If you’ve never had to do it abroad, knowing how to change money without being scammed may seem complicated, but it doesn’t have to be.
Don’t waste your travel funds on bank fees and petty scams! Use these tips and know the current exchange rate before entering a new country.
Money exchange basics
Many money changers will reject torn, damaged, or even crumpled bills, so first try to get rid of those ugly bills by spending them. Larger denominations are preferred and it may simply be impossible to exchange banknotes of the smaller denominations. Coins are rarely, if ever, accepted.
How to check exchange rates with Google
There are many phone apps and websites available, but you can easily receive fast and up-to-date exchange rates for the country you are visiting by formatting a special Google search. You will need to know the official abbreviation for each type of currency.
Format your search as: AMOUNT CURRENCY1 to CURRENCY2. For example, a basic check on Google to see how many Thai baht a US dollar is worth will look like this: 1 USD in THB.
In some cases, you can spell the real name of the currency in your search (for example, US $ 1 in Thai baht) but not always; Using abbreviations is more reliable.
Some common Western currency abbreviations:
- USD – US dollar
- EUR – Euro
- GBP – pound sterling
- CAD – Canadian dollar
- AUD – Australian dollar
Check exchange rates for East Asia
- 1 US dollar to Chinese yuan (CNY)
- 1 US dollar to Japanese yen (JPY)
- 1 US dollar to Korean won (KRW)
- 1 US dollar in Hong Kong dollars (HKD)
- US $ 1 in New Taiwan Dollars (TWD)
Check exchange rates for India and Sri Lanka
- 1 US dollar to Indian rupees (INR)
- 1 US dollar to Sri Lankan rupees (LKR)
Check exchange rates for Southeast Asia
- 1 US dollar to Thai baht (THB)
- 1 US dollar to Malaysian ringgit (MYR)
- 1 US dollar in Singapore dollars (SGD)
- 1 US dollar to Indonesian rupees (IDR)
- 1 US dollar to Vietnamese dong (VND)
- 1 US dollar in Philippine pesos (PHP)
- 1 US dollar in Brunei dollars (BND)
- 1 US dollar to Burmese kyat (MMK)
You can use Google Finance to verify other types of currencies.
Searches for Burmese kyat (MMK), Cambodian riel (KHR), and lao kip (LAK) are not working on Google currency queries at this time, you can try www.xe.com instead. The official currency of East Timor is the US dollar.
Tip: Laos, Cambodia, and even Vietnam regularly accept US dollars for daily transactions, however, be aware of the floating exchange rate each location offers.
Tips for exchanging money in Asia
- Know the international exchange rate before approaching the counter.
- Never accept broken or damaged bills.
- Even if there are others waiting behind you, carefully count your money before you leave.
- Use a calculator or phone to check the math.
- Get a receipt
Change money or use the ATM?
While using ATMs is often the most convenient and inexpensive way to obtain local currency, sometimes you will be forced to exchange money from your home or previous country. ATM networks sometimes go down, especially on islands and in remote destinations, or exorbitant bank fees make real money exchange a better option.
ATMs in countries like Thailand charge between $ 5 and $ 6 per transaction, in addition to what your bank charges for international withdrawals. You will have to make an informed decision based on where you are and the current situation to decide when to change money.
You should never rely exclusively on ATMs to access your travel funds; always hide some cash for emergency situations. Even despite the weakness compared to euros or British pounds, the US dollar is still more widely used and accepted throughout Asia.
Bank, airport or black market?
While exchanging money immediately after arriving at the airport makes more sense, you can receive much better rates from banks or third-party exchange houses once you arrive in town – every country is different.
Consider exchanging just a little money at the airport until you can check the signs in town for better rates.
Exchanging money in tourist places can be unpredictable. While many windows and counters will advertise a better exchange rate than what is found in banks, there is always the possibility of a scam developing. If you are not completely familiar with the local currency, you probably won’t see a counterfeit bill mixed in with the colorful wad of bills.
