Originally Posted by
Boraxo
Nobody said anything about traveling with some cash (always a good idea) and there are plenty of threads that discuss the best credit cards and ATM cards for travelers.
I was just slamming the original premise that getting cash from BofA was somehow a good idea. Far better to carry a few USD $100 bills (or 11 Euro notes) and then exchange as needed (or not if you have an ATM). Same risk of theft as local currency, but you will get a much better forex rate than BofA or Wells will ever provide.
Yeah I get the point about not waiting in the forex line at midnight. Personally I've never seen more than 1 person waiting at an airport ATM and if your card is not from a local bank then you often have many choices. And for frequent visitors it's real easy - you just keep a stash of forex from your last visit and then you don't have to worry about rushing to the ATM on arrival.
It is not true everywhere in the world that you will get a better rate by carrying a few $100 bills and exchanging locally as needed. As mentioned above, I get the same or better rate from Wells Fargo than I would exchanging money at a Tahitian bank, which imposes a hefty exchange fee and involves a long line. WF's rate is also about 10% or more higher than currency exchange booths in the USA, and doesn't carry a transaction fee. Yes, it's slightly lower than the ATM or credit card rate, but not all ATMs work ALL the time (especially where I travel to), and there are many many places where credit cards are not accepted at all. In Tahiti, there is no "forex line" to go for exchanges at airport arrival -- it closed several years ago. Thus, the need for local currency beforehand...
For each of my several months of visits each year overseas, I need about $2500 worth of local currency before I leave because of the places that I stay. By using WF, I also also get POINTS for that exchange, which add up significantly.
It sounds like YOU don't need local currency in advance for your travels, but many of us do, and B of A and WF are not bad sources at all... Not one shoe fits all!