Getting a good exchange rate

A listing of exchange rates

Exchanging money can seem inimidating.  You’re faced with a huge electronic board filled with numbers, and you can’t tell what anything means.

Before your trip, it’s a good idea to check exchange rates at the Universal Currency Converter.  This will give you a rough guide to what a fair rate is.

When you’re looking at a chart of exchange rates at a money changer, always look at the “buying” rate.  That’s how much you’ll get for your money.  For example, the chart says the money exchanger  will “buy” U.S. dollars at 34.90 Thai baht and “sell” at 35.50 Thai baht.  You’ll get 34.90 baht for every U.S. dollar you change.

Where to change money?  It’s almost a given that you’ll get the worst rates at airports and luxury hotels.  Some travelers recommend only changing enough money to pay for transport into the city, your first night’s accommodation, and your first meal.

You’ll almost always get a better deal if you wait until you get into town. Local banks are a good bet. Western banks often charge outrageous fees and are best avoided. ATMs tend to offer decent rates, but check on the availablity of ATMs that will accept your bank cards before you go. Also factor in how much your home bank charges for international transactions.

One of the worst problems a traveler can enounter is being stuck with a currency that no one will exchange. The former Indochina countries are notorious for this: Vietnam, Laos and Cambodia. In Cambodia, the U.S. dollar is the default currency!  Other travelers are a good resource: I was able to exchange my Vietnamese dong with a fellow vagabonder who was heading to Hanoi. But I later got stuck with 100,000 of Laos kip (about US$11), because no bank in Bangkok would change it.

Try change the money in-country before you leave.  The other alternative is to just spend it all before you head out.  Get some extra souvenirs for your friends and family before you depart.