Compare travel money options in the US and get the best rate for your next holidays abroad

Travel Money FAQs

• Can I compare travel money services in the US?

  Yes. Here at Monito, we make it easy to compare US travel money providers so your money goes further. Our easy-to-use comparison tool helps you compare travel money solutions. We also provide in-depth reviews of travel money services, so you can understand their fees, exchange rates, how easy they are to use, what their customers think, mobile apps and much more. 

• What should I take into account when comparing US travel money services?

  When you’re deciding how to get your foreign currency, there are several areas you might want to take into account:

  • Fees: These can come as fixed fees, commissions, percentage fees, delivery fees, credit card fees or ongoing fees
  • Exchange rates: The foreign currency exchange rate will impact how much travel money you get, and can vary significantly between providers 
  • Services: the types of service a travel money provider offers
  • Speed: How quickly you will receive your travel money
  • Convenience: How easy it is to get your travel money
  • Customer reviews: What other people think of the travel money provider
  • Mobile apps: Whether the provider has a useful mobile app for ordering travel money on-the-go
  • Credibility and security: The steps the travel provider takes to protect your personal and financial information
• What are the fees that travel money providers charge?

  The types of fees you’ll need to pay do depend on the currency exchange business that you use. Typical types of fees include:

  Fixed fees

  A US bank or travel money provider may charge you a fixed fee to exchange currency. On larger amounts, these fixed fees won’t make a big difference, but if you’re exchanging smaller amounts, they can take a bite out of how much you’ll receive.

  Prepaid travel cards might charge fees. For example, the multi-currency cash passport charges as follows:

  • $9.95 to purchase the card originally
  • $5 to add funds to the card
  • $2.50 or currency equivalent to withdraw money from an ATM
  • $3 a month inactivity fee if it’s not used for six months

  Commissions and percentage fees

  Some providers will charge a percentage of the total amount you exchange. This may be a more economical fee if you’re sending smaller amounts, but can quickly add up if you’re sending more.

  Delivery fees

  Some banks may charge you to send money to your home.

  Credit card fees

  If you pay for travel money with a credit card, it’s possible that your credit card provider will charge you extra since these types of transactions are often considered as “cash advances.” This could be charged as a percentage of the amount and may also result in additional interest. Check with your credit card company to understand what their fees are. If you want to avoid these fees, you could fund your transaction with cash, a debit card or a bank transfer. Note that credit and debit card issuers may also charge a foreign transaction fee if you pay for goods and services overseas on your card.

  • Wells Fargo charges three percent for an international purchase transaction with a debit card
  • Paying with a Bank of America debit card abroad will incur a three percent foreign transaction fee with a Personal Bank of America Advantage Banking Account
  • Citibank charges a three percent foreign transaction fee with most of their credit cards

  Overseas ATM / cash machine fees

  If you withdraw money at an overseas cash machine, you may be charged additional fees. These might be charged whether you’re using your US debit or credit card or a multi-currency card.

  • Wells Fargo cash withdrawal transactions at ATMs outside the US are $5 each
  • Wells Fargo ATM balance inquiries are $2 each
  • Citibank ATM fees are a $2.50 foreign transaction fee plus a three percent charge on the total amount of money you’re withdrawing
• How does the exchange rate impact how much travel money I will receive?

  Many US travel money providers make some of their money on the difference between the exchange rate they offer to customers and the interbank exchange rate. The interbank rate is also known as the base, mid-market or standard exchange rate, which is the midpoint between the buying and the selling prices of the two currencies.

  Here are some examples of what that difference can mean in terms of how much you’ll pay in “hidden” exchange rate markups and fees. 

  Wells Fargo, US dollars to euros

  • Base exchange rate, 1,000 USD converts to 900 euros
  • Wells Fargo currency exchange, 1,000 USD converts to $855 euros
  • The Wells Fargo rate is around five percent more expensive, or  $50

  Bank of America, US dollars to Mexican pesos

  • Base exchange rate, 1,000 USD converts to 18,794 Mexican pesos
  • Bank of America currency exchange, 1.000 USD converts to 17,802 Mexican pesos
  • The Bank of America rate is around 5.2 percent more expensive, or around $52

  The multi-currency cash passport card, US dollars to Canadian dollars

  • Base exchange rate, 1,000 USD converts to 1,304 Candian dollars
  • Multi-currency cash passport card, US dollars converts to 1,241 Candian dollars
  • The multi-currency cash passport card rate is around 5.5 percent more expensive, or around $55
• Are there limits on how much I can exchange in the U.K. for travel money?

  Yes. Many providers will put an upper limit on how much you can exchange in a single transaction or over time.

• Can I trust US travel money providers?

  Typically, yes. A reputable currency exchange business should be licensed and authorized by the relevant authorities. They should also have separate business operational accounts and accounts for processing foreign money exchange. All of the providers we feature on our website are licensed and authorized. You can find out more about other providers by reading our in-depth reviews.

• Am I financially protected if something goes wrong?

  It’s very unusual for something to go wrong with a currency exchange transaction. Your financial protection depends on how you pay for your travel money. If you pay via cash, you’ll likely get your foreign currency immediately. If you pay by bank transfer, you’re not normally protected. If you pay by debit card, you’re protected from fraud and non-receipt. The most complete protection comes if you use a credit card to fund your transaction, although that comes with other issues like higher fees. We recommend paying for most travel money with a debit card.

• What should I do with leftover foreign currency?

  In many cases, you can sell your remaining foreign currency notes back to your travel money provider. Most providers indicate on their website how to return money to them. Note that you may get back less than what you sent, as the buyback rates are often not as good as the selling exchange rates.