Many clients question whether they should exchange their currency when traveling abroad. The answer depends on where they are going and what they plan on doing once there. A lot of countries recognize the US dollar (USD) as acceptable currency and therefore exchanging is not necessary. For those countries who don’t accept the USD, exchanging currency will be necessary for those items or services that require cash (i.e. local transportation, tips, small stores, etc). Research the exchange rate ahead of time and plan to have the local equivalent of $50-$100 (depending on if the USD is lower or higher than the local currency) prior to leaving home to cover immediate expenses (i.e. taxis, food, small incidentals, etc). Unless traveling to small, remote areas, most places will accept major credit cards which usually afford a better exchange rate than the local banks, etc.
And that’s your MJST Prep School Lesson for the Week
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