Buying Currency in a Foreign Country

When traveling outside of the USA, whether it's pesos, euros, or yen, you will need to use the currency issued by the countries you will visit.
Obviously, you are interested in finding the most favorable rate. Just as in any shopping, rates vary by currency. A few minutes of online research before leaving for your vacation destination will give you an idea of the current exchange rate.
Money can be bought at banks, exchange offices, Bureau de Change offices, or ATMs. Banks (either in person or via an ATM), often have the best rates and lowest transaction fees. In addition, ATM’s undeniably provide the greatest convenience. Conversely, the "Change" businesses on tourist streets will advertise "no fees" but normally make this up by providing an unfavorable exchange rate.
Service fees are often tacked on to currency transaction, be certain to ask the rate and if there are any additional fees.
Contact your bank for details on their ATM fees before you depart. Save on transaction fees by withdrawaling enough cash to last several days.
If you can avoid it, do not buy currency at the airport on either end of your flight. Transaction fees at airports are high and the exchange rates are unfavorable. A good rule of thumb: the further you are from the airport, the better the rate.
If you are using an ATM for exchange purposes, you use it in the same manner that you would make a withdrawal at home. Some ATM's, particularly in tourist areas, may provide multi-language instructions. Again, online research before travel will help you find out some tips that will help you navigate a foreign language ATM.
Make sure that the ATM works with your ATM’s network (usually printed on the back of your card - e.g. Interlink, Plus, Star, Cirrus).
If the ATM can print a receipt, be sure to get one. Keeping your accounting straight (for both money and fees) will save you time and effort. It will also help you comparison shop for your next exchange.
Never, never, never buy currency from someone on the street. Buying currency from anyone who is not officially authorized to sell currency is a crime in most countries. In addition, these sales are often set-ups that come with the "timely" arrival of a phony law official who threatens to arrest you, unless you return all of the money to him (while the seller walks away with your dollars).
 
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