It is imperative that you understand how exchange rates and commission fees work if you are seeking a good deal when exchanging currency. Remember that "no commission fee" does not translate to "good exchange rate." Some places may advertise "no commission fee" but then give a poor exchange rate. In reality they are keeping the difference between the exchange rate given and the actual going rate for that currency. In many cases this will cost you more than a typical commission fee.
Some people prefer to exchange currency at their local bank before leaving the country. This will assure you a good exchange rate, but is not recommended because it leaves your cash vulnerable.
Foreign banks will also exchange your currency, but they may charge high commission fees or give you unfavorable exchange rates. In many countries banks do have the best exchange rates, but be sure to check around first.
Money can be withdrawn in local currency from ATMs, but this can be costly. In addition to commission fees, both your bank and the bank owning the ATM are likely to charge overseas ATM usage fees. Check your bank's fees before leaving.
If your debit card has the seal of a major credit card you will be able to use it at any overseas location that accepts that credit card.
Many banks and credit card companies charge overseas usage fees, so be sure to check with your bank or card company and know what these fees are.
Also, always ask the retailer to charge your card in local currency.
