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When to Exchange Money for Your Trip Abroad

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  • čas přidán 19. 09. 2017
  • Ever wonder when you should get your foreign currency for your trip abroad? Well here we talk about when you should get your foreign currency. And your best bet is to get it when you go abroad. You will get a better exchange rate for that currency in the country versus getting it before you go. Make sure you use your home local bank ATM debit card and take money out of ATMs abroad. On average that will give you the best exchange rate. Also, do not go for the automatic conversions to your local currencies that some ATMs offer. Most likely you would get a better exchange rate from your local bank instead.
    Filmed in Kilkenney, Ireland
    Copyright Mark Wolters 2017
    ps. Thanks Len for the question on twitter!
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Komentáře • 95

  • @ShugAveri
    @ShugAveri Před 7 lety +14

    I went to Europe last year. Bought about 200 Euros from AAA before we left the US then just used my debit card the rest of the time. Worked out great! Thanks for the tips :)

    • @shadowdog500
      @shadowdog500 Před 7 lety +2

      Courtney Thanks for the tip! I didn't know you could get euros from AAA. Chris

    • @kathygarnett5115
      @kathygarnett5115 Před 21 dnem

      That’s what I did at my bank

  • @urbndaze
    @urbndaze Před 7 lety +5

    Open a Capital One account, and use the debit card to pull money from the ATM's. No fees at international ATM's. I did this in France, Italy, and Spain with no problem. I hear Charles Schwab also has no fees.

  • @condorboss3339
    @condorboss3339 Před 7 lety +10

    I never exchange funds at an airport. The exchange bureaus at the airports have the worst exchange rates and the ATMs have the highest fees at airports.
    I always arrive with at least $100 in local currency and get cash from ATMs while there.

    • @IsleNaK
      @IsleNaK Před 7 lety +1

      Condor Boss yeah I was surprised about that advice, too. Definitely don't exchange the money at airports, except you have no choice

    • @adrianelias2365
      @adrianelias2365 Před 5 měsíci

      Just using your Debit/Credit Card is the obvious easiest and most convenient way.

  • @notmybirthplace
    @notmybirthplace Před 7 lety +3

    I'm not sure if that's popular in the US, but a great option for those planning a trip to Europe far in advance is Visa Travel Money. It's basically a card that you can top up with foreign currency, in your home country, before you go. Then, once you get to your destination, you can use it as a regular debit card. That way you can buy euros little by little, benefiting from an average exchange rate, whereas if you exchange it all at your destination, you might get a higher rate than normal (if unlucky).

  • @tosht2515
    @tosht2515 Před 7 lety +10

    Hope we get an updated *5 Loves/Hates* video of Ireland! 😀👍

    • @jocelynwolters293
      @jocelynwolters293 Před 7 lety +1

      Tosh T ya think?

    • @tosht2515
      @tosht2515 Před 7 lety

      +Jocelyn Wolters I know the *"Don'ts"* vids as well as the *"Shocks"* vids are massively popular but the *"Five L/H's"* were my favorites and got you two on the map originally. 😀
      It's been a year since I've seen one. 😬

    • @jocelynwolters293
      @jocelynwolters293 Před 7 lety +1

      A year?! Good grief Charlie Brown! I honestly didn't realize that. I'm sure Mark has some waiting in the wings. To be honest I feel like we have been traveling so much that there is a huge backlog to be edited and put up. We will get to work for ya!

  • @johnfitzgerald7618
    @johnfitzgerald7618 Před 6 lety +1

    I had another problem buying money beforehand -- the bank gave me some British notes that were no longer in circulation. No one would accept them, and British banking laws make it pretty much impossible for them to change them for you without establishing a chain of possession or without you opening an account and depositing enough money to cover the bills should they turn out to be counterfeit (or so it was explained to me). Luckily for me, I was visiting relatives who changed them for me, but if you don't know anybody there you're holding worthless paper.

  • @runarandersen878
    @runarandersen878 Před 7 lety +4

    It think it is a good idea to at least have some local currency before arriving, if possible. I remember when arriving at the airport in Rome at the evening. I saw one ATM with a long queue, so I went by it. 5 minutes of walking later I arrived at the bus stop. I didn't see any other ATM. The bus to the city center only took cash, 5 Euro. That was accidentally the amount I had in my pocket from another trip. I could have missed the bus.
    If you travel on a regular basis to countries that use Euro, it is practically to have some for the next trip. Also: Sometimes the ATM or your card doesn't work. It is nice to have at least some backup when arriving. Also: Travel with more than one credit card, in case it doesn't work or so on,

    • @petersmith2040
      @petersmith2040 Před 4 lety

      That's a good advice. Also, another advice I would give is to open a local bank account if you travel frequently to countries that use the Euro. That way, you can just wire transfer the Euro funds directly into the local Euro bank account before arriving and getting the best exchange rate possible from the bank in your home country prior to wiring the funds. This only makes sense if the bank account maintenance fee located in the Euro country is not too high.

  • @Juanaaaa
    @Juanaaaa Před rokem +2

    So 1. tell your bank
    2. Withdraw from atm at foreign country
    Is this from any atm? What if my bank in the US has no atms in europe?

  • @BillGreenAZ
    @BillGreenAZ Před 7 lety +1

    I wholeheartedly agree with this. My bank wanted to charge me 10% more than the exchange rate. I went to an ATM as soon as I got off the Metro and the charge was only $3 and a $5 charge from my bank.

  • @FahadullahMuhammad
    @FahadullahMuhammad Před 7 lety +1

    In Sweden a PIN is needed but even if you don't have one you can still use it by swiping and showing a valid ID/passport to prove that you're the right card holder.

  • @floriea2398
    @floriea2398 Před 2 měsíci +1

    thank you for this tip!

  • @JM.TheComposer
    @JM.TheComposer Před 6 lety +1

    I find it really depends on where in your home country you're doing the exchange. A regular bank will probably have a fair to bad rate, but smaller currency exchange places can have quite competitive rates. I was just in Europe last month, and I got 500 Eur here in Canada before I left, and the took out more as I needed to from ATMs. The rate in Canada was actually marginally better than anything from the ATMs in Europe.

  • @terrybaker8156
    @terrybaker8156 Před 7 lety +1

    I have recommended your channel to my Facebook friends

  • @Mrkevi123
    @Mrkevi123 Před 7 lety +1

    Find out which Bank your home bank os associated with in foreign Countries to avoid fees of withdrawing cash from different bank ATM.
    Example:
    Bank of America in the U.S. is associated with Satander in Mexico so you are able to withdraw from Satander ATM for no fee.

  • @MarkBH70
    @MarkBH70 Před 7 lety +2

    I personally prefer to use a card as a backup, in case it doesn't work; I bring over hundreds of Euros. I don't like being risky in a foreign country.

  • @In1998able
    @In1998able Před 7 lety +1

    If you visit Buenos Aires please get money in advance. There are no ATM's on the airport.

  • @timogin4377
    @timogin4377 Před měsícem

    Most people do not know this but most abroad country's will have the best exchange at their government postal services

  • @barrycrowe2519
    @barrycrowe2519 Před 7 lety +2

    Do a 10 shocks video of Ireland. Please.........

  • @charlenewilliams9472
    @charlenewilliams9472 Před 7 lety

    You should definetly visit Galway , Ireland . I loved it there last summer

  • @Places2GoTravel
    @Places2GoTravel Před 6 lety

    Wish I'd known you were in Ireland we could have met up for a coffee - we've been in London all week 😎👍❤️

  • @AmusementForce
    @AmusementForce Před 6 lety

    Agreed. I do the same.

  • @kimetzfu426
    @kimetzfu426 Před 7 lety

    I think you will en enjoy a lot if you visit the basque country and you will enjoy it more if like game of thrones. Good cities globaly apreciated gastronomy an exotic culture nice people nice beaches and hills... I traveled there and it's one of my best

  • @Utube0939
    @Utube0939 Před 6 lety

    Great advice! Thanks alot! Love your videos! 👍✌

  • @shennabay9111
    @shennabay9111 Před 6 měsíci

    Do you have a link or blog about what SIM card is better to use in France and Italy ? Thanks

  • @AndrewKNI
    @AndrewKNI Před 7 lety

    Hi. Hope you liked your trip to Ireland :-)

  • @jenniferlyons4150
    @jenniferlyons4150 Před 7 lety +2

    Recommendations for traveling with kids? Destinations? Activities? Packing?

    • @jocelynwolters293
      @jocelynwolters293 Před 7 lety

      Jennifer Lyons loads! If you've not seen them we have a kids travel playlist. Feel free to ask any specific questions though! In the end, take your babies as often as possible! 🤗

  • @Sonny0276
    @Sonny0276 Před 7 lety

    Great Video. Thank you for posting.

  • @saraelizabeth657
    @saraelizabeth657 Před 7 lety +1

    My mom lived in Kilkenny

  • @jaywilliams9294
    @jaywilliams9294 Před 7 lety +2

    hey I got a question. How much spending money should I take for 30 days in eastern Europe on a budget?

    • @ronik24
      @ronik24 Před 6 lety +1

      Hi, that's almost impossible to answer and highly depends on what you are planning to do. At touristy places in "Eastern Europe" (probably you mean Central Europe, as Eastern Europe is mainly Russia) like Prague or Budapest prices are not far away from touristy places in Western Europe or the U.S.
      While for example countries like the Ukraine are still much cheaper. Also, away from the tourist trail it's always cheaper. Still, you can have good value in these countries, for example travelling by train and other daily things are quite a bargain. But how much money you actually need is of course determined by what kind of accommodation you choose, if you go out eating for every meal, etc.

  • @kamalkamaleddine8396
    @kamalkamaleddine8396 Před 6 lety

    When I visited Dubai I had the hotel exchange my USD at a pretty good rate. But not sure if some Europe hotels would do the same?

  • @MrBiso80
    @MrBiso80 Před 7 lety

    I think that the key is to use the debit card and not the credit card which is definitely more expensive.

  • @sofakingdrunk66
    @sofakingdrunk66 Před 6 lety

    Just use your Debit or Credit cards always get the update rate...

  • @viwanton
    @viwanton Před 6 lety

    I always get some money before I travel from Foreign money.com. Waiting till you get there is not always a good idea.

  • @kidsurvivalist5229
    @kidsurvivalist5229 Před 7 lety

    Please come to Galway!!!

  • @seanlinehan8478
    @seanlinehan8478 Před 7 lety

    Come go to Glendalough dude!!!

  • @shadowdog500
    @shadowdog500 Před 7 lety +3

    Do you exchange money on every trip? I figured you would keep some euros for your next trip since you travel so much. I don't travel nearly as much as you, but I always try to keep €100 in my travel bag when I come home so I don't have to worry about it on my next trip. I started keeping Foriegn currency after my debit card had a problem in Australia which took several nights of late night calls to my bank to fix. Thanks, Chris

    • @tosht2515
      @tosht2515 Před 7 lety +3

      +Shadowdog500 OK, so your €100 will last a couple of days. What do you do then?

    • @jocelynwolters293
      @jocelynwolters293 Před 7 lety +2

      Whatever we leave with we keep for the next trip of course.

    • @shadowdog500
      @shadowdog500 Před 7 lety +3

      The €100 gives me a a little time to hit the ground running just in case there is a problem with my card when I land. I still withdraw local currency on the first day even with the €100 in my pocket. I also carry another US$100 or $200 in my "secret pockets" for emergency backup funds. If there is a problem with my debit card when I land a can get by for a while until I sort things out. I do travel somewhat regularly for work since the early 90s and believe it or not, up until my bad experience in Australia about 6 years ago, I would only travel with what I happened to have in my pocket that day with the anticipation of hitting the ATM for local currency when I landed. Being stuck in Australia's northern Territory with only US$40 in my pocket, and a bad debit card sucked so bad that I never want to repeat it. Chris

    • @tosht2515
      @tosht2515 Před 7 lety

      +Shadowdog500 Right. That's pretty typical. I guess I don't understand your original question asking if they exchange money every trip.

    • @runarandersen878
      @runarandersen878 Před 7 lety

      If you travel several times to places that use the same currency I think it is a great idea.

  • @Mrkevi123
    @Mrkevi123 Před 7 lety +1

    I don't understand.
    Step 1) Call bank and allow foreign transactions.
    Step 2) Go to foreign country ATM and withdraw U.S. Dollars or withdraw Local currency?
    Im confused because you said do NOT accept the direct conversion rate. This leads me to believe you want us to get dollars???

    • @stewartbrodie1720
      @stewartbrodie1720 Před 6 lety +2

      No he's not - but I agree it is confusing. When you pay by card overseas (or use ATMs), there are often two options: 1) let the ATM/shop/restaurant convert the price into your "home" currency; or 2) let Visa/MC/etc. do the conversion. As a general rule, you want option 2, because the exchange rate will almost always be better, often considerably so. So, for non-Euroland visitors to Euroland countries, if asked which currency to charge in the answer is always *Euros*.

  • @franksalas24
    @franksalas24 Před 6 lety

    Going to Cancun for a week to stay at an all inclusive. Should we get pesos there or before we go. Also spending money what do you recommend to. Thanks for the help

  • @samanthatheminimalist
    @samanthatheminimalist Před 7 lety +1

    I always get a little bit of cash at the bank at home but I definitely realized the last trip I took that it's better to wait until you get there. In my experience though, if you do this you should get cash right away at the airport if possible because if you take a cab to where you're staying they likely may not take cards and even if you take Uber (as I learned this past trip) something might go wrong and you'll need cash to pay the driver.

    • @runarandersen878
      @runarandersen878 Před 7 lety

      I think it is a good idea to have some currency before you arrive, because sometimes the ATMs don't work or there is a long que at the airport. In Rome the airport bus only accepted cash.

  • @myrnanarvaza7314
    @myrnanarvaza7314 Před 7 lety +1

    hi

  • @Exploretravelwolf
    @Exploretravelwolf Před 7 měsíci

    Amazing

  • @scarrmd
    @scarrmd Před 6 lety

    Best method to book a trip to disneyland? Expedia? Etc?

    • @theapparatus
      @theapparatus Před 6 lety

      Here's covered this a few times. Never assume that one website is best. Here's one of the videos on th4e topic: czcams.com/video/aFAYW-xhTR0/video.html

  • @SothirKenDalis
    @SothirKenDalis Před 6 lety

    Hi Mark, I've been your fan for 2 years now. I have a small question to ask. I'm going to go on a long flight to Singapore with my baby and my wife. I just wonder if I should spend extra money to get good seats together or just wait till check-in and they will just give us nice seats together because we fly with a baby? Please let me know. Thanks

    • @theapparatus
      @theapparatus Před 6 lety

      I'd spend the extra money and get the reserved seats.. Nothing says they're going to move you around once you get on the plane.

  • @hittingtax2670
    @hittingtax2670 Před 7 lety +1

    The whole world needs to adopt a single currency.

    • @MarkBH70
      @MarkBH70 Před 7 lety

      We will. One currency, one Antichrist, one religion...and maybe no passports, which would be good.
      We had a single currency: gold, silver and copper. I guess they wanted to fix it.

    • @Dawn-zo2ny
      @Dawn-zo2ny Před 6 lety +1

      i think it would be great if there were no money, not even a bartering society, but a gifting society...When we evolve enough, we will be able to manifest by thought / intention with no need for all this ridiculous, complicated stuff in society...

    • @spydude38
      @spydude38 Před 5 lety

      @@Dawn-zo2ny There will always be a need to be able to store one's labor for use in the exchange for goods and services. There is no such thing as a free lunch, yet.

  • @NeilMcAdam9
    @NeilMcAdam9 Před 6 lety

    Get a revolut card ! I never carry cash in europe

  • @klaasdeboer6110
    @klaasdeboer6110 Před 7 lety +5

    I should have watched this video before I stood in Japan with my euro's😅

    • @rodriguezg100
      @rodriguezg100 Před 7 lety

      lol

    • @IsleNaK
      @IsleNaK Před 7 lety

      Klaas de Boer standing in Japan with my Euros wasn't to problematic for me. However you need to know that not every bank exchanges currency...

    • @adrianelias2365
      @adrianelias2365 Před 5 měsíci

      You could have just used your debit/credit card in the same way you use them in your own country

  • @OrdinaryDude
    @OrdinaryDude Před 7 lety

    What did that on-screen blurb mean about not taking "direct conversion"? What's the difference? (Other than it costs more...)

    • @tosht2515
      @tosht2515 Před 7 lety +2

      +Derek Allyn It's officially called Dynamic Currency Conversion. So when you use an ATM outside your country, you will be asked if you want to be converted and charged in your home currency or the local (country you are visiting) currency. If you agree to let the ATM *convert* to your home currency, you are going to be charged a much higher rate for that transaction. This is absolutely always the case. The phrases are different and can be confusing but never agree to conversion to your home country.

    • @OrdinaryDude
      @OrdinaryDude Před 7 lety +1

      Thanks!

  • @Kamil-su9cm
    @Kamil-su9cm Před 7 lety

    i think revolut is the best for exchange

    • @juliam5628
      @juliam5628 Před 7 lety

      Kamill Kamill i have heard about revolut!! It looks great but it's only for European people I believe🤔😫

  • @hittingtax2670
    @hittingtax2670 Před 7 lety

    Are exchange rates a percentage or a fixed dollar amount? (or whatever the currency is)

    • @IsleNaK
      @IsleNaK Před 7 lety

      hittingtax26 from my experience exchange rates are random 🤔. Every bank in a city has different exchange rates. Of course they are usually close to each other but still different. Some banks also take service fees for exchange

  • @chrisherrera5131
    @chrisherrera5131 Před 7 lety

    What do I bring too Germany during the winter would I have to bring extra clothes just in case

    • @just_juan
      @just_juan Před 7 lety +1

      I'm a Dortmund fan too! I'm currently living in Germany right now and it's already getting quiet chilly. Don't know about extra clothes just bring the right warm clothes/winter coats. Quality over quantity!

    • @chrisherrera5131
      @chrisherrera5131 Před 7 lety

      Juan Partida thank you !!!

    • @jocelynwolters293
      @jocelynwolters293 Před 7 lety +1

      I agree. We take layers. My favorite is silk long underwear as it's thin and breatheable and quite warm. Then a shirt, sweater and good coat.

  • @spacethegas
    @spacethegas Před 7 lety +4

    unfortunately that was not clear advise at all.

  • @monicaant.1422
    @monicaant.1422 Před 7 lety

    Which card is better debt or credit card ?

    • @woltersworld
      @woltersworld  Před 7 lety +2

      +Monica Ant. For taking out cash use a debit card.

    • @runarandersen878
      @runarandersen878 Před 7 lety +2

      It depends on the fee and interest. My debit card has a fee of around 3 dollar for every withdraw. However my credit card doesn't have a fee for withdraw abroad, and not interest either if I pay the bill on time. So check your card I would recommend.
      My credit card was skimmed and defrauded on a trip. I got everything back. But I think credit card is better there as well.

    • @adrianelias2365
      @adrianelias2365 Před 5 měsíci

      Did you make sure to tell your bank about your travels and that you're going to spend money in foreign countries before you left? @@runarandersen878