Planning a Summer Trip Abroad?
Here's What You Need to Know About
Foreign Exchange Rates

FVP, Sr Global FX Advisor

You’ve booked your flights, packed your suitcase, and made your vacation playlist. But have you thought about your money?

If your summer travel plans include an international destination, one of the most important things to prepare, besides your passport, is how you’ll manage your finances abroad. From converting currency to paying for meals, shopping, or transportation, understanding foreign exchange rates can help you avoid surprises and make the most of your budget.

At Bank of Hope, we want you to explore the world with confidence. Whether you're visiting family in Seoul, touring Europe, or relaxing on a tropical island, here’s a quick guide to foreign exchange rates, what impacts them, and how to save while spending overseas.

What is a Foreign Exchange Rate, Anyway?

A foreign exchange rate (or FX rate) tells you how much your U.S. dollar is worth in another country’s currency. For example:

• 1 USD = 1.35 CAD (Canadian Dollars)
• 1 USD = 145 JPY (Japanese Yen)
• 1 USD = 0.91 EUR (Euros)

These rates fluctuate daily based on economic factors like interest rates, inflation, trade relationships, and global events. Even small changes can affect what you pay abroad—so a little awareness goes a long way.

Why Exchange Rates Matter for Summer Travel

Let’s say you’re heading to Europe for two weeks. If the euro strengthens against the dollar while you’re there, that croissant in Paris could cost you more than expected. Multiply that across meals, museum tickets, and souvenirs, and your trip budget might need a little adjusting.

Being aware of exchange rates helps you:

• Decide how much currency to exchange in advance
• Compare bank rates vs. airport or third-party providers
• Understand fees tied to credit/debit card use abroad
• Budget more effectively for your destination

Bank vs. Airport: Where Should You Exchange Money?

Here’s the truth: airport currency counters often charge higher rates and fees because they know convenience is king.

If you want to maximize your dollars, it’s smarter to exchange currency before you leave—or plan to withdraw cash at a local ATM once you arrive, using a card with low international fees.

Bank of Hope offers foreign currency exchange services at select branch locations. By planning ahead and ordering foreign currency before your trip, you’ll often get:

• More favorable exchange rates
• Lower fees than airport vendors or hotels
• Peace of mind knowing you have cash on hand when you land

Using Your Debit or Credit Card Abroad? Read This First.

Cards are convenient—but not all are created equal for international travel. Some key things to look for:

• Foreign transaction fees: Many banks charge 1%–3% for each international purchase
• ATM withdrawal fees: These may apply both from your bank and the foreign ATM operator
• Daily spending limits: Make sure your card allows for larger charges while traveling

Before your trip, notify your bank of your travel dates and destinations. With Bank of Hope’s Debit Card and Online Banking Tools, you can:

• Track purchases in real time
• Temporarily freeze your card if needed

And if your card is ever lost or stolen abroad, our team is just a phone call away to help protect your account.

Tips to Save on Currency Exchange While Traveling

Here are some easy ways to stretch your dollar while enjoying your trip:

• Exchange some cash in advance—for taxis, tips, or emergencies
• Use a debit card for ATM withdrawals (not a credit card, which can treat it as a cash advance)
• Pay in local currency if a card reader offers a choice—foreign merchants' "USD conversions" often include hidden fees
• Limit the number of ATM withdrawals to avoid stacking fees
• Track FX rates leading up to your trip and exchange when the dollar is strongest

Need Help Before You Take Off? We've Got You Covered.

Whether it’s your first international adventure or a return to your favorite destination, Bank of Hope is here to help you prepare financially—so you can travel with peace of mind.

Here’s what you can do before you fly:

• Visit a Bank of Hope branch to ask about foreign currency exchange availability
• Use our mobile banking app to set travel notifications and monitor your account abroad
• Explore our personal checking and savings options, including features that support global travel

Your Summer Adventure Starts with Smart Planning

Travel is one of life’s greatest joys—and preparing your finances is part of making that joy stress-free. Understanding foreign exchange rates helps you make informed decisions, avoid unnecessary fees, and get the most out of every dollar you spend abroad.

Wherever your passport takes you this summer, we wish you safe travels, new experiences—and strong financial footing along the way.