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Traveling is expensive. But exchanging your money shouldn’t be. Whether you’re an American seeking foreign currency for a trip abroad or a foreign visitor in the U.S., you’ll need cash for your trip. If you’re traveling in Boston, consider changing your currency at Currency Exchange International, Rockland Trust Bank, or TD Bank’s Foreign Exchange Centers. If all else fails, go to any bank or ATM for the best rates.
key takeaways
- Two recommended currency exchange stores in Boston are Currency Exchange International in Copley Place and various Rockland Trust Bank locations.
- TD Bank has several Foreign Exchange Centers, including several in the Boston area.
- The best currency exchange rates in Boston are at banks and ATMs.
- Avoid exchanging money at the airport, where rates tend to be the poorest.
Currency Exchange International
If you need dollars, Thai baht (THB), or Danish krone, you could do well to head for the Boston branch of Currency Exchange International. The company advertises its services with an appealing guarantee: It claims to match (or beat) any bank on the same product or service on the same day and same time of the exchange.
Bills, as well as certain foreign coins, are accepted. Centrally located in Copley Place, it’s easily reachable by public transit, or the “T”: Take the Orange Line to the Back Bay Station or the Green Line to Copley Station.
Rockland Trust Bank
You can find foreign currency exchange locations across the greater Boston area through Rockland Trust Bank. At Rockland Trust Bank locations, you are usually able to place foreign currency orders that can be delivered to a specific branch within a few days.
It’s often advised to call in advance to confirm an order and better understand the timing. Its most central Boston location is on Franklin Street, though there are dozens of locations.
Fast Fact
The originator of American currency is among one of Massachusetts’ many claims to colonial fame. In 1690, the Massachusetts Bay Colony printed and circulated the first colonial currency. By 1764 the British Parliament outlawed colonial currencies, making them illegal tender. When the Revolutionary War began in 1775, the Continental Congress issued its currency to finance the fight for liberty. The British didn’t recognize this currency, either. Called “continentals,” these paper bills lacked the backing of gold or silver.
TD Bank Foreign Exchange Centers
You can exchange foreign currency at a few different TD Bank Foreign Exchange Centers. These are TD Bank locations that have up to 15 foreign currencies available for immediate exchange. There are TD Bank locations in Boston, Cambridge, and Andover, and these locations can usually exchange euros, pounds, Canadian dollars (CAD), pesos, yen, and others.
General Currency Exchange Tips
If you’re a foreign traveler, the cheapest way to exchange money is to use your credit card or debit card at an ATM. These generally offer the lowest exchange rates between your home currency and U.S. dollars. Make sure you research your card issuer or bank’s policy on overseas withdrawals, because there may be extra fees involved. If you make numerous withdrawals, these quickly add up.
It’s common for banks to not only charge the equivalent of a $2 to $5 fee at foreign ATMs (one not part of their network) but also a foreign transaction fee. This charge varies from about 1% to 3% of the withdrawal. Many credit cards also sock you for foreign transactions or currency conversions.
Important
When using an ATM, if given the option, always choose for the fee to be charged in the local currency.
This is why some travelers prefer currency exchange stores. Although their rates aren’t as competitive as ATMs, they usually charge lower transaction fees. Currency exchanges are highly competitive, especially in major tourist areas. You may be able to negotiate the transaction fee or even sweet-talk your way to a slightly more favorable rate in these areas.
That said, forgo the airport currency exchanges—they’re notorious for offering the worst exchange rates. These shops trade on their convenience—they’re usually the first option you see once you clear customs. Plus, you haven’t had a chance to suss out the going rates elsewhere. Even the Logan Airport American Express location gets low marks for exchange terms.
At best, use the airport outlets to exchange just enough money to get you into the city and the place you’re staying.
Plan Ahead
Check before your trip to see whether your bank carries foreign currency, or if it will order it for you. Many banks offer currency exchange services for account holders. While the conversion rate should be on par with the market, always check online to compare, and if your bank’s deal seems off, mention it to your banker.
Review the exchange rate before you travel. Markets are volatile, and currencies can drop or rise in a day, but checking will usually (other than in cases of war, political upheavals, natural disasters, or market crashes) give you a good idea of what you’ll get for your euro, pound, or yen. Once in Beantown (one of the city’s affectionate nicknames), keep up on currency news by checking with the local Boston Globe or The Wall Street Journal’s financial pages.
If you’re an American who travels abroad regularly, it pays to open an account at an online financial institution, such as Capital One 360 or Charles Schwab (the banking side of the securities broker), that doesn’t charge a transaction fee or a fee for using an overseas ATM. These banks are rare, however, which is why a credit card with no foreign transaction fee that lets you withdraw cash from an ATM is a good thing to have in your wallet.
What Fees Are Associated With Currency Exchange?
Common fees include service charges, conversion fees (sometimes a percentage of the amount exchanged), ATM fees (if using an ATM), and sometimes a margin added to the exchange rate by the provider.
Can I Exchange Currency at the Airport?
Yes, currency exchange services are available at airports, but they often come with higher fees and less favorable exchange rates compared to other locations.
Is It Better to Use Cash or Card Abroad?
This depends on your destination and spending habits. Cards can offer better security, ease of tracking expenses, and potentially better exchange rates. However, cash is essential in places where card acceptance is limited, though it comes with bearer risk, which can be quite high if you’re carrying lots of cash.
What Documents Do You Need for Currency Exchange?
You need a valid form of identification, such as a passport or driver’s license, to exchange currency. Some exchange services may also ask for additional documents such as proof of travel, like airline tickets, or proof of residence.
The Bottom Line
The best currency exchange rates in Boston are typically found at banks and ATMs, but be mindful of potential fees. Recommended exchange options include Currency Exchange International in Copley Place, Rockland Trust Bank locations, and TD Bank’s Foreign Exchange Centers, while airport exchanges should be avoided due to poor rates.
