How to Deal with Foreign Currency when Traveling outside the U.S.

Originally Posted: January 2023

Americans traveling outside of the United States for mountain adventures will need to deal with foreign currency, whether using cash, debit cards, or credit cards. This page summarizes many of the monetary lessons my wife and I have learned during our foreign travels in recent years.

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Take at least two credit cards and a debit card on your trip. Ideally, use cards from a bank that does not charge foreign transaction fees and that will refund any fees charged by foreign parties.
It is often worth having a debit card and/or credit card designated only for foreign travel. Such a card might not be as attractive for domestic use, but a no-foreign-transaction-fee benefit can be very valuable.
Let your bank and/or credit card company know you are traveling out of the country. This will reduce the chance that your card gets put on a “fraud freeze.”
Plan to use credit cards as much as possible, and always make charges in the local currency, never in US dollars. Your own bank with give you the best conversion rate for charges, whereas foreign credit card processing firms typically apply a much higher rate.
Determine in advance whether the towns you are visiting have ATMs. Many small towns do not, so you will need an adequate supply of cash.
Before you leave home, calculate how much cash you think you will need for the trip. Get half of that amount from an ATM as soon as you arrive in a foreign country.
You can almost always find ATMs in airports and train stations, as well as in local banks. There is rarely a need to bring foreign currency from home.
Never use a currency exchange office; only use an ATM. This will often get you a better rate, and if your bank doesn’t charge a foreign transaction fee, they will typically refund any fees changed from an ATM in a foreign country (verify this before you go).
Always withdraw funds in the local currency, never in US dollars. You will likely get a better exchange rate.
If you are staying in remote areas that do not have WiFi, the businesses will likely not accept credit or debit cards. Plan to bring an appropriate amount of cash.
If you are visiting multiple countries on your trip, be sure to identify in advance the currency used in each one. This is especially true while visiting Europe, because many countries there use the Euro, but just as many countries use their own currency.
When estimating your cash needs, be conservative; don’t worry about getting too much cash. You will probably fly out of a bigger town at the end of your trip, so you can use your excess cash to pay for meals, hotels, taxis, gifts, and other essential items.
If you still have a small amount of local currency left at the end of your trip, just buy some travel snacks, or put it in a local donation pot. Converting small amounts of foreign currencies back to US dollars is expensive and rarely worth the hassle.

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How to Deal with Foreign Currency when Traveling outside the U.S.

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