Get their currency (euros, rupees, pounds . . .) here first

November 21, 2004|Lylah M. Alphonse, Globe Staff

One of the best ways to get foreign currency when you're abroad is from an ATM. The transaction is instantaneous, the exchange rate is competitive, you have a record of all of your transactions, and the fees, though sometimes substantial, are deducted automatically from your account.

But what if the automatic teller machine is out of order? Or the tiny, picturesque seaside village has a couple of local banks but no ATMs? Or you forget your personal identification number or -- worst of all -- lose your card?

That's when it pays to have a little foreign currency tucked away, just in case.

Not all places accept US dollars, and you can't always purchase with plastic. A cab driver in Amsterdam may be happy to take your $20 traveler's check, but the rickshaw walla in Ahmedabad, India, could be reluctant.

Many national banks in the United States have a small supply of the most popular currencies -- British pounds, Canadian dollars, euros -- available for immediate purchase. Smaller banks or local branches often can special-order currency for you, for a fee.

Fleet Bank, now part of Bank of America, has several branches in Boston that have foreign currency on hand (the amount and type depend on the location), and branches that don't can still place special orders for you.

You don't have to be an account holder to purchase foreign currency from them, and there is a $10 fee per transaction (a request for $100 in euros, $50 in British pounds, and $100 in Indian rupees counts as a single transaction as long as it is all placed as a single order). Special orders take approximately three business days to process. For more information, call 800-841-4000 or visit www.fleet.com.

Citizens Bank offers several currencies at its 28 State St location, and you can get euros, British pounds, and Canadian dollars at the Cleveland Circle office in Brookline and the Kenmore Square branch near Boston University. Account holders can order currency from any branch for a $3 fee ($5 for noncustomers), and orders take about a week to arrive and must be picked up. Call 800-922-9999 or visit www.citizensbank.com.

If you'd like to have enough currency on hand to tip the bellhop, buy bottled water at the airport, or get a snack as you drive across Europe, but don't know how much you'll need, the Automobile Association of America offers its members a ''Tip Pack," available at most AAA offices. It contains $100 in small bills in euros, pounds, or Canadian dollars -- enough to tip your cabbie, make phone calls, and buy small items before you get to a bank or ATM.