Using Cash & Credit Cards
I have a longstanding set of priorities after arriving in a country. After clearing customs and retrieving my luggage, my next stop is a place where I can exchange dollars for local currency. ATM machines often have the best exchange rates but be sure before using one. A good way to check exchange rates is through an app called Currency. Also, decline a request to convert to your home currency because you’ll be charged a conversion fee. In the absence of an ATM, your only option is an airport currency exchange booth. It’s been my experience that airports don’t offer favorable exchange rates. Since I want some local currency to cover the cab ride to my hotel, I typically exchange no more than $100 at an airport booth.
In some developing countries (notably in Africa), you may not have the option of exchanging money at the airport. In those situations, I ask my cab driver to take me to a place where someone will exchange U.S. dollars for local currency. Another option is to ask at your hotel if there is a nearby bank that will exchange foreign currency. A final note about exchanging money is to obtain newer, large denomination bills (i.e., U.S. $50s or $100s) from your bank before you leave because clerks at some exchange booths won’t accept older, wrinkled bills.