How To Exchange Foreign Currency In The US

Posted by Nick on August 8, 2010

There are two instances when you would need to exchange currency in the US. You are either preparing to go abroad or you have just returned from abroad. This means you either need to exchange US dollars for a foreign currency or you need to exchange a foreign currency for US dollars.

Preparing to go abroad

Use an online currency converter to see what the exchange rate is and how much US dollars it will take for the amount of foreign currency that you need. I am a fan of the currency converter at XE.com but there are many other available as well.

Returning from abroad

Separate out your foreign coins from your foreign bills. Why? Because no currency exchange counters in the US will accept foreign coins for exchange – just foreign bills. In fact, it is in your best interest to try to use up the coins before leaving the foreign country. I like to use mine to buy snacks at the airport.

Where to exchange currency in the US

There are a variety of places where you can exchange foreign currency in the US. The fees vary from place to place, which is why the best idea is to do your currency exchange at the place with the lowest fees. You can universally count on airports and hotels to offer the worst exchange rates, or the most fees.

Here are other places you can exchange foreign currency in the US:

Banks
Travel agencies
AAA Auto Club offices
American Express Travel Agencies
TravelEx locations
Currency exchange counters that are in some large shopping malls

Other ways to look for places to exchange your foreign currency is by using Yelp.com or asking on a travel forum. In fact, Yelp is how I found the best place for foreign currency exchange in Los Angeles – at a place that offers no fees!