How can I exchange money without paying huge fees Advertiser disclosure: We consider you our top priority. Each every time. We believe everyone should be able to make sound financial decisions without hesitation. Although our site doesn’t feature every company or financial product that is available in the marketplace We’re pleased of the advice we provide and the information we offer as well as the tools we design are independent, objective simple, and cost-free. So how do we make money? Our partners pay us. This can influence the products we review and write about (and the places they are featured on our site) however it does not affect our recommendations or advice which are based on thousands of hours of study. Our partners are not able to pay us to guarantee favorable review of their services or products. . How to exchange currency without paying huge fees Your bank or credit union, not an airport kiosk is the most likely place to exchange currency. By Melissa Lambarena Lead Writer | Credit cards credit cards, loans Melissa Lambarena is a lead writer for the credit cards group at NerdWallet. She has been a passionate writer covering the subject of credit cards for more than six years. Her prior experience spans nine years of being content creator for various websites and publications. Through her work, she hopes to help readers extract value from credit cards to help them achieve financial goals such as increasing their budget, establishing credit, travelling to destinations of their dreams and repaying debt. She focuses on these subjects along with others in the Millennial Money column featured in The Associated Press. Her writing has also been featured on The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa holds a bachelor’s degree in sociology from The University of California, Los Angeles. Dec 21 2022, edited by Yuliya Goldshteyn Assistant editor Yuliya Goldshteyn works as a banking editor at NerdWallet. She has previously worked as the editor and writer and research analyst in a variety of industries, ranging from health care to market research. She earned a bachelor’s degree in the field of history from University of California, Berkeley. University of California, Berkeley and a master’s in social sciences from the University of Chicago. You can reach her via

. Review by Kathleen Burns Kingsbury Wealth psychology expert and coach Kathleen Burns Kingsbury, founder of KBK Wealth Connection and host of the Breaking Money Silence podcast, is an internationally known author and speaker. As an expert in finance psychology Kathleen has appeared on television and her work has been published on The New York Times, The Wall Street Journal, “PBS NewsHour,”” Money magazine, Today Money, Forbes and CNBC. Kathleen was an adjunct faculty instructor at The McCallum Graduate School at Bentley University between 2009 and 2019, and is now a professor in the college of Champlain College. At NerdWallet our content is put through a rigorous . We are so confident in our reliable and valuable content that we allow outside experts inspect our work. Many or all of the products we feature are provided by our partners that pay us. This impacts the types of products we write about and where and how the product appears on the page. However, this does not influence our evaluations. Our opinions are entirely our own. Here’s a list and . The most important things you can learn from nerdy before your trip make sure you exchange your funds at your credit union or bank. If you’re in another country, make use of ATMs of your financial institution when you can. Once you’re back, you should check if your credit union or bank will purchase back the currency you exchanged. Credit unions and banks are usually the best option to exchange currency , with affordable exchange rates and most affordable fees. Here’s how financial institutions — and several other locations- can help travelers exchange currencies. Want to send money instead? Check out the Where to exchange currencies to the U.S. before your trip If you’ve not packed your bags, you may be able to find the best currency exchange rates prior to leaving. A lot of banks provide currency exchange to their customers. Although there could be a fee for exchanges if you exchange less than a certain amount however, your bank or credit union will always be the best place to exchange your currency (and the most affordable). It is possible to order the currency at a branch or by phone or online to have it delivered to you, or to pick up at an office. Some currency providers permit you to collect your cash as quickly after the day, have delivery within 1 three business days or even have it delivered overnight. Click here to see our top picks for the best options. You may also order through an online currency converter, and send the cash at your doorstep. However, exchange rates are not as favorable, and the delivery costs could eat away at the funds. The airport kiosks or stores should be your last resort. Exchange rates are not great and the fees are expensive. Another option Find out more about Back to top A smart method to keep track of your money Track your cash, cards and bank accounts at the same time. Where can you get foreign currency that is not in the U.S. Once you’ve reached your destination, avoid airport kiosks or other exchange facilities. Your bank’s ATM network is the best choice. You might be able to withdraw cash in the local currency with affordable exchange rates and low fees (1 percent to 3 percent). Make use of the app offered by your institution to find an ATM close to your location. Make sure to withdraw more money when your bank has ATM fees. Avoid ATMs that are not in your networkas well as a possible foreign transaction fee which could result in paying fees to your bank as well as the ATM’s owner. • Do you withdraw cash frequently from ATMs? Check out our suggestions for the back to top place to exchange currency after your journey Your bank is most likely the most reliable place to exchange currency, but it may not buy back all kinds of . If it doesn’t, you can exchange your money at a store that sells currency or at an airport kiosk, though you likely won’t get the best price. If you are unable to trade your currency abroad it is possible to donate it at the airport or in the flight. Ten international airlines are part of UNICEF’s Change for Good program, which takes donations in foreign currencies to improve child’s lives worldwide. If you’re currently back home, you can mail the currency you haven’t used to the program’s headquarters. Find out more about . Return to top Savings Cash Management CD Checking Money Market A savings account is the perfect place to keep money safe with interest. Savings accounts are a place where you can save money in a secure manner while earning interest. Member FDIC SoFi Savings and Checking APY 3.75% SoFi members with direct deposit are eligible to get up to 3.75 per cent annually-percentage return (APY) in savings account balances (including vaults) and 2.50 percent APY on their checking balances. There is no minimum amount of direct deposit that is required to be eligible for 3.75% APY for savings and 2.50 percent APY for checking balances. Customers who do not deposit direct deposits will get 1.20% APY on all account balances in checking and savings (including vaults). The rates of interest are variable and may change at any point. These rates are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Min. balance for APY: $0 Member FDIC Marcus Goldman Sachs Online Savings Bank APR 3.50% 3.50% Annual Percentage Yield (annual percentage yield) with $0 minimum balance to earn the APY stated. Accounts must be in positive balance to remain open. APY valid as of 02/07/2023. Min. balance for APY Cash accounts are $0 and combine services and features similar to savings, checking and investment accounts into one. The cash management account is typically provided by non-bank financial establishments. These accounts offer services and features similar to checking, savings and/or investment accounts into one product. Cash management accounts are generally provided by non-bank financial institutions. On the website of Wealthfront, you can find Wealthfront Cash Account APY 4.05% min. balance of APY $1 on Betterment’s site Betterment Cash Reserve – Paid Non-Client Promotion APY 4.00 percent annually percent rate (variable) is as of 02/06/2023. Min. balance for APY $0 CDs (certificates of deposit) are a kind of savings account that comes with an annual fixed rate and a term. They typically have higher interest rates than traditional savings accounts. CDs (certificates of deposit) are a form of savings account that has fixed rates and terms which usually come with higher interest rates than traditional savings accounts. CIT Bank CD APY 4.60% Term 1.5 Years FDIC Marcus by Goldman Sachs High-Yield CD APY 4.6 FDIC Marcus through Goldman Sachs High-Yield CD APY 4.40% 4.40% annual percentage yield (annual per cent yield) as of 01/25/2023 Term 1 year Member FDIC SoFi Savings and Checking APY 2.50% SoFi members who have direct deposit may receive up 3.75 per cent per year in annual percentage yield (APY) in savings account balances (including vaults) and 2.50 percent APY on balances in checking accounts. The minimum amount of direct deposit needed to be eligible for 3.75 percent APY on savings accounts and 2.50 percent APY on checking balances. Direct deposit members will get 1.20% interest on balances, including savings and checking (including Vaults). Rates of interest are subject to change and could change at any point. These rates are current as of 01/04/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet Monthly fee $0 Upgrade – Rewards Checking APY N/A Monthly fee $0 Deposits are FDIC Insured Current Account APY N/A Monthly fee $0 Deposits are FDIC Insured Chime Checking Account APY N/A Monthly fee $0 Member FDIC Axos Bank(r) Rewards Checking APY 1.25% Receive monthly direct deposits totaling $1,500 or more to earn 0.40% APY. Use Your Axos Visa(r) debit card for up to 10 transactions each calendar month (min $3 per transaction) or join Account Aggregation/Personal Financial Manager (PFM) through Online Banking to earn 0.30% annual percentage. Maintain an average daily balance of $2,500 within An Axos managed Portfolios Investment Account in order to receive 0.20 percent annual percentage yield. Maintain an average daily balance of $2,500 per month with an Axos self-directed trading Investment Account in order to receive 0.20 percent annual percentage yield. Use your Rewards Checking account to make your full each month Axos consumer loan payment to earn 0.15 percent APR. Monthly fee $0 Money market accounts have rates similar to savings accounts and include some checking features. Market accounts earn rates that are similar to savings accounts and have certain features for checking. FDIC UFB Best Money Market Member FDIC UFB’s best Money Market Rate APY 4.21% Min. balance for APY 0 FDIC Discover Bank Money Market Account APY 3.20% Min. amount for APY $1. Use credit or debit cards to avoid manually doing the exchange. Determine the location that is compatible with plastic. If it is then you could avoid most of these extra travel fees by using one of the debit cards. Consider making an application for one of these debit or credit cards before you leave so you can use it instead of cash in any situation. Avoid using the cash-only ATM cards, or you’ll pay costs and charges immediately when you take a cash advance. When purchasing items at the point-of-sale, remember to to pay using the local currency, not in U.S. dollars to avoid charges for currency conversion. Multicurrency accounts: Another option if you are a foreigner or working abroad, you might consider getting a multicurrency account. A multicurrency accounts is generally one that allows you to spend, receive and hold multiple currencies. Learn more about . Most frequently asked questions Where is the best place to exchange money? Although there could be a fee of a few dollars when you exchange less than a specific amount the banking institution or credit union will nearly always be the most suitable option for where to exchange currency (and the most affordable). Do banks exchange foreign currency? Some banks exchange foreign currency. You might require a membership of the bank in order to exchange currency using it. It is important to note that, unless have a premium account, exchanging a smaller amount may result in a charge. Where can you exchange money for free? Some banks offer free currency exchange to their customers. It is important to note that some financial institutions might charge a fee for exchanging currencies unless you’re an account holder who is premium or are exchanging at least $1,000. Where is the best place to exchange currency? Though there may be a tiny fee if you exchange less than a set amount, your banking institution or credit union will nearly always be the most suitable option to exchange currency (and the most affordable). Do banks exchange foreign currency? Some banks exchange foreign currency. It is possible that you have to be a client of the bank in order to exchange money with it. It is important to note that, unless have a premium account, exchanging a smaller amount may cost you a fee. Which exchange locations can help you convert money at no cost? Some banks offer free currency exchange for their customers. It is important to note that some financial institutions might charge a fee to exchange currencies unless you’re an account holder who is premium or you’re exchanging more than $1,000. About the author: Melissa Lambarena is a credit card writer for NerdWallet. Her work has been highlighted by The Associated Press, New York Times, Washington Post and USA Today. On a similar note… Find the best savings account NerdWallet’s recommendations for the top high-yielding online savings accounts. Dive even deeper in banking. Get smarter money moves delivered straight to your inbox Sign up and we’ll send you Nerdy posts about the money topics that are important to you along with other ways to help you get more from your money. Make the right financial moves

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