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Banks and Money Changers in Moscow with Best Exchange Rates

For those who are brand new to the currency of Russia, then the country’s official currency is Ruble (RUB) . Banknotes are issued in denominations 50, 100, 500, 1000, and 5000 rubles. Coins come in 1, 2, 5, and 10 rubles.

The most convenient way to access local currency in Moscow is withdrawing cash from ATMs . But, as you have already known, this requires you to pay the cross-border fee.

To avoid this, many opt to exchange money at banks or money changers instead. Similar to what it is in South Korea and China, banks are the places in Russia that have the best exchange rates, compared with independent money changers. It is quite convenient as all Moscow’s banks offer currency exchange services.

It is worth a mention that most of the banks only accept the major currencies such as USD, EUR, GBP, CHF, and JPY . If yours is not among these, then you should check out UniCredit Bank as the variety of currencies they are trading is broader.

Listed below are recommended banks and money changers which are popularly known to provide good rates and services.

1. Sberbank of Russia

Established in 1841 and currently operating over 16,000 branches all over Russia, Sberbank is considered as the oldest and largest bank of the country. It now controls a third of Russia’s banking system.

What Sberbank can do for its visitors is offer money transfer and currency exchange services together with convenience. Their bank branches are scattered around the city, which are easily accessible from train stations and tourist attractions.

To check their daily rates, click here .

RECOMMENDED BRANCHES 1) Sberbank Central Office

• This central office building is located next to the Institut Sistemnogo Analiza RAN
• Address: 19 Vavilova St., 117997 Moscow, Russia
• Phone: +7 495 957 58 62
• Opening hours: Mon to Fri 08:30 – 19:30, Sat 09:30 – 17:30

2) Sberbank branch near Moscow Hermitage Garden

• This branch is about a 7-minute walk from Moscow Hermitage Garden
• Address: Oruzheynyy per., 41, Moscow, Russia, 127006
• Phone: +7 495 500-00-05
• Opening hours: Monday to Friday 10:00 – 19:00

3) Sberbank branch near Chistye Prudy metro station

• Its location is within walking distance from Chistye Prudy station (less than 5 minutes)
• Address: Myasnitskaya ul., 17, Moscow, Russia, 101000
• Phone: +7 495 621-54-15
• Opening hours: Monday to Friday 08:30 – 19:30

4) Sberbank branch near Museum of Zoology

• This branch is just a 1-minute walk from the Museum of Zoology
• Address: Romanov per., 4, Moscow, Russia, 125009
• Phone: +7 495 258-05-00
• Opening hours: Monday to Friday 09:00 – 18:00

5) Sberbank branch near Park Dubki

• It is a 2-minute walk from Park Dubki
• Address: Barvikhinskaya ul., 8/1, Moscow, Russia, 121596
• Phone: +7 800 555-55-50

2. VTB Bank

VTB Bank and its subsidiaries including VTB 24 and Bank of Moscow provide travelers and tourists with a wide network of bank branches for currency exchange needs. You won’t have a hard time finding a branch of this Russia’s second largest bank as there are many of them have the locations within walking distance from public transport stations, shopping centres and tourist sites.

VTB’s daily exchange rates can be accessed from here .

RECOMMENDED BRANCHES 1) VTB branch near Skver Devichyego Polya

• This branch is a 3-minute walk from Skver Devichyego Polya
• Address: 1, Burdenko Ul., Moscow, Russia, 119121
• Phone: +7 (495) 775-54-54

2) VTB branch near Turgenevskaya station

• This branch is about a 2-minute walk from Turgenevskaya station
• Address: 35, Myasnitskaya, Moscow, Russia, 103450

3) VTB branch near Park Pobedy station

• Its location is just a stone’s throw from Park Pobedy station exit
• Address: 2/2, Pobedy square, Moscow, Russia, 121170

4) VTB branch near Church of St. Gregory

• This branch is just a minute walk from Church of St. Gregory
• Address: 4, Brodnikov Per., Moscow, Russia, 119180

5) VTB branch near Stantsiya station

• This branch is a 2-minute walk from Stantsiya station
• Address: 43/1, Vorontsovskaya str, Moscow, Russia, 109147

3. Globex Bank

Globex is another worth-checking-out bank in Moscow for currency exchange. What is so good about this bank is that its branch at Lotte Plaza is open to serve customers every day of the week from 10:30 to 21:30. This is a true plus point as most banks in Moscow follow office hours (Monday to Friday from 09:00 to 18:00).

Aside from this business centre, the branches at 1st Tverskaya-Yamskaya Str, 73/8 Leninsky, and 31 Novinsky boulvar are also operated on Saturday until 20:00.

GLOBEX BRANCHES IN MOSCOW 1) Globex branch at Lotte Plaza

• Lotte Plaza is located beside Lotte Hotel along Novinskiy Boulevard
• Address: Novinskiy Boulevard, 8, Moscow, Russia, 121099
• Phone: +7 (495) 660-71-21/22
• Opening hours: Daily 10:30 – 21:30

2) Globex branch near Pamyatnik Alisheru Navoi monument

• This branch is within walking distance from Pamyatnik Alisheru Navoi monument (less than a 5-minute walk)
• Address: 29 Valovaya St., Moscow, Russia, 115054
• Phone: +7 (495) 236-51-68
• Opening hours: Mon to Fri 09:00 – 18:00, Holidays 09:00 – 17:00

3) Globex branch near Chapaevskiy Park

• This branch is nestled at a small building beside Chapaevskiy Park
• Address: Leningradsky Ave, 59, Moscow, Russia, 119334
• Phone: +7 495 514-05-14
• Opening hours: Mon to Thu 09:00 – 18:00, Fri & PH 09:00 – 17:00

4) Globex branch near Contemporary Art Gallery

• This branch sits beside the Contemporary Art Gallery
• Address: 1-ya Tverskaya-Yamskaya ul., 24, Moscow, Russia, 125047
• Phone: +7 (499) 251-38-51
• Opening hours: Mon to Fri 09:00 – 20:00, Sat 10:00 – 20:00

5) Globex branch near Hall Napoleon

• Its location is a 5-minute walk from Hall Napoleon
• Address: Leninsky, 91, Moscow, Russia, 119313
• Phone: +7 (499) 132-41-90

6) Globex branch Novinsky shopping mall

• This branch is nestled inside Novinsky shopping mall, which is just a 1-minute walk from Chaliapin House Museum
• Address: Novinsky, Novinskiy b-r, 31, Moscow, Russia, 123242

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Currency Exchange at Moscow Sheremetyevo Airport (SVO)

Moscow Sheremetyevo Airport (SVO) is one of four international airports that serve Moscow and the busiest airport in Russia . If you will be taking an international flight to this Moscow Airport and might need some Russian Ruble (RUB) there, find out how good or bad currency exchange rates at Moscow Airport really are.

Money Changers at Moscow Airport

At the time of our visit to Moscow Sheremetyevo Airport, we’ve found several currency exchange kiosks of the same money changer – New Moscow Bank (NMB) . Branches of this money changer can be found in Terminal D, Terminal E and Terminal F. Even if the airport is huge, locating the currency exchange kiosk won’t be difficult: just look the booth with the sign “Exchange Express” on it.

Currency Exchange Rates at Moscow Airport

Currency exchange rates at Moscow Sheremetyevo Airport are not really attractive as there’s no competition around. As you can get much better exchange rates for your foreign currency in the city of Moscow, exchange your money at SVO airport only if it’s unavoidable and as little as you would need to get into the city.

How bad currency exchange rates at Moscow Airport really are?

USD to RUB exchange rate at Moscow Airport

The official USD exchange rate on the day of our visit was 65 RUB for 1 US Dollar, so the rate offered at SVO Airport (56 RUB/USD) was even by 9 RUB lower than the exchange rate at the market. For every US dollar exchanged at the airport you’re losing about 0.14 USD or as much as 14 USD per 100 USD. Losing 14% of your money just for exchanging is never a good deal.

EUR to RUB exchange rate at Moscow Airport

The official EUR exchange rate at the time was 71 RUB for 1 Euro, so the rate offered at Moscow Sheremetyevo Airport (64 RUB/EUR) was by 7 RUB or about 10% lower than the market rate. Euro exchange rate at Moscow Airport was better than USD exchange rate at the time of our visit, so bringing there Euro instead of US Dollar might help you to save a bit.

GBP to RUB exchange rate at Moscow Airport

The official GBP exchange rate on the day of our visit was 80 RUB for 1 Pound Sterling, so the rate offered at Moscow Airport (70 RUB/GBP) was by 10 RUB or 12.5% lower than the market rate. For every 100 pounds exchanged at the airport you’re losing about 12.5 GBP.

CHF to RUB exchange rate at Moscow Airport

The official CHF exchange rate on the day of our visit was 65 RUB for 1 Swiss Franc, so the rate offered at SVO Airport (55 RUB/CHF) was by 10 RUB or 15.4% lower than the market rate. For every 100 Swiss Francs exchanged at Moscow Airport you’re losing about 15.4 CHF.

Exchange rates of other currencies at Moscow Airport

As you can see, exchange rates for the most popular currencies at Moscow Sheremetyevo Airport (SVO) are not really attractive. However, exchange rates here are even much worse for other currencies .

The official AUD exchange rate at the time was 44 RUB for 1 Australian Dollar, so the rate offered by the money changer at Moscow Airport (35 RUB/AUD) was by 9 RUB or about 20.5% lower than the market rate.

The official CAD exchange rate at the time was 49 RUB for 1 Canadian Dollar, so the rate offered at Moscow Sheremetyevo Airport (35 RUB/CAD) was by 14 RUB or about 28.6% lower than the market rate.

The official JPY exchange rate at the time was about 61 RUB for 100 Japanese Yen, so the rate offered at the airport (45 RUB/100 JPY) was by 16 RUB or 26.2% lower than the market rate.

Even lower exchange rates are offered for more exotic currencies and you might end losing almost half of your money if exchanging Turkish Lira, Thai Baht or any other less popular currency at Moscow Airport.

Should you exchange money at Moscow Airport?

If you have a credit or debit card, paying with your card will be significantly cheaper than exchanging cash to local currency at Moscow Sheremetyevo Airport. You can also withdraw Russian Ruble from one of ATMs found at the airport.

At the airport, you can pay in foreign currencies such as Euro and US Dollar instead of Russian Ruble as some stores even display their prices in Euro. The foreign exchange rate used at the store will be better than offered at currency exchange kiosks.

If you feel that using Russian Ruble will be unavoidable before reaching the city where more reasonable exchange rates are offered, find a place to exchange currency in your home country (not at the airport of your departure, though). In the worst case scenario, bring Euro as at least currently the best exchange rate is offered for European currency.

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Introduction

From the first view, currency exchange in Russia seems easy. In Moscow you can find bureau of change and bank near every subway station. In fact, you will possibly meet a few problems.

The most important advice

You should never change currency in Russian airports. The rates are awful. For example, when the official government rate is 50 Russian rubles for one United States dollar, they sell it for 70 and buy for 30. It is terribly.

You not need Russian currency to get out from the airport to a city. Usually, tourists prefer the Aero Express train, and you can pay for ticket by Visa or MasterCard. After arriving to a railway station, you will find a currency exchange bureau with a good rate there.

There is the combined ticket for the Aero Express and the Moscow Subway, and you can also buy it by Visa or MasterCard.

If you ride to your hotel by taxi, you will be better not to change money too. Wait for arriving to hotel and make exchange there. Or, ask the driver to stop near bank or bureau. The driver will be displeased in this case. Do not keep in mind; Russian taxi drivers are always displeased.

Where to make currency exchange in Russia

There are a few main ways. They are hotel services, currency exchange bureaus and banks. According the Russian law, only banks have the exchange license, so, every such place is a subdivision of a bank. The difference is the first two provide only exchange service, and bank branches are also working with credits, deposits, payments and other services.

• General Information
• Plan your trip

Currency in Moscow

The official currency of Moscow is the Russian Rouble (RUB) . Discover where to exchange money, what the best rates are and more with our handy guide.

ATMS and banks

In Moscow you won't have any trouble finding ATMs and banks all over the city.

How to pay in Moscow?

Credit cards are widely accepted at most larger chain hotels, restaurants and shops, however it's best to keep cash for everything else. Note also that while chip and pin cards are accepted, cards that require a signature may be rejected. Always check your overseas charges with your bank before paying, to avoid any nasty surprises!

Exchange rate

₽ 100 ( US$ 1.10)

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How to exchange money in Russia like a boss

1. Prepare in advance and avoid bringing too much cash - and it’s not because there are too many financial schemers on the streets like in the 1990s. Quite on the contrary, today, Russia has one of the highest acceptance rates of debit and credit cards in Europe and ATMs can be found as easily as in the UK, according to Guy Eames , a British businessman who has been working in Russia for 30 years.

“As a frequent visitor to Moscow, I tend not to bring much physical cash with me and never use currency exchange offices,” he says. “What I would urge is to bring at least two contactless cards (for example, Visa or Mastercard) and keep receipts - this way you can sort out any questions. I would advise checking bank balances regularly, if you have any doubts.”

If you already have a contactless card, ask the bank about using it in Russia (to find out whether there are any significant costs using it) or consider opening an account in an online bank in your country. Some travellers also recommend getting a Revolut card, which has low fees and good exchange rates.

Related : 10 FAQs: How easy is it to travel around Russia with just a credit card?

2. If you do want to bring some cash, bring Euros or Dollars. These currencies are widely accepted at banks and exchange points across the country. It’s also better to make sure the banknotes have no tears or writing on them - they are often not accepted.

3. Never change currency via random individuals offering a “better” exchange rate. In the 1990s, such dubious strangers often preyed on first-time travelers and ordinary Russians who unknowingly exchanged real currency for fake or later discovered the disappearance of other valuables. Even though seeing such schemers today is quite rare, it is still better to avoid such individuals if you see one. Such random strangers might approach you at the bank or exchange bureau.

4. Avoid exchanging money at the airport. As all frequent travellers around the world agree, airport rates are often the worst, whatever the country. So, if you do need some cash to get to the city, exchange only a small amount, enough for you to get to the city. If you arrive at one of Moscow’s three airports, check the costs for traveling to the city center: from Vnukovo , Domodedovo or Sheremetyevo . 

5. Remember, the safest option is to exchange money in a bank. According to Anna Bodrova, a senior analyst at Alpari Information and Analytics Center, the currency exchange in banks is a controlled and totally secure process regulated by different mechanisms of verification. “Yet, one should note that banks can set their own exchange rates with a reference to the Central Bank’s rate and, often, will charge a commission for the service,” she says.

Indeed, the exchange rate is different everywhere, and it’s better to check the Central Bank of Russia latest exchange rates prior to picking a nearby exchange office. 

If you can read Russian, check out the RBC website : there you can choose the currency you are interested in exchanging, and see where the exchange point with the best rate is located.

Alternatively, you can always ask the staff at your hotel for help and some recommendations on a bank nearby. Just make sure you take your passport with you, get the receipt of the exchange and make sure you check the received amount before leaving the counter (to avoid any confusion).

Locals and frequent visitors also recommend changing money via well-known banks, like Sberbank, Alfa Bank, or VTB. “There, the risks are practically non-existent and, in actual fact, it’s the commissions that are the only real danger,” says Guy Eames. “Better to withdraw, for example, 5,000 rubles once than going there five times and paying for commission five times.”

To sum up, the commissions are the main downside, but at least you’ll get no surprises in return. Safe travels and happy spending!

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• Guide to Russia
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Money and Currency in Russia

Is Russia expensive to travel?

In general, if you go on a Russian tour from a Western country, you will find that many things are a lot cheaper in Russia. You can find low-budget hostel beds for as little as ₽700 rubles per night, a night in an average 3-star-hotel will start at ₽2500 ($40) for one person in St. Petersburg, and at around ₽3000 ($47) in Moscow. You can buy half a liter of beer at a bar for ₽250 ($4), and a simple cup of coffee in a café averages at ₽150 ($3). For a satisfying meal including drinks you’ll probably spend about ₽1000 ($16) or even less.

Additionally, cultural offerings are usually inexpensive. Visits to a museum will rarely ring up more than ₽500. Also, museums usually have reduced prices for students and seniors, but they might not accept your student card. Still, it’s always worth a try.

Are euros/dollars accepted in Russia?

Every now and then you will come across a price tag in euros, but that doesn’t indicate the means of currency. You are still expected to pay in rubles, and you will see that on your bill. Some places do accept euros / dollars. Restaurants at the airport and in touristy areas as well as hostels and hotels sometimes offer to take euros or dollars instead of rubles, although this is considered illegal. However, the general response to such a question will result in a shake of the head. 

Banks and ATMs

Russia’s most common bank is called Sberbank. You can find ATMs and offices everywhere. If you’re an expat looking to start a new bank account in Russia, Sberbank is a simple and convenient option. And if you’re under 26, it costs only ₽150 ($3) per year. However, if you don’t have a Russian credit or debit card, you might want to avoid Sberbank’s ATMs and stick with VTB, UniCredit, Raiffeisen or other options instead, because Sberbank often struggles with hacked ATMs, leaving you with a barred card after using one of their machines.

Bringing money into Russia

If you want to exchange money prior to your trip, most likely, the bank in your home country doesn’t carry Russian rubles and is not able to order them. A lot of banks don’t have Russian rubles in stock, since it’s a very unstable currency to have. In that case, the best money to take is dollars or euros, since they are widely accepted at currency exchange places all around the country. When exchanging, try to stay away from the airport, since exchange rates there are worse than in the city, and you’ll end up losing a good chunk of your money.

The best way to get a hold of rubles is to directly withdraw them from an ATM. Most ATMs in Russia don’t charge you for withdrawing. Some credit cards allow you to withdraw money worldwide for little to no fees. Check your local bank and ask for suitable options.

Do I really need cash?

No! Unless you’re traveling far off to the countryside, the overwhelming majority of establishments in Russia will accept debit or credit card. Sometimes you might get charged a small fee for card transactions, so you should check with your local bank before departure. Other than that, the only real reason to carry cash around in the city is for leaving tips and spontaneously paying taxi rides or buying snacks at kiosks.

How much money should I bring to Russia?

Depending on where and when you travel, Russia can be significantly cheaper than Western Europe. Considering the two capitals: entry tickets to the most prestigious museums won’t exceed $15, a metro journey costs around $0.75, and taxis can cost as little as $1.50 for a short journey. A two or three course meal at a canteen will cost around $3, at a modest restaurant around $8, at a mid-range establishment around $30; local beer in a modest bar will cost $4, and wine $4.50. Payment is in Russian roubles only or by credit card. Work out your itinerary and budget accordingly, with a little extra of course for souvenirs!

Can I use traveler’s cheques?

Bringing traveler’s cheques is not really a good idea. Because they are considered to be fairly outdated, it will be difficult for you to find a place to exchange them.

Russia’s currency is the Russian ruble. You can bring dollars or euros for exchange, but it’s best if you are able to withdraw locally using a bank machine. There are plenty ATMs around, therefore you don’t really need to take much cash with you. Credit and debit cards are accepted almost everywhere and with a bit of planning in advance you can reduce the costs for monetary transactions to a minimum.

Photos by @azbogiviedi @sharonmccutcheon @paxtechnology @eduschadesoares

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Currency & Money in Russia

You are here.

A good traveler is a prepared traveler. Before traveling to Russia it is handy to know a few things about the country including national currency and money in general. For starters, the official currency of Russia is the Russian Rubles. Plus debit cards are accepted in most places, including shops, hotels, and restaurants.

What is the best currency to take to Russia?

A lot of banks don't have Russian rubles in stock, since it's quite a volatile currency to have. In that case, the best money to take is dollars or euros, since they are widely accepted at currency exchange places all around the country.

Can you use Dollars & Euros in Russia?

As we mentioned above, it's better not to exchange money for rubles far in advance. Thus it's recommended to carry your money in Euros or US dollars and then exchange it to local currency when in the country.

Another tip is to have at least 50% of your total money in cash since in rural areas, debit and credit cards aren't accepted.

Currency Accepted by Russian Banks & Exchange Bureaus:

• U.S. Dollar (USD)
• Canadian Dollar (CAD)
• European Euro (EUR)
• Swiss Franc (CHF)

ATMs in Russia: How to Withdraw Money?

ATM machines are very easy to find in Russian cities, so you can easily withdraw Russian Rubles during your stay in the country. For the convenience of travellers, ATM machines usually provide the option to switch the language to English.

First of all, it's worthy to mention that apart from cash, it's best to bring your debit card to Russia. Nevertheless, we highly recommend checking your bank's policies regarding exchange rates and fees (if any) for withdrawing money in another currency in a different country. Also note that if you plan to travel on a train or on a ship in Russia, there won't be any ATMs onboard, therefore you'll need to think through bringing enough Russian cash with you in advance.

What can you buy for 1 US dollar in Russia?

As of today, 1 US dollar is 75 rubles. The exchange rate went up to 80 rubles per 1 US dollar in 2016, but it has been dropping during the last months. Since 2014 prices in Russia have been rising consistently.

But in dollar terms, there is almost no difference. For example, if 1 liter of milk costs about 33 rubles in 2013 (equal to 1 dollar in 2013), today its price is about 68 rubles. The same 1 dollar but twice as expensive in Russia's currency.

Is the Russian currency strong?

The ruble has hit its strongest level in more than two months, pushed higher by investor confidence, renewed appetite for risk, and a partial recovery in worldwide oil prices.

A major factor is Russia’s economic dependency on oil and gas. But not the only factor, because Saudi Arabia (for example) is almost exclusively an oil-based economy. So there’s something else at work as well. and that something is called ’trust in the economy.’ The Russian economy could (and should) have diversified years ago.

Costs of Top Goods & Services in Russia

• Coffee: from 1.26$
• BigMac: from 2.13$
• Cola (can): from 1.19$
• Beer (pint): from 1.32$
• Taxi: from 5.00$
• Public Transport: from 0.73$

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Practical Advice on Money in Russia

How to Keep Your Money - Cash, Travelers Cheques, Credit Cards in Russia

Security & In Case of Emergency - What to Do if You Lost Your Card, Money, or Travelers' Cheques in Russia

In case your credit card or traveler's cheques are stolen or lost you should call the issuer of the card or cheque to block it. Below we provide emergency phone numbers in Moscow. If everything you had is stolen you can ask somebody to make a money transfer for you (through Western Union for example) to the bank you choose. Otherwise you can go to your country's embassy and maybe they will help you. Anyway, not to get in big trouble try to store some amounts in cheques and cards and put them all in different places, so that if something is stolen you still have a backup.

Lost & Stolen Credit Cards Emergency Numbers: AMEX offices in Moscow: (095) 933-6636 (from 9.00 to 17.00), and in St. Petersburg (812) 329-6060 (from 9.00 till 17.00). Amex, Visa, MasterCard, Diners', JCB cards center in Moscow: (495) 956-3556 (24 hours a day).  

Average Prices in Russia

Where and how to change your money, money transfer services in russia.

Both Western Union and MoneyGram charge quite much for their services, so you may consider using other cheaper options . Normally, they take longer, but commission is much lower.

There's also a local money transfer system called  Contact .   They seem to have very low commission (2-3%), but we've never used their services and their website looks a bit dodgy. But if you decide to go ahead, you can make a transfer from your credit card to any bank account in Russia using their system ( http://www.contact-sys.com  ).

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Understanding Exchange Fees

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Other Travel Tips

Worst places to exchange currency, when to exchange currency, the bottom line.

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Where to Exchange Currency Without Paying High Fees

Brandon is a professor of finance and financial planning. CFP, RICP, and EA, and a doctorate in finance from Hampton University.

Tsuji / Getty Images

Travelers should look to convert their currency before embarking on a trip or know where to go to save on changing money while abroad. Trading currency at a hotel or even a currency kiosk in an airport or elsewhere in the country can be costly due to poor exchange rates and high fees. The best options are more likely to be associated with your local bank or credit union, so it's important to plan ahead when it comes to exchanging currency.

Key Takeaways

• Because of high currency exchange fees, travelers should consider converting their currency before traveling.
• Banks, credit unions, online bureaus, and currency converters provide convenient and often inexpensive currency exchange services.
• Once on foreign soil, the best means to convert currency is to use a foreign automated teller machine (ATM) or identify whether your bank has ATMs or banking affiliates nearby.
• Many credit and debit card issuers allow users to purchase items overseas using their cards without foreign transaction fees.

Currency exchange fees play a crucial role in the global financial landscape. These fees are the charges applied by financial institutions or currency exchange services for converting one currency to another. Financial institutions that provide currency exchange services take on the risk of price fluctuations; if they hold one currency and it goes down in value, they theoretically need to be compensated for holding this currency.

Behind the scenes of a currency exchange transaction, there are significant operational costs as well. Banks have to keep up with maintaining the necessary infrastructure and technology. Financial institutions also need to invest in secure and efficient systems to ensure they're using accurate exchange rates. Exchange fees help cover these operational costs.

Last, financial institutions are profit-driven entities. Banks and similar entities are in the business to make money. Offering currency exchange services is one way they generate revenue. While competition in the market helps keep fees competitive, financial institutions still need to generate sufficient income to remain sustainable and one way they do this is by charging fees for certain services.

Exchanging Currency at Home and Overseas

With the context of why fees occur behind us, let's start digging into how to avoid fees. You can begin by finding out what a fair exchange rate is for the country or countries you'll be visiting. Check key currency exchange websites first. The following are some of the best and least expensive places to convert currency:

• Local banks and credit unions usually offer the best rates.
• Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas.
• Online peer-to-peer foreign currency exchanges
• Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

Ordering cash online will likely include delivery charges, and the exchange rate won’t be as good as with your bank; however, this is still a better option when compared with the must-avoid options below.

The best option for exchanging currency and saving fees is to use a foreign ATM or your own bank's ATMs overseas, if possible.

Piggybacking on the suggestion above, if you don’t have time to get the foreign currency before leaving or don’t want to carry a lot of cash, check to see if your bank has ATMs in the destination country or its cities . It may even have banking affiliates there. A key tip is to use an ATM within the airport as soon as you arrive.

When you’re back in the U.S., head to your bank or credit union to transfer any leftover foreign currency to U.S. dollars. It's important to note that some banks will not take foreign currency. As a last resort, if you have foreign currency left over before you depart the country you're visiting, look to convert it at an airport kiosk or a store before leaving.

Using Credit vs. Cash for Foreign Transactions

The world has become so digital that most people no longer walk around foreign countries with traveler's checks and money belts. That’s why you should take both a no-foreign-fee debit card and a no-foreign-transaction-fee credit card with you. The likes of Chase, Bank of America, Capital One, and other major credit card issuers offer specific no-foreign-transaction-fee cards.

It is best to primarily use a no-transaction-fee credit card , rather than cash, on an overseas trip as it will likely offer fraud protection ; use currency only as a backup. You can replace lost or stolen credit cards, but lost cash can never be replaced.

However, don’t use your credit card for a cash advance to receive foreign currency. Doing so means you’ll get hit with a cash advance fee and a high interest rate that starts accruing immediately.

The widespread use and enhancement of technology have helped make using credit and debit cards possible in most parts of the world. However, there are exceptions, so it is worth investigating whether your destination accepts debit or specific cards before you go on a trip.

One thing to do before traveling abroad is to let your bank and credit card companies know of your travel plans, although some banks are moving away from encouraging this practice. That way, if you use your credit or debit card abroad, these companies won’t cut off access to your account due to concerns of fraud.

Also, avoid paying in U.S. dollars while outside the country when possible, even if a merchant offers to convert them for you. This includes paying with a credit or debit card. The merchant would likely convert at a rate that’s disadvantageous to you and charge fees. The same goes for paying with U.S. dollars in the form of cash.

Some places that you should avoid for exchanging currency are:

• Airport kiosks and stores when heading to a country (not to be confused with airport ATMs): Plan ahead, as airport kiosks generally charge some of the highest fees and have the worst exchange rates. When returning to the U.S. with foreign currency to trade in, however, this sometimes might be the only option.
• Traveler’s checks and prepaid debit cards: These are not efficient and often carry various transaction fees. They add little benefit in terms of security when compared with cash. Prepaid debit cards also come with card fees, foreign transaction costs, and ATM-use charges.  
• Hotels and tourist areas: Similar to airports, hotels and tourist-centric areas may provide convenience, but they generally charge higher fees for currency exchange. Locations such as Paris, Orlando , and Rome cater to tourists who may prioritize convenience over cost-effectiveness.
• Remote locations: In remote or less frequented destinations, currency exchange options may be limited, and providers may take advantage of the lack of competition by charging higher fees. It may also be more administratively burdensome to replenish and monitor these sites, so entities may charge higher fees in return.

Throughout this article, we've talked about it's best to optimize your foreign currency exchange before your trip. Even in international cities , you should avoid last-minute exchanges, and utilizing tools like limit orders or rate alerts in advance of your trip can help secure more favorable rates. Additionally, staying informed about economic events that may impact currency values allows for strategic timing.

There are a few other bits of advice on timing. The currency markets operate 24 hours a day during the business week, but they usually close over the weekends. During these market closures, there is no active trading, and as a result, liquidity tends to be lower. Lower liquidity can lead to wider bid-ask spreads, making it more expensive to execute currency transactions.

In addition, holidays can have a similar impact on currency markets. On public holidays, financial institutions and markets in specific countries may be closed, leading to decreased trading volumes and liquidity. This reduced liquidity can again result in wider spreads and less favorable exchange rates.

Where Can You Exchange Currency?

Banks, credit unions, and online currency exchange bureaus and converters provide convenient and often inexpensive currency exchange services. Also, your own bank's overseas ATM or a foreign bank's are ways to get local currency with a credit card or ATM card once you have arrived. Among the worst options are trading currency at a hotel or a currency kiosk in an airport or elsewhere in the country because these can be costly due to poor exchange rates and high fees.

What Are the Alternatives to Exchanging Currency?

Travelers can rely solely on their credit cards for purchases, if accepted everywhere in a country being visited. It's also still an option to bring traveler's checks, although these mostly have been supplanted by the widespread use of credit cards today. You can also choose to spend U.S. dollars in some instances while overseas, but this practice isn't recommended because the exchange rate given in a foreign country is often disadvantageous to the purchaser.

What Can I Do With Leftover Foreign Currency?

When you’re back home, you can go to your bank or credit union to transfer any leftover foreign currency into your own country's currency. Be aware that some banks will not take all foreign currencies. As a last resort, if you have foreign currency left over before you depart the country you're visiting, look to convert it at an airport kiosk or a store before leaving.

If you do a little homework before leaving for your trip by checking exchange rates, you’re likely to save. Remember to stick to ATMs and no-transfer-fee credit card spending, and avoid exchanging money at airport kiosks, hotels, and buying things with U.S. dollars to avoid costly exchange rates and fees.

Bank of America. " Foreign Currency Exchange ."

Bank of America. “ Placing A Foreign Currency Order FAQs ,” See “How can I exchange foreign currency for U.S. dollars?”

Chase. " No Foreign Transaction Fee Credit Cards ."

Bank of America. " Credit Cards With No Foreign Transaction Fees ."

Capital One. " Credit Card Frequently Asked Questions ."

Chase. " Do I Need to Notify a Credit Card Company When Traveling? "

Wise. " Why You Should Not Exchange Currency at the Airport ."

Consumer Financial Protection Board. “ What Types of Fees Do Prepaid Cards Typically Charge? ”

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