Last week. I wrote about My Simple Currency Exchange Rate Philosophy and helping my nervous friend find a more relaxed approach to spending money when he travels. Reader Danny wrote: “I think it might be an interesting topic for how people get better rates for getting currency exchanged similar to your Disneyland best practices (read The Ultimate Disneyland Playbook (Full of TWG Reader Tips!)). I always do the ATM, but I’d be curious to see if there are any other good ways.” Danny had a good idea, and indeed many of you replied with your ideas about getting the best exchange rate possible. I still think this topic is worth fleshing out a bit more, so let’s begin.

Image source: http://www.sfgate.com/business/article/A-brief-history-of-money-11059182.php

I’ll go first, as I’ve had many varied experiences over the years, and I think some of it has to do with the varied locations of my travels. For instance, when I was in Bali, cash was king. My lodgings did take credit cards, but otherwise, the local merchants wanted cash. The owner of the small family-run place I stayed at didn’t want me going to any money changer, bank, or ATM on my own. I was traveling alone and he was the personal friend of friends of mine, so he felt very protective of me. He took me for a twenty minute ride on the back of his scooter into Ubud where he escorted me to his money changer and handled the transaction for me. Later, when talking to other travelers, I learned that I got a really good exchange rate, but of course, a scenario like this is POSSIBLE, but not the norm. Continue reading →