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Exchange at your bank before your trip: Exchanging currency at your local bank is likely the most cost-effective way to convert currency. Since you have a relationship with the bank already, it's more likely to offer you the best rates.

Head to your bank or credit union before you leave to avoid paying ATM transaction costs. You may even receive a better exchange rate. Credit unions and banks will exchange your dollars into a foreign currency before and after your trip when you have a checking or savings account with them.

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 bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

A cross rate is the exchange rate of two currencies, neither of which is the base currency in the pair. The cross rate is determined by comparing the exchange rates of the two currencies against a common third currency. For instance, the cross rate between EUR/GBP is derived by dividing EUR/USD by GBP/USD.

Simply explained, in order to weaken its currency, a country sells its own currency and buys foreign currency ? usually U.S. dollars. Following the laws of supply and demand, the result is that the manipulating country reduces the demand for its own currency while increasing the demand for foreign currencies.

Where Can You Exchange Currency? Banks, credit unions, and online currency exchange bureaus and converters provide convenient and often inexpensive currency exchange services. Also, your own bank's overseas ATM or a foreign bank's are ways to get local currency with a credit card or ATM card once you have arrived.

Exchange at a bank or credit union before your trip: Heading to your bank before your trip is often the most cost-effective way to exchange currency. Since you have an existing relationship with them, your bank is likely to give you the best exchange rates and charge the lowest fees.

Know the country's exchange rate before you travel ? these are usually posted online and at banks, airports and currency exchange shops. If you don't know the exchange rate, you can use this formula: starting amount (base currency) / ending amount (foreign currency) = exchange rate.