As a rule, in developed countries it hardly matters where you exchange money. Of course, before departing you should check the exchange rates - for dollars or euros. But nevertheless, it is important to remember that exchange rates will be roughly the same - at airports, at the local market, at hotels, at any bank branch, at hypermarkets, near tourist attractions.
In European countries and the USA, the exchange location makes practically no difference: all of them operate only officially and by the rules. However, even here not everything is so smooth – you should still not exchange money 'hand to hand', nor from guides, taxi drivers, merchants (both at the market and in shops). This is advisable for safety reasons.
But the most problematic for money exchange are traditionally considered to be Southeast Asian countries and virtually all countries of the Black Continent.
It is also strongly not recommended to pay with dollars or euros in third-world countries. As a rule, having exchanged them upon arrival, you will not experience any difficulties paying for goods and services – but you will save a considerable amount on purchases and payments.
So where should you exchange currency, and how to avoid 'legal robbery'?
In doubtful cases, do not hesitate to refuse the exchange altogether. Moreover, you can find a more favorable rate at official exchange offices, banks, away from tourist trails, cultural sites, at the airport or in the city center, rather than at your own hotel.
You should also pay attention to the exchange rate. It helps determine the profitability of the exchange. Today, even in the least developed countries, it is common to display both the currency rate on the local equivalent of a central exchange or bank, and the actual exchange rate. Experts state that a difference of 1.5% is good and profitable, up to 2.5% is worse but acceptable for exchange, above 2.5% is deception and daylight robbery!
However, there is room for maneuver here. In fact, the difference could be in the tourist's favor – especially if the economy is going through hard times. But even then, it is better to exchange at a trusted place, after learning the true rate of the local currency, at an official institution, without fear of counterfeit banknotes or outright robbery.
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