It may be cheaper to buy your foreign currency abroad than at home, but it also depends on your destination.
As a general rule of thumb, destinations that are very popular with people from your country tend to be cheaper to buy currency than buying it before you go. This is because the steady flow of tourists selling Australian dollars allows money changers in those destinations to pool your currency together and then sell in bulk to a foreign exchange wholesaler. The margins they charge are usually smaller than banks so the exchange rate is more favorable, making it cheaper to buy currency at such a destination.
Unfortunately, the opposite is also true.
It may be costlier to exchange your currency in countries that aren’t particularly popular destinations for people from your country.
When you exchange your money before leaving your country, you’ve several options. You can buy it at the airport, from a currency exchange service or from your bank.
Buying Currency Online
Some travelers have started buying foreign exchange online. But buying currency online using a credit card can incur more bank fees. Also, when you buy currency online, it may take a few days before you can pick the cash up.
Buy from a Currency Exchange Service
This is a really good option to buy currency because of their low fee and better exchange rates. Currency exchange services are also excellent if you are traveling to more than one destination and need to buy several currencies. Established currency exchange services also allow you to sell the remaining currency back to them upon your return.
Buy from a Bank
Using your own bank only offers the safety of familiarity. Their exchange rates tend to be worse than an independent currency exchange.
At the Airport
Airport exchange services are only conveniently located but also the costliest. They offer far worse exchange rates than in the city because they don’t have to be competitive.
If you are looking for the best foreign currency exchange services in Dallas or San Antonio, Texas, call Texas Currency Exchange at 888-975-6009. At Texas Currency exchange, we will help you with any questions about exchange rates, the type of currency you will need for your travels and more.