There are a lot of considerations when exchanging currency internationally. Whether or not to exchange cash or rely on credit cards? Should you withdraw money from an ATM abroad or ask for a bank withdrawal? Today, I would like to focus on exchanging cash currency abroad, and there is one incredibly important, yet easy-to-forget step in exchanging your currency: inspecting the bills!
It is incredibly easy to overlook a slightly damaged banknote, namely because, unless they are mutilated beyond recognition, damaged banknotes are generally still legal tender in their home countries.
The situation changes drastically overseas. In many countries, bureaus de change and even banks themselves will not accept banknotes or bills that have any kind of damage at all. Rips, tears, stains and sometimes even wrinkles (though less so) can be cause for rejection of the bill or refusal to change it.
Case in point: in preparation for my most recent trip abroad, I withdrew a rather large sum of cash from my bank account, as I prefer to carry cash and exchange it abroad than incur the fees associated with using my credit/debit cards internationally. In a frenzy of packing fervor, I failed to look at each bill carefully.
Now, I am stuck with one gimp $50 bill that has a small tear off one of its corners! While no one would bat an eye at this bill in the US, abroad it is a totally different story. I even tried to use the bill as payment for a service in the US Embassy and they refused it, as well!
The moral of the story: when withdrawing cash to be exchanged abroad, always, always inspect each bill carefully before you leave the country. If there are any questionable bills with stains, tears or bad wrinkles, ask your bank at home to exchange them for crisper or newer bills (which they should do, no questions asked)!
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