Tips for Changing Money in New York City

Find out how to get the best exchange rates when you change your money in NYC

Getting the Best Exchange Rate:
The options here are in order from best to worst exchange rates and expenses.

1. ATM withdrawal from your foreign bank account or using your credit card to pay for purchases
   This exchange is done at the interbank rate, which is the exchange rate that banks charge one another. Likely fees: local ATM fee, your bank's charge for withdrawing money an ATM, and possibly a foreign currency fee from your bank
2. Cash advance on your credit card
   This exchange is done at the interbank rate, which is the exchange rate that banks charge one another. Likely fees: local ATM fee, your bank's charge for withdrawing money an ATM, cash advance charges on credit card, and possibly a foreign currency fee from your bank
3. Traveler's Checks in US Dollars
   These are sold at a less advantageous rate in your home country, but if you use them as you would cash in the US there is no additional charge and many hotels will cash them for you for no charge. At the time of purchase, you will pay a fee for issuing the traveler's checks.
4. Traveler's Checks in Foreign Currency and Foreign Currency
   In addition to a retail exchange rate, it is likely that you will have to pay a commission fee in order to convert the currency or traveler's checks into US dollars.

More Money Changing Tips:

• ATMs (Automatic Teller Machines) offer easy access and the best exchange rates for U.S. currency from your foreign bank account or credit card account.
• The exchange rate ATMs and credit cards offer is the interbank rate, which is most often a much better rate than currency exchange offices will offer.
• Most U.S. ATM machines charge non-customers for withdrawals, so that will add to the expense.
• Check with your bank or credit card company before traveling to see if they charge a currency conversion fee for using your card abroad.
• Some, but not all, taxis currently accept credit cards, so you'll probably want to get cash at the airport if you intend to use a cab to travel from the airport to your hotel. There are ATMs located in every terminal, and there are also currency exchange booths available in many locations.
• Visa and Mastercard are the most widely accepted credit cards, though sometimes stores/restaurants will only accept American Express.
• Cash-only restaurants/stores are much more common in New York City than they are elsewhere.