Where to Exchange Money
Photo by Philip Brewer
When you travel, especially to a destination where U.S. dollars is not the country's currency, it's important to know the best place to exchange money. Of course, you would want to get the most value off your dollar.
The first thing you need to know is the exchange rate of the country you are traveling to. I use XE.com to determine exchange rates around the world. Second, calculate how much money you would need to exchange before leaving. When backpacking you shouldn't exchange all your travel money because it can be risky. Third, know where not to exchange money.
Places to exchange money:
Banks: Best place to exchange money because they offer the best exchange rates.
In the Dominican Republic and Puerto Rico, Banco Popular are like bodegas in New York, they are everywhere! So before I left to Haiti, I opened a free Banco Popular account in New York and calculated enough time to recieve my ATM debit card. Haiti doesn't have Banco Popular, but I brought enough money to cover me for the two weeks that I was planning to travel there.
The great benefit of opening a new account with them is the gifts! For being a new customer, they gave me a green carry-on, exactly what I needed for my trip.
NOTE: Keep in mind that the Banco Popular in the Dominican Republic is not affiliated with the BP in Puerto Rico and the United States, they just use the name. Therefore, you will be charged a fee everytime you withdraw money from a Banco Popular in the Dominican Republic. Also, keep in the mind that the maximum you can withdraw in the DR is 10,000 pesos, which is about $500 in U.S. dollars. You will not be able to withdraw from the teller counter because, again, they are not the same bank. The fee for each withdrawal is about $2.50. You won't be charged a fee when withdrawing money in Puerto Rico.
TIP #1: IF you have all your money in one account, for example, in a Chase or Bank of America, make sure to link it to your Banco Popular account to transfer money between accounts. You never know if you may need emergency money.
TIP #2: Depending on your bank, you can order foreign currency. When I went to Mexico, I orderded pesos before departing and it took one business day to arrive. Talk to your bank.
Western Union: I went to Haiti with dollars. I didn't exchange money before leaving, which was probably a bad idea because as soon as you get off the plane it seems like a neccessity to tip for everything. The best exchange place I came across was Western Union. Their exchange rates was at its highest and they are located in many parts of Port-au-Prince and Cap-Haitien.
Where NOT to exchange money:
Airports: They have the lowest exchange rates and charge the highest fees
Hotels: Try to avoid exchanging money in hotels because they too have bad rates and high fees, however, some hotels may offer good exchange rates. Check with your hotel.
Until next time... Saludos
Updated: June 3, 2014
