Seven currency conversion mistakes that quietly cost you money
Dynamic currency conversion, airport counters, weekend rates and other traps that show up on the statement after the trip.
Saying yes to conversion at the terminal
When a card machine abroad offers to charge you in your home currency, that is dynamic currency conversion. The merchant's processor picks the rate and the markup, and it is almost always worse than letting your card issuer convert. Always choose the local currency.
The same applies to ATM withdrawals that offer a guaranteed home-currency amount.
Airport counters and weekend pricing
Airport bureaux carry the widest retail spreads anywhere, because they are selling convenience. Convert a small amount for immediate needs and do the rest elsewhere.
Interbank markets close over the weekend. Providers that quote through the weekend widen their spread to cover the gap risk, so a Saturday transfer is typically priced worse than the same transfer on Tuesday.
Comparing against the wrong benchmark
The rate in a search result is the mid-market rate. Treat it as the benchmark, not as the rate you will get. Judging providers against each other without that benchmark makes a bad rate look reasonable.
Other frequent errors: ignoring the fixed fee on small transfers, converting cash you will not use, forgetting that the receiving bank may also charge, and rounding a quoted rate in your head before comparing.
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