If you’re preparing for an international trip, you may want to have some foreign currency in your wallet before you leave home. While you can wait until you arrive at your destination to exchange money or withdraw cash, doing so can mean searching for an ATM or currency exchange once you arrive. Ordering foreign currency online before your trip can help ensure you have some local cash on hand when you reach your destination.
But is ordering foreign currency online safe?
That depends on where you order it and how the transaction is handled. While there are legitimate ways to order foreign currency online, there are also fake websites and scams designed to take advantage of travelers.
Let’s take a look at some ways to safely order foreign currency online and what to consider before placing an order.
Scammers sometimes even pay to have their fraudulent websites appear prominently in online search results. Remember that just because a website appears near the top of a search page doesn’t necessarily mean it’s trustworthy.
Be cautious if a foreign currency exchange website:
It’s also important to check the company’s website address carefully. Scammers can create web addresses that look like those of legitimate companies, sometimes changing only one letter or using a number like “1” in place of a letter like “l”. If you're planning to order foreign currency through a company you already know, consider visiting their website directly rather than clicking an unfamiliar link in an email, advertisement, or search result.
If a currency provider claims to be affiliated with a bank or other well-known company, verify that relationship through the organization’s official website or phone number before providing payment or personal information.
And remember: HTTPS and the padlock symbol in your browser are important because they indicate an encrypted connection, but they do not prove that the company itself is legitimate. Scam websites can use encryption too.
Some financial institutions allow customers to order foreign currency online through their secure banking platform. For example, Bank5 Connect customers can order foreign currency through Online Banking, with more than 70 currencies available for purchase.
Ordering currency through a financial institution you already trust can provide added peace of mind compared to using an unfamiliar company.
Before completing an order, find out how it will be shipped and what protections are in place during delivery. Check whether the shipment can be tracked, whether a signature is required, and what happens if the package is lost, stolen, damaged, or delivered to the wrong address.
You should also plan ahead. Ordering well before your departure gives you time to receive your money and address any delivery problems without creating last-minute stress.
Stick with established providers, verify websites before entering sensitive information, understand how your cash will be delivered, and be skeptical of deals that seem too good to be true. If available, consider ordering foreign currency through your bank instead of relying on an unfamiliar foreign currency website.
But is ordering foreign currency online safe?
That depends on where you order it and how the transaction is handled. While there are legitimate ways to order foreign currency online, there are also fake websites and scams designed to take advantage of travelers.
Let’s take a look at some ways to safely order foreign currency online and what to consider before placing an order.
Watch Out for Foreign Currency Scams
Scammers often create websites, online advertisements, emails, or social media posts designed to look legitimate. Some may impersonate established companies, while others may create convincing fake businesses.Scammers sometimes even pay to have their fraudulent websites appear prominently in online search results. Remember that just because a website appears near the top of a search page doesn’t necessarily mean it’s trustworthy.
Be cautious if a foreign currency exchange website:
- Offers an exchange rate that seems significantly better than rates available elsewhere.
- Pressures you to act quickly or claims a special rate is available for only a short time.
- Provides little information about the company, its history, or how to contact it.
- Requires an unusual payment method or asks you to transfer money somewhere unexpected.
- Has a web address that is slightly different from the company it claims to represent.
- Contains obvious spelling errors, broken links, or inconsistent company information.
- Makes it difficult to find clear information about fees, shipping, refunds, or order policies.
How Can You Tell if a Foreign Currency Website Is Legitimate?
Before placing an order with an online foreign currency exchange, research the company. Review their website for a clear physical address, customer service information, privacy policy, and terms and conditions. You should also search for the company online and look for reviews, complaints, and scam reports.It’s also important to check the company’s website address carefully. Scammers can create web addresses that look like those of legitimate companies, sometimes changing only one letter or using a number like “1” in place of a letter like “l”. If you're planning to order foreign currency through a company you already know, consider visiting their website directly rather than clicking an unfamiliar link in an email, advertisement, or search result.
If a currency provider claims to be affiliated with a bank or other well-known company, verify that relationship through the organization’s official website or phone number before providing payment or personal information.
And remember: HTTPS and the padlock symbol in your browser are important because they indicate an encrypted connection, but they do not prove that the company itself is legitimate. Scam websites can use encryption too.
Consider Ordering Foreign Currency Through Your Bank
One alternative to using an unfamiliar online currency exchange is to check with your bank or credit union.Some financial institutions allow customers to order foreign currency online through their secure banking platform. For example, Bank5 Connect customers can order foreign currency through Online Banking, with more than 70 currencies available for purchase.
Ordering currency through a financial institution you already trust can provide added peace of mind compared to using an unfamiliar company.
Safe Delivery Matters Too
When ordering foreign currency online, choosing a legitimate provider is only part of the equation. You are purchasing physical cash, so how that cash gets to you matters.Before completing an order, find out how it will be shipped and what protections are in place during delivery. Check whether the shipment can be tracked, whether a signature is required, and what happens if the package is lost, stolen, damaged, or delivered to the wrong address.
You should also plan ahead. Ordering well before your departure gives you time to receive your money and address any delivery problems without creating last-minute stress.
What Are the Alternatives to Ordering Foreign Currency Online?
Keep in mind that buying foreign currency online isn't your only option. Depending on where you’re traveling and how you prefer to pay, you may also consider:- Buying foreign currency in person. Many banks, credit unions, and currency exchange businesses allow customers to purchase foreign cash at a physical location.
- Using an ATM to obtain currency at your destination. If you’re unable to purchase foreign currency ahead of your trip, you may be able to use an ATM at your destination to obtain local currency. If you go this route, keep in mind that ATM fees and foreign transaction or currency-conversion fees may apply.
- Using a credit or debit card abroad. Debit cards and credit cards are widely accepted in many countries, but it’s important to understand your card issuer's international transaction policies and fees before you use them abroad. It’s also generally a good idea to not rely solely on credit and debit cards while traveling internationally. Carrying at least some local currency can give you flexibility for different expenses and situations.
Order Carefully and Travel Confidently
Ordering foreign currency online can be a convenient way to prepare for an international trip, but convenience shouldn’t come at the expense of security.Stick with established providers, verify websites before entering sensitive information, understand how your cash will be delivered, and be skeptical of deals that seem too good to be true. If available, consider ordering foreign currency through your bank instead of relying on an unfamiliar foreign currency website.