Anyone travel overseas a lot?

[your_dreamguy]

Hello,

If you go to other countries from the US a lot, I've got two questions I was wondering if you could help me with.

1. Do you know if it's possible to get wholesale exchange rates on converting your dollar? Most people say use credit cards. However, I do not know of any credit cards that do not charge a comission of under 2%. I try and avoid those airport exchange places as well-HUGE ripoffs. The best I've come up with is trying to find "mom and pop" money exchange places in the country I'm visiting. However, there must be ways to get close to wholesale exchange rates as published in the paper.

2. Do you know how you can dial a US toll-free number using a phone card from another country while you're in that country? I've tried before on my previous trips and it doesn't work for some reason. So far, I've had to call my institutions that use toll free numbers and ask for their non-toll free number.

Any help is appreciated.

 

[2000flyer]

I've never heard of a US toll-free number working abroad. All the calls I make are by the direct dial number and a phone card.

The best advice that I would give on exchanging money is to look for the place that charges the lowest fee. I can't imagine finding a "wholesale" rate since currency rates can change fairly often. Either they'll lose some money or you will (the later being the most probable case).

Banks seem to be the best place to make exchanges, though some of the smaller outlets and post offices will give you a decent rate. You might try your local U.S. bank. Most will give members a discounted fee on exchanges. However, plan in advance as most have to order the currency if you live in a smaller market and that can take a few days.

Good luck!

2000Flyer

 

[Dan CFI/CFII]

Ditto on the toll free numbers from outside the country. If you can get use of a private (like in a home or office) phone that might be able to dial it, but not in all parts of the world. This can be a real hassle sometimes. Even the phone sotres (the ones that tend to set up the call for you) can't do it. They are just not allowed to dial a toll free number from a public phone.

I always try to change my money at a bank. There are street changers and other unliscenced money changers who can have fixed calculators. The places where you get the best exchange rate probably won't allow you inside unless you've got a LOT of money to change, and then you've got to at least look like a businessman. The exchange rates at the banks aren't too bad. Oh, and if it's anything "big," like long hotel stays, plane tickets, artwork, etc... Try to find a vendor that can charge your VISA in dollars. No more exchange fees! Dollars are accepted in every part of the world I've been to (haven't been to Western Europe though), there are an awful lot of places that will take dollars over the local currency anyway.

Dan

 

[skydiverdriver]

The best way to exchange foreign currency is to purchase American Express traveler's checks in US Dollars before you go. Then you exchange them for local currency at the Amex office, and they will charge you nothing. You could also purchase them in foreign currency before you go, but then if you buy too much you'll be stuck with it. Most banks at airports can do this for you, and you will also want to get some local cash for cabs and such.

I have heard you could use a US phone card in other countries, notably Japan. I'm not sure how, though. I usually purchase a local card, and they are very cheap. I called from Australia to the US for 7 cents a minute with a Aus card. Those work pretty good, for all the places I've been.

Hope this helps you.

 

[LittleDeuce]

Exchange

Most of the airport money exchange places will wave the commission with your airline ID.

That helps!

 

[Thedude]

I have used my Amex card and my check card from Bank of America and I dont ever recall being charged a service fee or exchange fee in the UK, Netherlands, Italy, Germany, Switzerland, France, or Mexico....except for certain stores at the airport in Mexico

 

[Gulfstream 200]

AMEX hits you with a 2% charge I believe.

I think Diners Club has no additional fees, and is accepted everywhere overseas.

Never heard of any direct dial to US 800 # phone cards. Always have to dial a local # then connect....but cell phones are getting very reasonable overseas and something to look into if you travel a lot and NEED to be in touch. (NO Thanks!!)