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Oanda foreign currency
Hello everyone,
I was wondering if anyone had ever used the website mentioned in the Tauck travel papers for a currency exchange - Oanda. If I’m reading correctly (and haven’t missed any fees) their exchange rates are much better than Bank of America, which we normally use. I know we can use credit cards but I still like the idea of having local currency, especially when we venture out of the bigger cities or stop in a small shop or restaurant.
Thanks very much.
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We rarely take local currency on any of our tours. Where are you going?
I don't think Oanda does physical currency exchange. They are a standard source for current exchange rates. While you can trade currencies with them I believe it is all electronic. You can convert your US Dollars into Euros in your account but I don't think you can get Euro bills and coins as a result.
We used to get some local currencies before leaving for a trip but gave that up some time ago. It's usually easy to get some local currency from an ATM when you get there and the exchange rates have been better than what you can get from your bank. Just be sure your bank knows you are going abroad so your ATM card will be accepted.
I always take some local currency with me; otherwise, I would be worried about finding a working ATM. The peace of mind is worth the few extra dollars to get some local currency before I leave home. (As my daughter says, given the cost of the Tauck tours, "it's just a rounding error."). Once I'm at my destination, I'll use an ATM.
MCD: I’m with you … I use my local TD BANK branch for local currency - just in case! I also bring small currency US bills as well. Finally, I bring 2 different debit cards - just in case!! I was in Israel and the bank gobbled my card when I tried to get some Shekels. The bank itself was closed and we were traveling to another city. What is a girl to do??? Thankfully I was traveling with my synagogue and my rabbi who was leading the tour ran a tab for me! I learned a lesson: Never leave home without 2 debit cards!
I, too, always take some local currency in small denominations for incidentals. When eating out I never add the gratuity to the bill. I give the server the tip in cash/local currency. This is something my father taught me. He always wanted to be sure the server received the tip, not the establishment.
I also take two credit cards, both of which do not charge foreign transaction fees.
Thanks so much everyone for your helpful insights. Upon further examination, I believe Wayside is correct: Oanda is strictly an online trading website but boy, it sure shows you how much commission the banks are taking. We are doing the Normandy land tour beginning on 9/19, spending the extra day in Versailles on the front end. I’ll bite the bullet and get some Euros here as well as use credit cards in France. I’m treating this trip (and to be honest, every one from now on) like it’s the last great trip we’ll ever have the opportunity to take. Covid has given me a whole new appreciation for our ability to travel, so I’m treating each chance to explore the world like the adventure of a lifetime. We are fully vaccinated, TSA pre-checked, global entry carded, and will happily get tested and travel masked! I just want to go and not get cancelled🙄! 45 days and counting….
We have never had a problem getting local currency, in countries where we will need it, at the airport upon arrival. Any airport we are likely to fly into will have numerous reliable and safe ATMs that accept VISA, MC, AMEX. Believe it or not, but the best exchange rates can often be found at airport ATMs (not money exchanges or at the hotel). Remember, also, many (most?) countries have a limit on how much currency you can bring into the country.
When we went to India, we did get rupees in the US, then later found that was supposed be impossible. It is also illegal to take rupees out of India…..that applies to a few other countries, so you have to be aware of these things.
If we found we had foreign currency over, we added it to our tip envelope which we take ready prepared with tips before we leave the US. It’s not worth the hassle of exchanging it when you return to the US
The UK changes their money designs fairly frequently, making the old design illegal tender after a while. So if you have any old pounds lying around and think you will be able to use them on another trip to the UK, please be aware of that.
We always get foreign money when we land at the foreign airport at an ATM. You normally get good rates, better than at US airports or your local bank. In addition, my local bank charges $10 for getting foreign currency (over and above the exchange rate).
Another hint, get crisp US currency for incidental purchases, many places will give you a hard time with wrinkled or dirty looking money. $1 US bills are typically used for tips at the airport or other places. Most US banks have crisp bills during the holiday season.