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1. Remarkably, some people are under the (incorrect) impression that they will get a better rate at the bureau de change. 2. Some people like to have local cur

1. Remarkably, some people are under the (incorrect) impression that they will get a better rate at the bureau de change. 2. Some people like to have local currency before they enter the foreign country so they don't have to rely on finding a reliable local ATM before they can spend cash.

kijin 14y ago
2'. In many countries, as soon as you step out of the airport and/or a comfy tourist district, cash is the only available payment method. Including the cost of transportation to the nearest ATM. Which may or may not have a skimmer on it.
- Osmium 14y ago
  This is true in Japan. Trying to find an ATM that accepts foreign cards is a nightmare. Post offices or 7-11s are the only reliable places.
lusr 14y ago
1. Sometimes a bank can have better rates on ONE currency but not another, e.g. my bank, Nedbank [1], has better USD/ZAR rates but worse EUR/ZAR rates than Bidvest [2]. 2. Depending on where you're from, some countries won't even grant you a visa unless you show them proof that you have sufficient foreign currency (e.g. Germany requires this of South Africans applying for a Schengen visa) 3. Specialist banks offer you additional benefits, e.g. Bidvest gave me 2 electronic bank cards to access funds in a separate, new, account when I travelled in Europe, which had 4 distinct advantages: * lose one card I have a spare (my local bank couldn't offer that, nor would AMEX) * my cards were not linked to my 'real' cheque account, protecting me in the event of theft and ensuring I had a backup plan if something really bad happened. * I could protect myself from currency fluctuations by choosing to hold an account in a currency of my choice, e.g. EUR; if the exchange rate got worse, I used the EUR card, if it got better I used my local bank's credit card * managing my budget was easier because I had allocated funds for the trip to my new travel account [1] http://www.nedbank.co.za/website/content/travel_check/forex_calculator.asp http://www.nedbank.co.za/website/content/travel_check/forex_... [2] http://www.bidvestbank.co.za/foreign-exchange/retail-rates.aspx http://www.bidvestbank.co.za/foreign-exchange/retail-rates.a...
orofino 14y ago
3. If you're moving between countries and have cash to change over.

kijin 14y ago

2'. In many countries, as soon as you step out of the airport and/or a comfy tourist district, cash is the only available payment method. Including the cost of transportation to the nearest ATM. Which may or may not have a skimmer on it.

Osmium 14y ago
This is true in Japan. Trying to find an ATM that accepts foreign cards is a nightmare. Post offices or 7-11s are the only reliable places.

lusr 14y ago

1. Sometimes a bank can have better rates on ONE currency but not another, e.g. my bank, Nedbank [1], has better USD/ZAR rates but worse EUR/ZAR rates than Bidvest [2]. 2. Depending on where you're from, some countries won't even grant you a visa unless you show them proof that you have sufficient foreign currency (e.g. Germany requires this of South Africans applying for a Schengen visa) 3. Specialist banks offer you additional benefits, e.g. Bidvest gave me 2 electronic bank cards to access funds in a separate, new, account when I travelled in Europe, which had 4 distinct advantages: * lose one card I have a spare (my local bank couldn't offer that, nor would AMEX) * my cards were not linked to my 'real' cheque account, protecting me in the event of theft and ensuring I had a backup plan if something really bad happened. * I could protect myself from currency fluctuations by choosing to hold an account in a currency of my choice, e.g. EUR; if the exchange rate got worse, I used the EUR card, if it got better I used my local bank's credit card * managing my budget was easier because I had allocated funds for the trip to my new travel account [1] http://www.nedbank.co.za/website/content/travel_check/forex_calculator.asp http://www.nedbank.co.za/website/content/travel_check/forex_... [2] http://www.bidvestbank.co.za/foreign-exchange/retail-rates.aspx http://www.bidvestbank.co.za/foreign-exchange/retail-rates.a...

orofino 14y ago

3. If you're moving between countries and have cash to change over.