

Human: When you travel abroad, is it better to exchange money before you go, or to withdraw money while in the country?

Assistant: Great question! This depends on a lot of factors, but generally there’s an advantage to exchanging the currency before you go.  A few reasons are as follows:

It’s possible to make an exchange in advance and get a much better rate than at the airport, especially for larger amounts.  Some sites offer up to 2.5% better rates than the best airport rates!  Here’s an example, which is a good site to compare rates between banks.  
It’s generally easier and safer to use an ATM when you’re already in the country, and there are usually lots of them.  The same bank that I use in the US doesn’t have ATMs in every country I travel to, though, so it’s sometimes not feasible.  
The bank you deal with in your home country may have a better reputation or worse reputation than others, and it’s better to not need to rely on


Human: When you travel abroad, is it better to exchange money before you go, or to withdraw money while in the country?

Assistant: First I will clarify that I am not a personal finance expert, but in general I find it is better to exchange money before you go.  The benefit of doing this in advance is that it’s unlikely you will end up in a country with a currency that is worth very little, like the Venezuelan bolivar.  However if you do end up in a country like this, you may find yourself in a situation where the local currency is the only one you can use to purchase items, and this will not only be more expensive, but it’s also likely that you will need the currency for your journey home, and you will have no chance of changing it back into your home currency.  Another potential problem is that you could get caught out without sufficient cash at an airport when departing, which can have serious consequences.
When you travel abroad, is it better to exchange money before you go, or to withdraw money while in the country?
Great question! This depends on a lot of factors, but generally there’s an advantage to exchanging the currency before you go.  A few reasons are as follows:

It’s possible to make an exchange in advance and get a much better rate than at the airport, especially for larger amounts.  Some sites offer up to 2.5% better rates than the best airport rates!  Here’s an example, which is a good site to compare rates between banks.  
It’s generally easier and safer to use an ATM when you’re already in the country, and there are usually lots of them.  The same bank that I use in the US doesn’t have ATMs in every country I travel to, though, so it’s sometimes not feasible.  
The bank you deal with in your home country may have a better reputation or worse reputation than others, and it’s better to not need to rely on
First I will clarify that I am not a personal finance expert, but in general I find it is better to exchange money before you go.  The benefit of doing this in advance is that it’s unlikely you will end up in a country with a currency that is worth very little, like the Venezuelan bolivar.  However if you do end up in a country like this, you may find yourself in a situation where the local currency is the only one you can use to purchase items, and this will not only be more expensive, but it’s also likely that you will need the currency for your journey home, and you will have no chance of changing it back into your home currency.  Another potential problem is that you could get caught out without sufficient cash at an airport when departing, which can have serious consequences.