michaelpowell44

When visiting a foreign land do you exchange cash (i.e. USD to YEN) at an independent money changer? Not a place similar to TRAVELEX or a local bank but a back alley or one off changer that has what looks like a fair rate for exchange?

siankaan1

Absolutely in Argentina! Last month I got 13 pesos per dollar at the unofficial rate, would have gotten only 8.5 at the official places.

The great thing is that in Argentina you don't have to risk using shady guys off the street. There are unofficial store-front exchange places that have rent and salaries to pay and reputations to maintain.

sbm12

Argentina is the exception to the rule with the "Blue Rate" numbers.

Other than that no need to exchange cash at all. Make a withdrawal from the ATM using a no-fee card and don't sweat it at all.

pinniped

These days, I'm rarely leaving a country with enough cash for it to matter. I probably arrived in the country, obtained enough cash from an ATM to handle taxis, streetfood, etc. and just blow any remainder at the duty-free shop.

The recent exceptions in my travels...places where cash was still used a bit more often...were India and Nepal. In those cases, I used moneychangers in hotels or on main streets. I forget the brands (I don't think they were the Thomas Cook, Travelex, etc. you see in European airports), but they definitely didn't have a back-alley or black market feel to them.

I remember in Nepal, every moneychanger had an exact government-set rate. No commissions and it didn't matter if you were changing ten bucks or $500. If there was some underworld where better rates were available, I never found it. (Not that I was looking for it!)

Badenoch

Be very cautious of Travelex and other similar companies. But be aware that you can sometimes negotiate a better rate.

http://www.flyertalk.com/forum/trave...ate-avoid.html

I prefer independents because I always get a better rate.

jubberly

Whenever I can....usually get the best rates with no commission,especially in Hong Kong.I always avoid the "chain" bureau de changes......

TravelinSperry

ATMs and credit cards always give better rates than money changers, so except for Argentina just do that. only use money changers for the small overage you have when leaving the country.

jubberly

Do you have experience of that?

rankourabu

Travelex is a ripoff. End of story.

Banks should generally be ok, but almost always take longer, require paperwork, etc

I've changed money at independent changers all over the world, in Africa, one often changed money at land borders with shady guys with small calculators. The only way to do it. In Myanmar years ago (before it became hip) the highest note was 1000 and exchange rate of 2400:1, one always walked away with a stack of bills - and the only way to change money was with guys with plastic bags full of bills outside of the airport - or at shops in the city.

PABE

It really depends on how much of a unofficial market exists for your home currency. In Argentina, absolutely use independent forex places. In Myanmar last year, the small unofficial shops in Yangon usually gave a slightly better rate than the official ones.

Though most other places, the Visa forex rate at ATMs is certainly the easiest and cheapest if you have a no-forex-fee card.

TravelinSperry

I have experience with everything I said.

Tchiowa

In most countries that have currency controls and a big difference between official and black market rates, exchanging on the street can land you in jail.

jubberly

Then we have had different experiences.For me,using my credit card gives me, not only a poor exchange rate, in comparison to an independent money exchange company...but an additional 2.5% foreign exchange fee.OUCH!

Totally contrary to what you posted....

PABE

Anyone who travels outside of their home country should use a card with no forex fees. I see that you're in Canada, so I realize that there aren't too many cards with this option. But I know that Chase offers one.

USD-JPY
Spot Rate (from XE): 1 USD:118.4 JPY
Visa Rate (from visa.com): 1 USD:118.4 JPY

I've never seen an independent shop match the market rate.

BuildingMyBento

I took multiple chances in Myanmar and Venezuela - in the latter, I wandered around pedestrian street called Sábana Grande asking numerous store managers if they were willing to exchange dollars - because the countries would be prohibitively expensive otherwise.

Argentina seems to be another country where it behooves those with access to a select few foreign currencies to do exchanges at unofficial locations...and now I need to find someone who can do a trade with me in NY for one of the new 50-peso notes.