Should I get foreign currency before I leave the US?

Before leaving, consider getting some foreign currency to carry with you. $100 per person is a round number; however, if you plan to take expensive taxis to your hotel, are traveling with a large group or family, or otherwise incur a great deal of expense upon arrival, you will need more. You should also take some US dollars for emergencies. If you have local currency cash with you on arrival you can deal with situations such as:

Where should I change money?

In general, the following facilities exchange currency, from best to worst:

• ATM
• Credit Card
• Bank
• Stand-alone change office (Bureaux de Change, Wechsel)
• Hotel front desk

What about ATM's, credit cards and banks?

The wise traveler will obtain cash from ATM's for smaller purchases and will put large purchases on a credit card. Note that traveler's checks are no longer recommended in most first-world countries. The wide availability of ATM's and acceptance of credit cards have almost eliminated the need for traveler's checks. If you need to change dollars, a local bank is your best bet.

What about stand-alone change offices and hotel front desks?

Stand-alone change offices and hotel front desks should only be used for changing small amounts as a convenience. If, for example, you only need to change about $30 for the morning taxi to the airport, changing money at the hotel front desk would cost more than a bank in the exchange rate, but would save the hassle of going to and from a bank. Remember, also, that larger hotel front desks are usually open 24/7 while banks are not.

What should I do about foreign coins?

Bear in mind that, with some exceptions, coins stay in their country of origin. If you bring foreign coins home you will not be able to change them into dollars and cents. As you approach the end of your trip, try to spend your coins. An excellent option is to try to use any leftover foreign currency against your hotel bill.

What should I do with any left over foreign paper money?

As for your paper money, you have the choice of changing it back to dollars at your bank when you return or just hanging on to it. If there is any chance of you or someone you know returning to that country, then hang on to it. When you change money with a friend you will both get the best exchange rate of all. Alternatively, donate it to one of the charities in the airport waiting lounges that accepts all denominations of currency.