The key to successful money exchange is to plan in advance. It is important anticipate how much money you will need for a particular country, for it is costly to convert to a new currency because each time you convert, you pay a service charge. You can exchange money at banks, traveler's check companies, airports, railroad stations, large hotels, some tourist information centers, and travel agencies. 

With currency exchanges, if you have the ability, it is best to exchange money through a national [chain] bank (or even a local bank or credit union) in the US for they generally offer the best exchange rates.  It is important to compare prices on exchange rates by various banks and currency exchange companies.  It may also help to watch the exchange rates daily during the month or two prior to your trip.  If you notice they are rising and do not plan on slowing, then exchange more money ahead of time so you save on the increasing exchange rates. 

It is a good idea to exchange some money before you depart (the amount is up to you, but I would suggest enough for a half week for your estimated expenses for the country of your visit).  This is a good idea in case you cannot exchange money for a few days after your arrival to the country or if you need money instantly after your arrival for lodging, transportation, or food. 

Plan ahead and set aside some money (already exchanged) before you depart.  Avoid exchanging your money last minute and/or at an airport or other highly-trafficked tourist spots.  Airports and tourist spots are traps for higher exchange rates.

The best form of currency to travel with is your credit/debit card.  Credit cards can easily and quickly be canceled if lost or stolen.  As well, Visa is truly accepted everywhere you go, for the most part.  Other credit cards, such as MasterCard, may be more difficult to use as they may not be accepted everywhere.  If your credit card is of the PLUS or CIRRUS networks, then you are in the best condition to use your credit/ATM card worldwide. Also, credit /debit cards generally offer better exchange rates than traveler cheques or even currency exchange companies.

Travel cheques are a good idea for a security/backup plan, in case your money may be lost or stolen. In case the cheques are lost or stolen, they can be easily canceled if they are lost or stolen. Traveler cheques offer decent exchange rates, but it is difficult to use them – they are best only for a last resort of emergency funding.  Many banks charge a flat service fee for cashing any amount of traveler's checks; others charge a percentage of the amount you exchange. Remember to bring your passport with you as identification every time you exchange money.

In case of an emergency where not even your backup emergency money will help, have money sent abroad with caution. The quickest way to send money overseas is via American Express Moneygram. This is an immediate cash transfer, and neither sender nor receiver needs to have an AmEx card to use it.  The fee varies according to the amount sent. Avoid sending money that is cabled through Western Union, which can be much more expensive.