreign currency reserves worth about $285 million.

Authorities were forced into a swift currency change after a drastic depreciation of the Zimbabwe dollar (ZWL) since its reintroduction in 2019 when it lost over 80 percent of its value from the beginning of this year.

The government of President Emmerson Mnangagwa rolled out a string of policies to shore up the new currency, including jailing street traders that were accused of fueling the parallel foreign currency market, and tightly controlling the foreign exchange rate.

Read:  Zimbabwe to fine businesses not using new currency

While the official foreign currency exchange rate has remained relatively stable at $1 to ZiG14.5 from the fixed rate of $1 to ZiG13.5 at introduction of the new currency in April, on the more popular black market it is now pegged at ZiG24 to $1.

Market watchers say most of the depreciation happened this month and some are already ringing the alarm bells.

They say Zimbabwe’s new currency could be heading down a now very familiar path.

Eddie Cross, an economist and President Mnangagwa’s advisor, said if no immediate interventions were made to protect the new currency it will not recover from the knocks it has suffered this month.

“When the ZiG was launched in April this year, just four months ago, the governor of the Reserve Bank of Zimbabwe stated that he had three times cover for the currency in hard currency and gold reserves,” Mr Cross said.

“He said he was determined to protect its value and was confident he could do so.

“They held the value (in the parallel market) at about 15 to 1 for two months but in the past month, the parallel market rate has devalued to 24 to 1.

“It bounces up and down, but the trend is down. If this continues, the ZiG is wounded and will not recover.”

He attributed the re-emerging currency problems to Zimbabwe’s failure to manage a proper de-dollarisation process.

Mr Cross said popular sentiment on the market was that the ZiG was going down the same way as the defunct Zimbabwe dollar because of the controlled exchange rate. “Today the RBZ strives to force everyone to trade the local ZiG at 14.5 to $1,” he said.

Read:  Zimbabwe illegal moneychangers back in streets after new currency launched

“Five hundred businesses have been fined or worse for (foreign currency exchange) violations.

“The informal sector, which is now half the economy, walks into stores, buys what they want at 14.5 to $1, walks out the door and sells it for US dollars in a market awash with foreign currency, sells the US dollar for 24 to $1 and returns to restock.

“The retailer sits with millions of ZiG in his accounts, which no one will accept because they need hard currency to service their own demands.”

Zimbabwe’s biggest sugar producer, Hippo Valley, put the currency conundrum into perspective in its financial results for the year ending July 30.

The company said while its revenues in US dollars were decreasing and local currency denominated sales were increasing, service providers were preferring settlement in foreign currency.

“The company is currently experiencing a mismatch between the ZiG and US dollar on revenues and expenditure where the currency mix on revenues is currently showing a decrease in US dollar denominated sales and an increase in ZiG dominated sales, while providers of goods and services are currently preferring settlement more in US dollars than what the company is able to generate from the normal sales,” Hippo Valley said.

The Confederation of Zimbabwe Industries (CZI), the country’s largest industry representative body, said while the ZIG has been showing signs of depreciation on the formal market, the slide has been wider on the parallel market.

CZI said most companies were struggling to get foreign currency on the official market and this could undermine the wide use of the ZiG.

“A huge parallel market premium does not only impose inflationary pressures on the ZiG but in US dollars as firms would also need to adjust US dollar prices upwards to be deemed compliant by the RBZ,” CZI said in its latest currency and inflation update.

It said the excessive demand for foreign currency on the formal market should have resulted in a significant depreciation of the ZiG “were the exchange rate truly market determined.”

Read:  Zimbabwe new currency faces odds amid economic woes

Morgan&Co, a Harare-based advisory firm, said pressure on the government's purse that is worsened by the need to import more grain due to an El Nino-induced drought did not bode well for the stability of the new currency.

President Mnangagwa’s government also spent heavily on infrastructure upgrades ahead of a regional summit held in Harare on August 17 and the advisory firm said this was also putting pressure on the local currency.

“This could result in the continued depreciation of the ZiG in the second half of the year, albeit at a slower rate than the Zimbabwe dollar’s depreciation in the first quarter,” it said.

“The ZiG inflation will likely follow suit considering that its volatility largely lends from exchange rate volatility.”

Mr Cross said the only way to end Zimbabwe’s currency woes that were temporarily halted in 2009 after the country was forced to dollarise was to end the multicurrency system and protect the ZiG as the country’s sole currency.

Zimbabwe’s first currency change was in 2009 when an inflation rate of 500,000,000,000 percent, according to the International Monetary Fund (IMF), forced the regime of Robert Mugabe to abandon the local currency and legalise a basket of currencies dominated by the US dollar.

In 2019, the government reintroduced the Zimbabwe dollar and outlawed the multicurrency system; but later permitted the use of foreign currencies again during the Covid-19 era.

The re-emergence of the parallel foreign market is suffocating the majority poor and is crippling formal businesses, Mr Cross said.

“It cannot go on,” he added. “If we allow this situation to continue, the ZiG is dead, like all its predecessors and no one will mourn its passing.

“We need our own currency. The number of countries that allow what we have here, the so-called multicurrency system, you can count them on one hand and they all want to go back to their own currency.”

President Mnangagwa in July hinted that Zimbabwe’s new gold-backed currency will become the sole legal tender before the 2030 deadline to end the current multicurrency system.

Last year, the president extended the US dollar use by five years in a move meant to allay growing concerns about looming currency policy charges that had put financial institutions on the edge.

Economists say reversing dollarisation might prove too hard for Zimbabwe because its economy is now largely informal. There are also very few countries that have successfully dumped the US dollar after dollarisation.

According to the IMF, only four out of 85 countries surveyed during 1980 to 2001 succeeded in dedollarisation. It lists the four as Poland, Israel, Mexico and Pakistan.

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