Cash exchange Iceland

Old May 1st, 2024, 10:47 AM
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Cash exchange Iceland

I have some leftover Ringits, which I want to use when I get to Iceland, where can I get the best rate please?
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Old May 1st, 2024, 11:06 AM
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How many Ringits are we talking about? Id be more concerned about exchanging currency, period and less about optimizing the value


or you could try to exchange them in Toronto where you also asked about the same question.
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Old May 1st, 2024, 11:37 AM
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Why not just exchange the Ringgets at home for your currency, then use your cards in Iceland. I went last year and the guy at the hotel told me that everyone, everywhere in Iceland takes cards, even pay toilets. I asked if I should bother getting any Icelandic currency and he said no. He was correct, I had no use for cash in that country.
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Old May 2nd, 2024, 01:25 AM
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My logic is not to get stung on exchange rates twice, and I need to get rid of these Ringit which are annoying me!
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Old May 2nd, 2024, 02:52 AM
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To not get stung twice, do as PM suggests and get rid ofthe Ringits in your home country where you have the leisure of comparing places that will actually exhange currency.

When I travel to a foreign country I withdraw a minimal amount of cash from an ATM that is associated with a bank. I do not use private ATMs such as ForEx in airports,or those set up in a convenience store. My ATM card has a Visa logo on it,and Visa has an ATM finder website that is handy to find bank associated ATMs worldwide.

The exchange rate for cash regardless of where you do it will be at least several % sting, maybe more. A private business who has to hire a person and handle/secure cash will charge you whatever they think the market will bear,and in in the supply-demand economy where options are limited, you're gonna get stung exchanging cash regardless. The exchange rate at an ATM is set by the interbank daily rate. Some ATMs charge a per transaction fee. Some ATM/Debit card issuers (your home bank)charge both a transaction fee and an exchange rate ding along the lines of 1%. My own home bank reimburses any fee charged by the ATM owner, and does not tack on their own transaction fee or exchange rate ding.. So I end up getting foreign currency at precisely the rate you can see on the internet, which changes daily. No 2nd sting.

The ringits are burning a hole in your pocket. Cash them in for your home currency and put the money into an interest earning instrument now to lessen the sting.

And on future trips, only withdraw the minimum amount of cash you need. The exchange rate you will get by paying with a credit card is better than you'll ever get exchanging actual cash for cash. Some credit cards charge a forex fee - something like 1% on every purchase. Similar to my ATM/Debit card, I have a credit card that charges NO exchange fee. Get one of those if you don't already have it.

Over the last few years I've taken a handful of trips to Europe. Each time I've carried with me about 50-100 euros left over from the last trip (I like to have some local currency in my pocket upon arrival just in case.) My last trip, I arrived with 50 euros, spent a week in Europe, didn't get any more cash,and came home with 40 euros. Even street vendors accepted credit cards (or tap to pay with phone) for items as cheap as a 1 euro bottle of water.

If you exchange that whole lot of ringits for a whole lot of euros or $CAD, you'll have the same problem a 3rd time with all that leftover local currency.

Last edited by J62; May 2nd, 2024 at 02:55 AM.
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Old May 2nd, 2024, 03:34 AM
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thanks for the advice!
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Old May 11th, 2024, 02:46 AM
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Thanks J62, the Ringits were a gift, I normally don't take much out, or have any left over, so it's been a mixed blessing, and a bit of a headache!
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Old May 11th, 2024, 03:03 AM
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most charities will take the burden off your hands
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Old May 11th, 2024, 04:35 AM
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Is it enough to pay for a trip to Malaysia? 😀

I think the best advice you've received is to either exchange it at home or put it in the charity envelope next time you fly internationally.
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