Lois Larson
Currency exchange kiosks at the airport are convenient for travellers who haven't had time to exchange money in advance. However, airport currency exchange rates are often poor and come with additional fees. Ordering foreign currency from your bank before travelling is usually a better option, as banks typically offer more favourable exchange rates. If you're exchanging a large amount, using your ATM card at the airport may be preferable, as it can offer better exchange rates than currency exchange services.
| Characteristics | Values |
|---|---|
| Convenience | Currency exchange kiosks and counters are conveniently located within airport terminals, making them easily accessible. |
| Cost | Airport currency exchanges often offer poor exchange rates and may charge additional fees. |
| Alternatives | Ordering currency from your bank before travelling, using a credit card that doesn't charge foreign exchange fees, or withdrawing local currency from an ATM are often more cost-effective options. |
| Preparation | Exchanging money at the airport may be a good option if you haven't had time to plan ahead. |
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What You'll Learn
- Currency exchange kiosks at the airport are convenient but may offer poor rates
- Ordering currency from your bank before travelling is often better value
- Using your ATM card at the airport can be a good option
- Some people prefer to spend their leftover foreign currency at the airport
- Foreign currency can also be exchanged at the airport upon arrival back home
Currency exchange kiosks at the airport are convenient but may offer poor rates
Currency exchange kiosks at the airport are convenient, but they may offer poor rates. Airports are designed to cater to the needs of holidaymakers and international travellers, including providing them with somewhere to exchange their currency before their travels. Currency exchange kiosks are often located in multiple areas within the airport, including departure and arrival terminals, making them easily accessible. This accessibility ensures that travellers can easily exchange currency regardless of where they are in the airport or how much time they have before their flight.
Exchanging currency at the airport can be a crucial last resort for travellers who haven't had the chance to do so before their trip. It allows them to immediately obtain local currency, which is especially useful if they need to pay for transportation, food, or other essentials upon arrival. However, airport currency exchange services are usually one of the most expensive places to buy foreign currency. They often charge a premium for the convenience they provide, resulting in poor exchange rates and high fees. These higher rates can significantly reduce the amount of foreign currency received, especially when converting large sums of money.
In addition to higher exchange rates, many airport currency exchange services also impose service fees or transaction charges, further increasing the cost of exchanging currency at the airport. Airports are typically busy environments, and travellers are often pressed for time. This urgency can make it difficult for travellers to compare rates and fees between different exchange kiosks, leading to less favourable deals. They may end up accepting the first offer they see, which might not be the best option available.
To avoid the poor rates and high fees associated with airport currency exchange kiosks, travellers can consider ordering foreign currency from their bank before travelling. Major banks usually have branches abroad or partner with other banks, providing access to ATMs with decent exchange rates and eliminating out-of-network ATM fees. Using a credit, debit, or specialist travel money card is another convenient option, offering fair exchange rates and eliminating the need to carry large amounts of cash. Comparing the deals offered by different currency exchange services before deciding can also help travellers avoid unfair fees and get the best possible deal.
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Ordering currency from your bank before travelling is often better value
Ordering foreign currency from your bank before travelling is often a better option than exchanging currency at the airport. Currency exchange kiosks at the airport are convenient, but they often offer poor exchange rates and high fees. For example, one source notes that the wholesale rate for buying one Canadian dollar with US currency is around 0.77 USD, whereas an airport currency exchange may offer 0.91 USD per CAD—an 18% markup.
By ordering currency from your bank, you can often get a better exchange rate and lower fees. For instance, Bank of America's exchange rates in January 2024 averaged roughly 6% more than the IMF rates and were less than half of what airport currency exchanges were charging. Additionally, you can usually order currency online or through your bank's mobile app, making it a more convenient option than visiting a currency exchange kiosk.
It's important to plan ahead when ordering currency from your bank, as there may be processing fees and shipping fees involved. Some banks offer free standard shipping for loyal customers or those in rewards programs, but overnight shipping can be costly. There may also be minimum and maximum order amounts, so it's best to check with your bank.
Ordering currency from your bank can also give you peace of mind. You'll have cash on hand for immediate expenses when you arrive at your destination, and you won't need to worry about finding ATMs or foreign banks in an unfamiliar place.
However, it's worth noting that there are instances when exchanging currency at your destination may be more favourable. For example, if you're travelling to a country with a strong currency, such as the British pound, it may be better to exchange money once you arrive. Additionally, some travellers prefer to withdraw money from ATMs at their destination for better exchange rates, especially if their bank reimburses ATM fees or has partnerships with international ATM networks.
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Using your ATM card at the airport can be a good option
Currency exchange kiosks at the airport save you the effort of finding one elsewhere, but they often provide poor exchange rates. If you're travelling to a foreign country, using your ATM card at the airport can be a good option.
Firstly, it is convenient. Currency exchange counters are usually located within airport terminals, making them easily accessible just before departure or immediately after landing. Using your ATM card at these counters can save you the hassle of having to look for a kiosk elsewhere.
Secondly, it is safer. Carrying large amounts of cash can make you a target for theft, whereas an ATM card can be easily blocked and replaced if lost or stolen.
Thirdly, it can save you money. Airport currency exchanges often offer poor exchange rates and charge additional withdrawal fees for each transaction. With an ATM card, you can withdraw larger amounts of money less frequently, reducing the impact of these fees. Some banks also offer accounts with no foreign exchange fees, which can further reduce costs.
Finally, it is more flexible. If you're not sure how much local currency you will need, an ATM card allows you to withdraw money as needed, rather than carrying a large amount of cash throughout your trip.
However, it is important to plan ahead when using an ATM card at the airport. Ensure you have an account that doesn't charge foreign exchange fees, and be aware of the exchange rate that your bank offers. Additionally, give yourself enough lead time to order foreign currency from your local bank if needed.
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Some people prefer to spend their leftover foreign currency at the airport
Spending leftover foreign currency at the airport is a convenient option for many travellers. Currency exchange kiosks and counters are usually located within airport terminals, making them easily accessible to travellers. While these kiosks offer a quick solution, they often provide poor exchange rates and may charge additional fees. For instance, airport exchanges have been observed to charge up to 17% more than the current International Monetary Fund (IMF) exchange rate.
However, spending leftover currency at the airport can be strategic in certain situations. If you are returning home from your travels and have a small amount of foreign currency left, it may be practical to spend it at the airport rather than going through the hassle of exchanging it, especially if the amount is insignificant. Airport shops, restaurants, and cafes can be convenient places to spend your leftover money on snacks, meals, magazines, souvenirs, or other last-minute purchases.
Additionally, some travellers prefer to donate their leftover foreign currency to charitable organisations at the airport. Airports worldwide have collection boxes for organisations like UNICEF, animal rescues, and child hospitals, allowing travellers to contribute to a good cause.
For those who prefer to exchange their leftover foreign currency, it is generally recommended to use a bank or credit union, as they typically offer better exchange rates and lower fees compared to airport kiosks. Some banks even offer "buyback" programs with favourable rates or reduced fees for their customers. However, it is always a good idea to shop around for the best rates and understand all the associated fees before making an exchange.
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Foreign currency can also be exchanged at the airport upon arrival back home
Foreign currency can be exchanged at the airport upon arrival back home, but it is generally not recommended due to the high exchange rates and fees. Airport currency exchange counters are known for offering unfavourable exchange rates, often significantly higher than the current International Monetary Fund (IMF) rate. For example, some exchanges have been found to charge up to 17% more than the IMF rate, in addition to extra fees.
However, exchanging currency at the airport upon arrival can be convenient, saving you the effort of finding a currency exchange elsewhere. It is easily accessible, with kiosks and counters located within terminals. If you are exchanging a small amount, the difference in exchange rates may not be significant, and the convenience of having cash on hand may outweigh the potential costs.
If you are exchanging a large amount, it is advisable to explore other options, such as ordering foreign currency from your bank before you travel. Most banks allow customers to order foreign currency in person, by phone, or online, offering more competitive rates and lower fees. Alternatively, you can use your ATM card to withdraw local currency, although you may need to check foreign ATM fees with your bank.
Some travellers choose to keep their leftover foreign currency for future trips or as souvenirs. Others may spend it at the airport on snacks, gifts, or duty-free items. It is also possible to donate leftover currency at some airports.
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Frequently asked questions
Yes, you can bring change to the airport. However, if you plan to exchange your money, be aware that airport currency exchanges often offer poor exchange rates and additional fees.
Currency exchange kiosks and counters are conveniently located within airport terminals, making them easily accessible before departure or after landing.
Airport currency exchanges often provide unfavourable exchange rates, sometimes charging up to 17% more than the current International Monetary Fund (IMF) exchange rate. They may also charge additional fees.
You can exchange currency at your bank before your trip, or use an ATM at the airport or in your destination country. ATMs often provide better exchange rates than airport currency exchanges.
You can save it for your next trip, spend it at the airport, donate it, or exchange it upon arrival back at the airport, although exchange rates may be less favourable in your home country.
