Exchanging your cash in the wrong places could cost you a lot because the exchange rates are too high. How do you guys avoid being ripped off just because you are tourists? I prefer traveling with a prepaid debit card that is accepted [virtually] everywhere. When I need money I'll withdraw the cash I need [at some ATM] and all I'd have to pay is the ATM fees. How do you guys change currency without paying huge fees?
I always ask the hotel concierge where the nearest bank is located. I walk to that bank. There is always someone there who speaks English. Nowadays, before I leave home I'd look up the exchange rates. I would do that for about a month. Then contact your credit card company to ask what are the fees for foreign exchange. If it happens to be American Express then their low fees would make it unnecessary to go to the bank to physically exchange US dollars for xyz.
I exchange a small amount of cash several weeks before travelling at a local money changer, for sake of convenience for small purchases when credit/debit cards are not accepted. Other than that I typically use a debit or credit card with low fees, since it's much more convenient and safer. Tourists are a prime target for pickpockets after all, I try to carry as little cash about me as possible.
You can just go directly to the airport or to a local money changer. Between the airport and the local money changer, though, the latter tends to have a higher exchange rate. For instance, my friend and I wanted to convert our extra Singaporean dollars to our local currency so we went to Changi Airport's resident money changer. The rate was 32 = 1 SD. We thought the rate was too small so we decided to wait. When we got back to our office a day later. we proceeded to a nearby money changer and lo and behold... the exchange rate was 35 = 1 SD, so 3 notches higher. We successfully converted our extra SD to our local currency at a much higher rate.
