The way in which foreign currencies are exchanged has changed considerably over the course of the last two decades. Back in the mid to late 1990s, customers had few options or alternatives when it came to changing their dollars into foreign currency, or the other way around. There were the banks, there were a few other options such as American Express and travellers checks – and that was about it.
Bank customers had little alternative but to swallow the large transaction fees and whatever exchange rate their bank was using, regardless of which financial institution they were beholden. The good news for travellers now is that things have certainly changed.
