What is the most cost effective way to exchange foreign currency?

Counterintuitively, it is often credit card companies which offer the fairest exchange rates, but too late! You already chose cash. Try Bank Leumi. They have an international reputation for fair exchange, and you don’t have to get sheckles :)

Try other large banks in your area. You should be able to find a better deal than th 10% charge. Be sure to mention you are in no hurry. Sometimes, if they send the currency to some central part of their bank, you get a better deal, it just takes a week or so.

http://www.travelex.com/us/personal/SU_yourcurrency.asp?content=su

this is a service (we have one in the airport)

it’s a $5.00 processing fee

Friends who are traveling back to where you got the currency.

The banks and money changers are in business to make a profit. You wouldnt expect a gas station to sell you gas for the same price as they pay for it. How much you pay is up to you. I am sure you might pay twice at the airport than at @pdworkin ‘s bank but consider the time and convenience. At the airport you probably pass the money exchange and walk out in 5 minutes with the transaction completed. Using a bank you will probably have to go to a downtown major branch and wait a couple of days-a week to have the money.

@galileogirl Ok so the problem stands now that I’m too far from the airport to go over there and exchange it. Is the best way just through my bank, and eat the ridiculous fees?

No, the best way is to wait until someone you know (or someone who someone you know knows) is going to Europe, and then trade with them.