How do I not get ripped off with exchanging money?

[Hard Boiled]

I've heard some exchanges will provide scam exchange rates. advice pls to avoid this.

 

[14passport]

Use something like revolut to exchange money for free or very low rates, and pay with that card
Use card with no fees at ATM for cash

 

[Hard Boiled]

Use something like revolut to exchange money for free or very low rates, and pay with that card
Use card with no fees at ATM for cash

You have to be careful with these app store banking companies because they can close your account and take your money with no explanation since you are not entitled to same protections conventional banks provide. It is unlikely to happen to you but it does happen.

 

[14passport]

You have to be careful with these app store banking companies because they can close your account and take your money with no explanation since you are not entitled to same protections conventional banks provide. It is unlikely to happen to you but it does happen.

i'm aware of it, you can have multiple of these apps as backup and only store there a few k$

 

[Marco Pumpo]

Use something like revolut to exchange money for free or very low rates, and pay with that card

you mean online? or do you use a physical revolut card as well?

Use card with no fees at ATM for cash

yes that's what i do since 15 years to completely avoid the exchange huts

 

[JustGo]

I've heard some exchanges will provide scam exchange rates. advice pls to avoid this.

Most common I've seen is a flat fee for all currency exchanges...this hits hardest for small transactions. Many exchange houses take 10% from the mid-market rate. That's just the cost of doing business. Trading baht for ringgit or other non-global currencies gets you a god-awful exchange rate. Don't bother.
In 2024 there is no need to carry wads of cash into a country and then exchange it on the street, unless you are looking to cover your trail for some reason. Even Argentina has better options than that, like Western Union. It's not a bad idea to hide a Benjamin or two with your backup ATM card in your luggage in case you can't pull cash for whatever reason. Even with a shitty exchange rate, you'll be able to eat and sleep until you can get any bank problems ironed out.

 

[14passport]

you mean online? or do you use a physical revolut card as well?


yes that's what i do since 15 years to completely avoid the exchange huts

you exchange online inside your revolut to have balance in the new currency
and pay with the physical card

i think that way you pay almost nothing, only what revolut charges you for forex rates, which is 0 with some plans

 

[biggunsar]

I've heard some exchanges will provide scam exchange rates. advice pls to avoid this.

already have a thread on this, its very old BUT.....rules to live by

1. NEVER us a money exchanger. think about it. They make money short changing YOU!

2. use a bank machine for bank rates

3 AND MOST IMPORTANT, never use a bank machine located outside a premise. ALWAYS use a bank machine that is IN A BANK. PERIOD. no one is putting a skimmer on those ATMS. it's too difficult.

and there, you will never be skimmed, get the best rate.

got skimmed 7 years ago. changed the way i do my withdrawls to above and have NEVER been skimmed again. And get the best rates without some exchanger fucking you over.

simple as.

 

[Marco Pumpo]

you exchange online inside your revolut to have balance in the new currency
and pay with the physical card

i think that way you pay almost nothing, only what revolut charges you for forex rates, which is 0 with some plans

interesting point, but this only applies if you have some paid revolut plan. for the free account, as far as i can see, it doesn't make much of a difference if you pay with revolut or your visa card if your bank doesn't apply fees for paying/drawing money with your visa card. you just have to make sure that you choose to pay in the local currency and not in your currency because otherwise they will charge you with bad forex rates. if you choose local currency, the visa forex rates will be applied and they are comparable with revolut.

3 AND MOST IMPORTANT, never use a bank machine located outside a premise. ALWAYS use a bank machine that is IN A BANK. PERIOD. no one is putting a skimmer on those ATMS. it's too difficult.

true, i had to learn it the hard way too in brazil.

 

[14passport]

interesting point, but this only applies if you have some paid revolut plan. for the free account, as far as i can see, it doesn't make much of a difference if you pay with revolut or your visa card if your bank doesn't apply fees for paying/drawing money with your visa card. you just have to make sure that you choose to pay in the local currency and not in your currency because otherwise they will charge you with bad forex rates. if you choose local currency, the visa forex rates will be applied and they are comparable with revolut.

true, i had to learn it the hard way too in brazil.

yes, im not sure how much the visa forex rates are but many get the paid plan revolut, can't remember if it had more advantages
havent used it in 2 years

 

[AlexBrown84]

only exchange money at banks if you have to

otherwise just use atms with a card that gives rebates