Currency Exchange Abroad: Banks vs Bureaus, Rates and Fees

Compare the total cost, not just the rate

When you exchange money abroad, the price you pay has two parts: the exchange rate and any commission or fee. A bureau advertising "no commission" may simply build its profit into a weaker rate. The practical answer is to compare the total cost of the same transaction at two or three places before you hand over your cash.

Who this affects

This guide is for any traveller who needs local currency abroad, whether you are changing cash at a bank, a bureau de change, an airport kiosk or a street exchange. It also matters if you are travelling to or from a euro-area country and still have old national cash, such as Deutsche Mark or French francs, because the rules on exchanging those notes and coins are set by national central banks, not by the European Central Bank.

The UK government publishes travel advice for 226 countries or territories, covering entry requirements, safety and security, health risks and legal differences. Currency rules and consumer protections are part of the legal and practical differences you should check before you go.

What to do step by step

1. Check official travel advice for your destination. Use the UK government's foreign travel advice page for your country to see local warnings and legal differences before you travel.
2. Decide how much cash you actually need. Cards are widely used in many places, but you may still want a small amount of local currency for transport, tips or small shops.
3. Compare at least two options. Ask a bank and a bureau for the rate and any fee for the same amount. The one that gives you more foreign cash for the same amount of your money is cheaper.
4. Ask for the rate and fee in writing before the transaction. If a kiosk will not show you the rate clearly, treat that as a warning sign.
5. Count your money before you leave the counter. Mistakes and short-changing are easier to resolve while you are still there.
6. Keep your receipt. You may need it if there is a dispute or if you want to exchange unused currency back later.
7. If you hold old euro-area national cash, check the national central bank's rules. The ECB does not exchange any banknotes or coins; this is done only by the national central banks.

Costs and timing

There is no single global fee for currency exchange. Costs depend on the provider, the country and the amount. What you can control is how you compare:

• Rate margin: the difference between the rate you are offered and the mid-market rate. This is often the largest hidden cost.
• Commission: a fixed or percentage fee on top of the rate.
• Minimum or maximum amounts: some providers only exchange above a certain amount, or cap how much they will change.
• Time of day: rates can move during the day, and airport kiosks may have different opening hours from city branches.

For old euro-area national banknotes and coins, timing is critical because some central banks have set deadlines. The European Central Bank lists exchange time limits by country. For example, Belgium coins could be exchanged until 31 December 2004, France coins until 17 February 2005, and Croatia coins until 31 December 2025. Some countries, such as Germany, Austria, Ireland, Estonia, Latvia and Lithuania, have unlimited exchange for banknotes. Always check the ECB page and then the national central bank's own website for the current rules.

Exceptions and traps to avoid

• Airport kiosks: convenient but often poor value. If you must use one, change only a small amount and compare with a city branch later.
• Street exchanges: may offer attractive rates but can be unregulated or unsafe. Use official, staffed premises where possible.
• "No commission" signs: this does not mean the exchange is cheap. Check the rate.
• Old euro cash: the ECB does not exchange banknotes or coins. Only national central banks do, and some deadlines have passed. Do not assume you can change old notes at any bank abroad.
• Unconfirmed reports: if you see a news story about a new fee or rule, treat it as unconfirmed until the official government, central bank or embassy page says so.

What is not yet confirmed

This guide does not confirm any specific fee, rate or rule for a particular country, bank or bureau, because those change and are set by the provider or the local authorities. For current rules, always check the official page for your destination, such as the UK government's foreign travel advice for that country, and for euro-area old cash, the European Central Bank and the relevant national central bank.