By Paul Rubio
Outside of plane delays and unforeseen inclement weather, one of the biggest frustrations of traveling overseas is the challenge of money loss via bad exchange rates. Simply put: nobody likes to see money devalued in a Madonna-esque “Impressive Instant.” It doesn’t seem like the US dollar will triumph the Euro or the British Pound anytime soon, but you can save 3-10% of your dollar value by adhering to a few essential tips on your international travels.
Charge Away – A number of credit cards have upped the incentives for charging purchases abroad. The American Express Platinum Card has removed its 3% foreign transaction fee, charging purchases at the official market rate. Several Chase credit cards have followed suit – including the British Airways Visa Signature Card and the Chase Continental Presidential Plus Mastercard. Using these “no transaction fee” credit cards is the best way to save money; you even earn points on your purchases (and you can track your spending).
Cash Reserves – It’s always a smart idea to carry cash if traveling somewhere remote. If you need ready money, don’t bother exchanging 
currency before your trip. All major international airports have ATMs in the arrivals area; and official bank ATM exchange rates via debit card withdrawal are superior to the rates of exchange counters (e.g. Bank of America charges only a 1% currency fee on cash withdrawals abroad).
Get with the times – American Express Travelers Cheques are as dated as $40 barrels of oil. True, the cheques come with extra security if lost or stolen, but fewer and fewer places accept them. On average, your dollar is devalued by 5-10% by using travelers cheques because foreign banks offer inferior exchange rates upon conversion. If you are adamant about using Travelers Cheques, buy them online from American Express in the correct foreign currency before your departure (instead of US dollars).
Airport Exchange – If you are one of those people that physically enjoys changing currency as a right of travel passage, first verify the official market exchange rates online or on your high-tech phone. Exchange rate counters in airports prey on tourists unaware of the real market rate and often fool them with a “no commission” policy. There may be no commission per se, but these exchange rates are vastly different than market rates, resulting in large differentials against your favor. When in doubt, check XE – Universal Currency Converter (www.xe.com/ucc).
In total, you’ll never be able to avoid fluctuations in global currencies, but you CAN avoid the heavy fees and trickery designed to evaporate your riches!
