Seattle

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Currency Exchange

Information on where and how to exchange foreign currency for U.S. dollars, especially near travel hubs or major commercial areas.

Sections

1. Overview of Currency in Seattle

  • Currency Used: The official currency in Seattle, as in the rest of the United States, is the U.S. Dollar (USD), symbolized as "$" and abbreviated as "USD."
  • Denominations:
    • Coins: 1 cent (penny), 5 cents (nickel), 10 cents (dime), 25 cents (quarter), 50 cents (half-dollar, rare), and $1 coins (rare).
    • Bills: $1, $5, $10, $20, $50, and $100. The $20 bill is the most commonly used for transactions.

2. Best Places to Exchange Currency in Seattle

When exchanging foreign currency for U.S. dollars, it’s important to choose a reliable and cost-effective option. Here are the best places to exchange currency in Seattle:

a. Currency Exchange Services

  1. Travelex Currency Exchange

    • Locations: Seattle-Tacoma International Airport (SEA) and downtown Seattle.
    • Pros: Convenient for travelers arriving at the airport or staying in the city center.
    • Cons: Exchange rates are often less favorable, and fees may apply.
    • Tip: Check their website or call ahead to compare rates and fees.

  2. International Currency Exchange (ICE)

    • Location: Seattle-Tacoma International Airport.
    • Pros: Offers a wide range of currencies and is convenient for travelers.
    • Cons: Airport exchange services typically have higher fees and less favorable rates.

b. Banks and Credit Unions

  1. Major Banks: Chase, Bank of America, Wells Fargo, and U.S. Bank.

    • Pros: Banks often provide better exchange rates than airport kiosks or standalone currency exchange services.
    • Cons: You may need to be an account holder, and some banks require advance notice to order foreign currency.
    • Tip: Call ahead to confirm availability and fees.

  2. Credit Unions: Local credit unions may offer competitive rates, but services are often limited to members.

c. Currency Exchange Apps and Online Services

  1. Wise (formerly TransferWise): Offers competitive exchange rates and allows you to transfer money to a U.S. bank account.
  2. Revolut: A digital banking app that provides excellent exchange rates and allows you to withdraw cash from ATMs.
  3. OFX: Ideal for larger currency exchanges, with no transfer fees above a certain amount.

d. Hotels

  • Some high-end hotels in Seattle may offer currency exchange services, but rates are typically less favorable, and fees may be higher.

e. Local ATMs

  • Using ATMs is often the most convenient and cost-effective way to access U.S. dollars, especially if your home bank has partnerships with U.S. banks (see Section 4 for details).

3. Fees and Costs to Consider

When exchanging currency, be aware of the following potential fees:

  • Exchange Rate Markup: Currency exchange providers often add a markup to the mid-market exchange rate.
  • Service Fees: Flat fees or percentage-based fees may apply, especially at airport kiosks or standalone exchange services.
  • ATM Fees: Non-network ATMs may charge withdrawal fees, and your home bank may also impose foreign transaction fees.
  • Credit Card Foreign Transaction Fees: Some credit cards charge a fee (typically 1-3%) for purchases made in a foreign currency.

4. Using Local ATMs in Seattle

Using ATMs is often the easiest and most cost-effective way to get U.S. dollars. Here’s what you need to know:

a. Tips for Using ATMs

  1. Choose ATMs from Major Banks: Use ATMs operated by major banks like Chase, Bank of America, or Wells Fargo to avoid unreliable machines.
  2. Check for Partnerships: Some international banks have partnerships with U.S. banks, allowing you to withdraw cash without additional fees. For example:
    • Barclays (UK) β†’ Bank of America
    • Scotiabank (Canada) β†’ Bank of America
    • BNP Paribas (France) β†’ Bank of America
  3. Avoid Independent ATMs: ATMs in convenience stores, gas stations, or tourist areas often charge higher fees and may have less favorable exchange rates.
  4. Withdraw Larger Amounts: To minimize fees, withdraw larger amounts of cash at once rather than making multiple small withdrawals.

b. ATM Fees

  • Local ATM Fee: Typically $2-$5 per transaction for non-network users.
  • Foreign Transaction Fee: Your home bank may charge a fee (1-3%) for international withdrawals.
  • Dynamic Currency Conversion (DCC): Some ATMs offer to convert your withdrawal into your home currency. Always decline this option, as it often results in a poor exchange rate.

5. Cultural Considerations for Handling Money

  1. Tipping Culture: Tipping is customary in the U.S. and is expected in many service industries. Common tipping rates:
    • Restaurants: 15-20% of the bill.
    • Taxis/Rideshares: 10-15%.
    • Hotel Staff: $1-$5 per service (e.g., housekeeping, bellhops).
  2. Cash vs. Card: Credit and debit cards are widely accepted in Seattle, even for small transactions. However, it’s a good idea to carry some cash for tips, small vendors, or emergencies.
  3. Clean and Intact Bills: U.S. businesses may refuse damaged or excessively worn bills, so ensure your cash is in good condition.

6. Tips for Minimizing Costs

  1. Use a No-Fee Credit Card: Some credit cards, like the Chase Sapphire Preferred or Capital One Venture, have no foreign transaction fees and offer competitive exchange rates.
  2. Avoid Airport Exchanges: Exchange rates and fees at airports are typically the least favorable.
  3. Monitor Exchange Rates: Use apps like XE or OANDA to track real-time exchange rates and plan your currency exchange when rates are favorable.
  4. Pre-Order Currency: If you prefer to have cash on hand before arriving in Seattle, consider pre-ordering U.S. dollars from your home bank or an online service like Travelex.

7. Emergency Tips

  • Lost or Stolen Cards: Contact your bank immediately to report lost or stolen cards. Most major banks have 24/7 customer service lines.
  • Backup Payment Methods: Carry a mix of payment options, including cash, credit cards, and debit cards, to avoid being stranded without funds.
  • Currency Exchange Scams: Be cautious of unofficial currency exchange services or individuals offering to exchange money on the street.

By following these tips and recommendations, you’ll be well-prepared to handle currency exchange and manage your finances during your visit to Seattle. Let me know if you need further assistance!