Our party will be visiting Hungary, Austria, The Czech Republic and Poland in August. We plan to do a little-sightseeing and eat at a few restaurants and I'm told using local currency is the best way to pay for this. Can I get the best exchange rates for my dollars if I wait until I arrive in each country or get the currency before I arrive?
Posted by
Cary, NC
687 posts
You get the best exchange rate using an ATM and your bank account. There are numerous posts on this board about using your ATM card, notifying your bank that you will be traveling, and checking what fees it may charge.
Posted by
PA
2784 posts
And I would add, enter "Other" for the amount when you use the ATM, and pick something that will produce smaller bills rather than the largest denomination. For example, in Hungary, pick 38000 fl. This will immediately give you something that can easily be changed for that first small purchase of a transit ticket. Also, keep track of your needs. With careful management you can leave yourself with very little of the currency left when you leave that country, so that it is not wasted. . And if you care to then convert it at a currency exchange at the bus/train/airport, that it is such a small amount will minimize what is lost on the friction. These countries are all specific, and unless you know you will return soon, you don't want to save it, as you would with Euros Really, there should be a great banner somewhere on these pages that says "Use ATMs, not exchangers".
Posted by
Honolulu/Seattle, HI/WA, USA
2788 posts
If folks who are asking about exchanging currencies would do some research by looking at "Graffiti Wall > Money and Communication > ATMs: Minimizing Fees" they would find some helpful information.
Posted by
Tel Aviv
15663 posts
If you have time, try to get a Capital One ATM card. You may have to open a money market account as they offer checking accounts only in the states where they have a physical presence. Cap One is best because there are no ATM fees. Most others take a hefty fee, perhaps $5 per transaction. With no-fees, you can just withdraw as needed. You can also apply your unused local currency to your hotel bill when you leave if you have too many forints, or whatever. Most places prefer (or will only accept) local currency. Leave your dollars at home.
Posted by
Pico Rivera, CA
594 posts
I second the Capital One ATM card. I got back from Turkey and Greece not too long ago and I pulled out cash from the ATMs A LOT! I wasn't charge a single penny. If I had used my Chase ATM debit card, it would have been a $5 fee plus 3% of the total I withdrew. It's easy to open up a checking account online.