This may be your first time abroad without having your parents in tow to foot the bill and, unfortunately, one of the major hassles of travel is determining the best ways to exchange money. Your main concern when exchanging money is to obtain the most favorable rate at a location that will change money inexpensively. Below are a few available options to exchange money:

You can exchange currency at your local bank or use an online money exchange service, but keep in mind that your bank may have to order the foreign currency. Allow time for the money to be delivered before your trip. You should only order enough to cover travel and transportation costs until you are settled at your destination, because exchanging money at home can be more expensive than doing so abroad.

Credit cards usually offer the most favorable exchange rates, because credit card companies have access to better rates than individuals.

Traveler's checks are another option to consider. Using traveler's checks gives you the added benefits of being replaced if they are lost or stolen and they can be used at exchanges for the currency of the country you are in.

ATMs are a convenient way to obtain local currency at a reasonable exchange rate. Withdrawals may be subject to fees, so check with your bank before leaving home. You may also want to notify your bank where you will be traveling and using your credit card, so you can avoid having your card frozen by the bank during your trip.