The mid-market rate is the real exchange rate. Banks, airports, and bureaus add markups of 1-10%+.
9 steps across 2 sections
1. Steps Process
- Know the mid-market rate — Check Google or XE.com before exchanging.
- Avoid airports/hotels — 5-10%+ markup. Last resort only.
- Use ATMs abroad — Withdraw local currency. Always decline dynamic currency conversion.
- Use no-foreign-fee credit cards — Chase Sapphire, Capital One Venture use near-mid-market rates.
- For large amounts — Use Wise, OFX, or CurrencyFair.
2. Key Details
- Airport markup: 5-10%+
- Credit card foreign transaction fee: 0% (travel cards) to 3% (typical)
- Dynamic currency conversion: Always decline — choose local currency
- Charles Schwab checking reimburses all ATM fees worldwide
Pro Tips
- Wise multi-currency card: hold and spend 50+ currencies at mid-market rates
- Exchange small amount before travel for immediate needs
- Use credit cards for purchases, ATMs for cash