Getting the best exchange rate
- Compare with the mid-market rate: the closer an offer is to the rate shown here, the smaller the hidden margin.
- Avoid airport and hotel exchange desks, which usually have the widest margins.
- Pay in the local currency when a card machine abroad asks.
- Check your card’s foreign transaction fee; some cards charge none.
- Take out larger sums less often if your bank charges a fixed fee per cash withdrawal abroad.
Currency codes
Every currency has a three-letter ISO 4217 code: usually the two-letter country code plus the first letter of the currency’s name, as in USD (US dollar), GBP (Great Britain pound), JPY (Japanese yen) and RUB (Russian rouble). The euro, shared by 21 European Union countries, is EUR.