Find the best time to exchange your travel money (2024)

FAQs

Find the best time to exchange your travel money? ›

Exchange on Weekdays

You'll get the best rates when you exchange currency during bank hours. The worst time to exchange is on the weekends because markets around the world are closed.

When you are traveling to another country, you can exchange some of your money before you leave home. Doing so gives you time to shop around for the best rate. Plus, when you arrive, you won't have to immediately find a bank or currency exchange.

Typically, the least busy times of the week are Mondays, mid-week and the weekend (excluding Friday). These days have the lowest number of transfers in the week, so you might expect to see less fluctuation in the mid-market rate.

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online peer-to-peer foreign currency exchanges. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

Currency can fluctuate throughout the day too, with the morning or late afternoon cited as the best times to buy. These are just trends though and the currency markets fluctuate regularly, so keep your eye on them if you're looking to exchange currency soon.

The forex market runs on the normal business hours of four different parts of the world and their respective time zones. The U.S./London markets overlap (8 a.m. to noon EST) has the heaviest volume of trading and is best for trading opportunities.

Look at online currency specialists

Online currency exchange brokers, such as Travelex, Eurochange, TravelFX, TorFX, and the Currency Online Group, are all likely to offer more competitive exchange rates compared to the high street banks. These providers offer a wide range of currencies for home delivery.

It is cheaper to exchange money at the bank (or by using an ATM) than the airport. That's because currency exchange stores and kiosks at the airports mark up the exchange rate to make a profit.

Tracking rates online is a great way to monitor fluctuations in currencies and exchange rates. This can allow you to see when the currency you wish to buy has reached an ideal rate, and pick the optimum time to exchange. Travelex offers a free Currency Rate Tracker service, that monitors exchange rates for you.

Is there a better day to exchange currency? ›

When planning your currency exchange, timing is crucial for securing the best rates. Here's what you need to know: Mid-Week Advantage: Tuesday and Wednesday are your best bets for favorable rates. These days generally experience higher trading activity, leading to more stable and advantageous exchange rates.

Some people claim that the exchange rates are “best” in the mornings. The truth? Not even close. For starters, no one has found any correlation between exchange rates and time of day.

In short, Tuesday, Wednesday and Thursday are widely considered to be the three best days of the week to trade. Forex trading is best at the busiest times. This often means the best return on your investment, as well as the most profitable trades.

1. Banks trade at the real rate. When exchanging US dollar between themselves, banks and transfer services use the mid-market rate (also known as the interbank rate). It's the fairest possible rate.

Kuwaiti dinar

You will receive just 0.30 Kuwait dinar after exchanging 1 US dollar, making the Kuwaiti dinar the world's highest-valued currency unit per face value, or simply 'the world's strongest currency'.

Overview of Exchange Rates

A rise in the value of its currency makes a nation's imports less expensive for its citizens to buy and its exports more expensive for consumers in foreign markets.1 A decrease in the value of its currency makes its imports more expensive and its exports less expensive in foreign markets.