For most of my traveling life, I was a cash only guy. Currency exchange places were plentiful. Just don’t use the ones in the airport, which were never a good deal!
Money changers are less common abroad now. On a trip to Curibiba Brazil, everyone was using plastic, so I tried it, too- for a while. Then I looked at the receipts. Some receipts has my bank’s conversion rates. It was 4.9 Reals to the US dollar. Meanwhile, Western Union changed physical money for 5.7 Reals to the dollar. I was losing 14% by using plastic!
Which got me thinking. In many developing countries, the locals fight to get US dollars, viewing it as more stable than their currency. I tried offering US currency to small businesses like taxis and independent shops, and they were thrilled. They offered me a better price in US dollar than I could have gotten by exchange houses. The same was true in Argentina.
Now this won’t work in places like Europe, but if you are traveling in a developing country, I strongly suggest you try to dicker in US dollars, then in the local currency, before resorting to a credit or debit card.
Clark says when you use your card in another country they often will ask “Do you want to pay in dollars or local currency?” He says to ALWAYS say Local Currency. You’ll get a better exchange rate.
ALWAYS LOCAL CURRENCY pay with a credit card, unless you are, of course, in a country with a thriving black market for hard currency like Argentina, and you don’t mind playing the odds of catching a case, in which case you will be ahead if you pay with Dollars.
“catching a case” - The phrase “catch a case” is colloquial slang that refer to someone getting involved in legal trouble or facing criminal charges. It suggests that a person has been caught or implicated in a criminal activity or is being accused of committing a crime.
Depends on the situation. Forget doing it in Europe. In countries with exchange controls, locals will be coming out of the woodwork wanting you to pay them in US dollars. I have done it for years all over the third world. Of course, I would not be so stupid to do it in some government-operated concession like a museum. But with small-time entrepreneurs- taxi drivers, souvenir vendors, corner groceries, there is no danger. Even in Cuba. Would not try it in North Korea, however.