Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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There are fees (usually 1-3%), but it's significantly cheaper than any exchange service, which will charge from 5-15%.
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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All you do is get off the plane at your destination, head to the nearest ATM & withdraw cash from your account in the local currency. I've done this all over the world & have never run into a...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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FYI Ally is still a mega corporate bank - it's just GMAC with a new name. I'm guessing the nice free perks will fade away after their initial marketing push is over, but take advantage while they...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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I will be going overseas and I was wondering whats the best way to exchange dollars to foreign currency.
My bank charges me 14 dollar shipping fee for ordering the foreign currency but I hear...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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I'd imagine there are some sort of fees that you'd have to pay. I suppose it would depend on the institution.
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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Great advice has already given. For cash, use an ATM when you get there (if you have an account with Charles Schwab there is no "convenience" fee to use any ATMs worldwide) and for everything else,...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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ATM all the way. It will give you a best rates with the smallest fees. Just take out large sums less frequently, because the fees are usually per transaction.
There may be some benefit to having...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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Here's an article published last year on a reporter's experience exchanging currency.
http://www.washingtonpost.com/wp-dyn/content/article/2010/05/13/AR2010051305134.html
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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:iagree:
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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Mother @#$%!
I know Visa charges a flat 1% on foreign transactions and it is up to the bank to eat it or pass it to the customer with/without an added fee on top.
I hope they don't charge for...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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Try calling your bank to see if you can stop by in person for the exchange and what the charge is. I think my bank is like 2.95 flat fee if done in person.
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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So after doing a lot of research and calling around, Charles Schwab is the best way to go!
They have true free atm wtihdrawals overseas. Ally Bank is free but charges a 1% foreign assessment fee"...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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I know, that's why I said,
Traveler's checks are OK, but they don't work everywhere, esp. if you're going off the beaten path. Anyplace that takes a traveler's check will typically take a...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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Check out Ally bank. I just called them to see what the fees were for atm use and there are none. If you get charged any, they reimbursed you. Also, apparently if you get charged a conversion fee,...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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Whoa, thanks for this! I didn't know they reimburse foreign ATMs too (and conversion fees!)?
Definite rep for this. :nod:
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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Thanks everyone for the tips.
It sounds like ATM withdrawals are the way to go here. It also sounds like ALLY bank is the way to go as well. haha. It might be my "traveling account" when I travel...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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I was looking to change bank - i think this is the right time to do it. Ally sounds good. At least better than Chase.
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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Try a credit union. When I was traveling overseas to Korea, Wells Fargo and the major banks wanted 3% on visa transactions and charged ATM fees on top of whatever the ATM would charge. Local credit...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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There is a fee involved.
travelers checks
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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Found this on yahoo answers. Looks to be from an ally account, says they reimburse for non-US ATM fees
http://answers.yahoo.com/question/index?qid=20100515172352AAQuKWU
I'll be going overseas...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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I wanted to give you guys a heads up for those that travel overseas.
There is a foreign transaction fee with Ally up to 1%. I called them out on it. I read their deposit agreement and saw this:
...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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You shouldn't have to look hard for a bank that does 1% exchange rate fees. Wouldn't pay more than that.
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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Yeah, I think I may use them as my daily bank and use my existing account at a major bank for just transferring funds/depositing funds. Only reason I even use the mega corporate bank is because of...
Best way to exchange foreign currency?
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Thread created 01-17-2011 by flyalexair
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Bumping this to see what happened. Did you use Ally and escape the fee?
