If you are planning to visit Los Angeles in the U.S., you will need U.S. currency for cash purchases. So you will need a fair amount of U.S. Currency to make the trip successful.
Things to know before exchanging your money
While the Dollar is frequently in high demand, its value fluctuates regularly. It is a good idea to keep an eye on it for a few weeks before your trip.
You can try to complete the transaction when the value is lower than usual. If you want to be notified when the currency rate changes, you may sign up for exchange rate alerts.
The actual exchange rate
The Dollar's value fluctuates every day, or even every few hours, as it is a floating currency.
The mid-market exchange rate is the real exchange rate, as well as the most equitable.
Avoid airport and hotel currency exchanges
You must avoid currency exchanges from airports and hotels because they charge higher than the normal rate and exchange rates.
Using an ATM is one of the easiest and cheapest methods to get cash anytime while travelling abroad. All international withdrawals through an ATM provide a better exchange rate than you would at a currency exchange store. If your home bank has an agreement with a U.S. bank, you can avoid paying any extra fees. Bank of America, a part of the Global ATM Alliance, operates several fee-free ATMs in and around Los Angeles for customers of other alliance banks.
Other ATMs near the airport are:
- Wells Fargo Bank
- Chase Bank
Citibank has various ATM locations throughout the city that offer fee-free withdrawals from all of its ATMs worldwide.
While withdrawing dollars from an ATM can be a cost-effective way to exchange currencies, if an ATM asks you whether you want to be charged in dollars or your local currency, choose dollars. Otherwise, you’ll be facing a very unfavourable exchange rate.
Where to exchange money in Los Angeles?
There are various foreign exchange companies in and around Los Angeles.
Foreign exchange companies that have a good reputation are Foreign Currency Express, Currency Exchange International, Bretton Woods and LA Currency.