Ruth Haines
When travelling abroad, it is important to consider the various options for exchanging money. While it is possible to buy euros at the airport, this may not be the most cost-effective option. Airport currency exchanges often charge unfavourable rates and high fees, with some charging up to 14% more than the current International Monetary Fund (IMF) exchange rate. As such, it is generally recommended to order foreign currency from your bank before travelling, as this can provide better exchange rates and lower fees. Additionally, using ATMs or credit cards abroad may also be a convenient and affordable way to access foreign currency, although it is important to be mindful of potential transaction costs and foreign transaction fees.
| Characteristics | Values |
|---|---|
| Buying euros at MCI airport | Possible |
| Exchanging currency at the airport | Not recommended due to high fees and poor exchange rates |
| Alternative options | Ordering foreign currency from your bank before travelling, using an ATM, credit or debit card |
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What You'll Learn
Buying euros at the airport vs. buying them at a bank
When travelling, it is always important to have the local currency on hand. While it is possible to buy euros at the airport, it is generally recommended to get them beforehand from a bank or ATM. Here is a comparison of the two options:
Buying Euros at the Airport
Airport currency exchanges are convenient, especially if you need cash immediately upon arrival. They are usually located in the arrival hall or baggage claim area of the airport. However, they often come with higher fees and unfavourable exchange rates. It is not uncommon for airport exchanges to charge up to 17% more than the current International Monetary Fund (IMF) exchange rate, in addition to possible extra fees. This means that you will be losing a significant amount of money on the exchange.
Buying Euros at a Bank
Ordering currency from a bank before your trip is generally a better option. Banks typically offer better exchange rates than airport exchanges, and you can often pick up the cash at a local branch before you travel. Some banks may also ship the currency to you, sometimes with no extra charge for postage. Additionally, if you have an account with a European bank, you may be able to exchange money there, although many European banks do not offer this service to non-account holders.
Using ATMs
Using ATMs to withdraw cash in the local currency is another recommended option. ATMs are widely available in Europe, and by withdrawing a larger amount of cash, you can limit the number of transactions and associated fees. It is important to be aware of foreign transaction fees, which can range from 1% to 3% for purchases at non-US retailers. Using a no-foreign-transaction-fee credit card can help you avoid these extra costs. Additionally, if you are withdrawing cash with a credit card, be prepared to pay a sizeable cash-advance fee, and ensure that you know your PIN.
In summary, while it is possible to buy euros at the airport, it is generally more cost-effective to obtain them beforehand from a bank or by using an ATM. By ordering currency in advance or withdrawing cash from an ATM, you can benefit from better exchange rates and avoid unnecessary fees.
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Using an ATM at the airport
It is generally recommended to avoid buying foreign currency before your trip. Tourists who feel they must have euros in their pockets when they arrive may pay the price in poor stateside exchange rates. It is better to wait until you arrive at your destination and withdraw money from an ATM. European airports usually have plenty of ATMs.
If you do need to exchange money, look for places that don't charge a commission. Exchanging money is expensive: you can lose about 5 to 10 percent when converting dollars to euros or another foreign currency. In a pinch, you can find exchange desks at major train stations or airports (convenient, but the hit can be as much as 15 percent).
If you are travelling to a country with poor infrastructure, it may be worth exchanging some money before you go. However, this is becoming less of a concern, as it is now possible to travel through most of Europe without ever needing cash.
When using an ATM at the airport, be aware that the first machines you see may be non-bank ATMs, which offer poor exchange rates and charge high service fees. These may include well-known companies such as Travelex and American Express. Instead, seek out a bank ATM, which will usually offer a better rate.
If you are travelling to a non-eurozone country, be aware that while the euro may be commonly accepted, you will usually get a poor exchange rate. It is generally better to use the local currency.
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Credit card purchases at the airport
Kansas City International Airport (MCI) has various shops and restaurants in Concourse A and B, as well as a Delta Sky Club near the concourse entrance. However, I could not find specific information on whether you can buy euros at MCI Airport.
It is wise to carry a no-foreign-transaction-fee credit card when travelling abroad. Credit cards can be used for larger purchases such as meals, car rentals, hotels, and excursions. This is because credit cards allow you to claim your money back if the services are not provided. Additionally, credit cards can be used to withdraw cash from an ATM in emergencies, although this will incur a sizeable cash-advance fee.
It is recommended to order foreign currency from your bank before travelling, as airport currency exchanges often charge poor exchange rates and additional fees.
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Foreign transaction fees
When you make a credit card purchase in a foreign country, your card network first converts the foreign currency to dollars. The network then charges your card-issuing bank a fee, usually 1%, to cover the conversion cost and the risk of fraud. Your card issuer may then pass that fee on to you and add an additional 1-2% fee. These fees can add up quickly, so it is important to be aware of them when planning a trip.
To avoid foreign transaction fees, consider applying for a new credit card that does not charge these fees. Many popular travel credit cards, such as the Chase Sapphire Preferred® Card and the Capital One Venture Rewards Credit Card, offer the ability to use cards abroad without paying international transaction fees. Some cards also offer additional travel perks, such as trip cancellation insurance and free checked luggage. If you frequently travel internationally, choosing a card without foreign transaction fees can save you a significant amount of money.
In addition to credit cards, there are other ways to minimise foreign transaction fees. Ordering foreign currency from your bank before travelling is often a better option than using airport currency exchanges, which can charge high fees and unfavourable exchange rates. Carrying some local currency can help avoid transaction fees and is useful for small purchases or emergencies. Using ATMs abroad is another option, but be mindful of ATM fees and consider using partner ATMs to get a better exchange rate.
By being mindful of foreign transaction fees and choosing the right payment methods, you can minimise these charges and make your travel experience more financially sound.
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Dynamic currency conversion
DCC is generally provided by third-party operators in association with the merchant, and not by a card issuer. Card issuers permit DCC operators to offer DCC in accordance with the card issuers' processing rules. However, using DCC, the customer is usually charged an amount in excess of the transaction amount converted at the normal exchange rate. The merchant, the merchant's bank, or the ATM operator usually imposes a markup on the transaction, in addition to the exchange rate that would normally apply. Visa and Mastercard now require the customer's consent for DCC, although many travellers have reported that this is not always the case. Merchants and ATMs should give customers the choice to accept or decline currency conversion and must not choose on their behalf.
Proponents of DCC argue that customers can better understand prices in their home currency, making it easier for business travellers to keep track of their expenses. They also point out that the customer has full transparency, including conversion fees, and can make an informed choice. Opponents of DCC argue that many customers do not understand DCC, and the markups are usually higher than the card issuers' currency conversion fees. Therefore, in most cases, opting for DCC will result in a higher cost for the cardholder.
When DCC is not chosen, Visa converts currency at the wholesale rate and adds a 1% charge for performing the conversion. The customer gets the "real" exchange rate unless the card issuer adds a charge for international transactions. When DCC is applied, alternate companies do the exchange and add commissions, which have no limit. The bank card company, such as Visa, still takes its 1%.
Some travellers prefer to buy euros at a bank before leaving for their trip, while others prefer to use an ATM at the airport. It is recommended to avoid exchanging money at the airport, as they often charge higher fees and provide poor exchange rates. It is also important to be aware of foreign transaction fees when making purchases or withdrawing money abroad.
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Frequently asked questions
Yes, you can buy euros at MCI airport. However, airport currency exchanges have been known to charge unfavourable rates and high currency exchange fees. It is recommended that you order foreign currency from your bank before you travel.
It is recommended that you order foreign currency from your bank before you travel as airport currency exchanges have been known to charge unfavourable rates and high currency exchange fees. If you do need to exchange currency at the airport, avoid dynamic currency conversion and get the local currency rate.
You can order foreign currency from your bank before you travel, which will typically provide a better exchange rate and lower fees. Alternatively, you can use your credit or debit card to withdraw euros from an ATM at the airport, but be aware of any ATM fees and foreign transaction fees.
