2013 Preparations - Currency & Cheapest Place to Buy

Having never visited an impoverished country, I wasn't quite sure what to expect.  Would the exchange rate be crazy like Japan (although converting roughly 1,000 yen to $10 becomes mentally easy fairly quick) or fairly close?  What would the currency look like?

Well, here is the answer - the exchange rate is roughly 7 to 8 Quetzales to USD.  I was also happy to see it is like currency nearly everywhere I've been other than here - bright and colorful!  See the pictures below:

 I found the backs to be the most interesting as they show various pictures of life - children being taught, government in action, and even people harvesting by hand.

After hunting around, I found the best rates with Wells Fargo's service.  If you order over $1,000 total, there is no fee.  Otherwise, it is $15 online or $5 in their branches.  Be sure to call ahead for unusual currencies though!  While they had plenty of yen for my Japan trip, they had to order in Quetzales and it took some time for them to arrive (a bit over a week).

I found WF to be cheapest for my trip to Europe a few years back as well, so that's my travel tip for this topic.  Check because some countries it is cheapest to buy in country - that was true of some places in Japan and not others.  I saw better and worse rates than what I got at WF. 

Tips (summarized):

• Order at least 2 weeks in advance if you're buying currency before your trip
• Wells Fargo seems to have the best exchange rates for buying foreign currency (2015 UPDATE - ForeignCurrency.com had better rates this trip)
• In many countries, travelers checks have become difficult to cash.  Look for tips about this online before you buy them.
• Bank of America has many banks (unfortunately not in Guatemala) where there is no fee to withdraw cash.  This was very helpful for me when I went to Europe.
• I personally use an internet-based account now.  They will refund ATM fees to you automatically stateside, but by request for all foreign transactions.  By using this account, I avoid a bank fee from Capital One & get reimbursed for what the foreign bank charges me.  This is how I intend to get additional cash since carrying large amounts of cash in a dangerous country, like Guatemala, is not advised.
• Capital One also does not charge a foreign transaction fee and I've found their exchange rates to be fairly reasonable.  I carry their card when I travel for emergency purposes due to this.  Most cards have a 1-3% transaction fee on top of a slightly inflated exchange rate, so be sure to find out about yours before traveling.
• Notify the bank for any cards you carry with you so you don't find yourself without access to your funds while on vacation.  Finding yourself in a foreign country with a fraud hold on your account(s) would not be fun!