Credit Cards Provide the Best Currency Exchange Rates, Study Shows - Page 2
While the right credit card will provide the best exchange rate and should therefore be used for the majority of an international traveler’s purchases, some cash is still needed to pay for cabs as well as purchases made at vending machines, automated ticketing machines in train stations and the few stores that inevitably do not accept plastic.
Given the high exchange rates, currency should obviously not be exchanged in airports. Consumers can instead either exchange money with a local bank before embarking on their travels or use a low-international-fee ATM card as soon as they arrive at their destination.
Some banks offer online currency conversion, whereby the requested foreign currency is delivered to your work, home, or a local bank branch. As a result, travelers should call their own banks as well as a few others in the area to not only find the best exchange rate, but the cheapest and most convenient method of delivery as well. After all, an 11.9% variation exists between the prices charged by the best and worst banks, according to the Card Hub study, so it pays to shop around.