Jazmin Li
If you're looking to exchange foreign currency at Los Angeles International Airport (LAX), you'll have a few options to choose from, including over-the-counter services, online pre-orders, and ATMs. While exchanging currency at the airport is convenient, especially if you need cash right away, airport exchange rates are often not the most competitive. To get the best deal, it's recommended to plan ahead and compare exchange rates in advance.
| Characteristics | Values |
|---|---|
| Options for exchanging money at LAX | Over-the-counter service, online pre-order, ATMs |
| Over-the-counter service | Exchange money on the spot by visiting a currency exchange location and paying in cash or with a card |
| Online pre-order | Order foreign currency online for airport collection, possibly getting a better exchange rate |
| ATMs | Withdraw cash in the local currency at your destination airport |
| Exchange rates at LAX | Not usually the best option; can be expensive due to high fees and unfavourable exchange rates |
| Multi-currency cards | Allow you to hold foreign currencies in a digital account and pay with a physical or virtual card; also enable local currency ATM withdrawals |
| Travel cards | Allow customers to load popular foreign currencies to spend and withdraw later |
| Best exchange rate | Mid-market exchange rate, which can be found with a simple Google search |
| ICE Currency Exchange | Has a monopoly on exchange services at LAX with 9 locations; charges a $3-5 delivery fee and a 2% fee for card payments |
| Travelex | Does not charge any fees; second cheapest option if paying online with a credit card |
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What You'll Learn
Exchange rates at LAX
While it is possible to exchange currency at LAX, the airport exchange rates are not usually the best option. The exchange costs at the airport can be more expensive compared to other methods. This is because the exchange rate you’re quoted is likely to be different from the mid-market rate for your currency, as the exchange service has added an extra percentage fee.
There are several alternatives to exchanging currency at the airport. One option is to use a multi-currency card, such as Wise or Revolut, which allows you to hold foreign currencies in a digital account and make payments with a physical or virtual card. You can also withdraw local currency from ATMs when you need cash. Another option is to use a travel card, which allows you to load popular foreign currencies in advance and spend or withdraw them later.
If you need cash, you can also consider exchanging money at a bank before arriving at the airport, as banks often offer better exchange rates than airport exchange offices. Online pre-ordering is another option, where you can order your foreign currency online and collect it at the airport, which can get you a better exchange rate compared to on-the-spot exchanges.
If you do decide to exchange currency at LAX, there are ICE Currency Exchange booths located on the departures level post-security in Terminals 2, 4, 6, 7, and Tom Bradley International Terminal. There are also booths located on the arrivals and ticketing levels in the Tom Bradley International Terminal.
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Over-the-counter exchange services
Los Angeles International Airport (LAX) has over-the-counter exchange services where you can exchange money on the spot by visiting a currency exchange location and paying in cash or with a card for your foreign currency. This option is fast and convenient, especially if the exchange office has the currency you need in stock. However, it can also be quite expensive due to high fees and unfavourable exchange rates.
When exchanging money, the amount of foreign currency you receive is determined by the exchange rate minus any fees. Exchange rates fluctuate constantly due to changes in global markets, and airport exchange rates are often less favourable than those found elsewhere. The mid-market exchange rate is the ideal rate to look out for, as it is the one displayed on Google and currency converter tools. Unfortunately, exchange services at airports often quote a different rate, which includes an additional percentage fee. This increases the overall cost and makes it challenging to determine the actual exchange rate.
To find a currency exchange location at LAX, you can search online for up-to-date information. It is also advisable to call ahead to ensure that the exchange office has sufficient cash and your desired currency in stock. While over-the-counter exchange services at LAX offer convenience, they may not provide the most favourable rates or fees. Therefore, it is recommended to compare rates and consider alternative options, such as ordering foreign currency online for airport collection or using a multi-currency card, which can offer better value.
When exchanging large amounts of money, it is important to be aware of any applicable laws and regulations. For example, if you plan to carry more than $10,000 in any form of currency, you may need to disclose this to the US Customs and Border Protection (CBP) to comply with global laws against terrorism financing and ensure the legitimacy of the funds. Additionally, some currency vendors charge various fees, such as delivery fees or card payment fees, which can increase the overall cost of the transaction. Therefore, it is essential to research and compare different vendors' rates and fees before choosing an over-the-counter exchange service at LAX.
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Online pre-order
If you're looking to exchange foreign currency at Los Angeles International Airport (LAX), you may want to consider pre-ordering online. While exchanging currency at the airport is convenient, airport exchange rates are often unfavourable and can include additional fees.
Pre-ordering your foreign currency online for airport collection can offer several benefits. Firstly, you may be able to secure a better exchange rate compared to on-the-spot exchanges at the airport. By ordering in advance, you can compare rates and choose a provider that offers competitive rates, reducing the overall cost of your currency exchange.
Additionally, pre-ordering guarantees that the exchange office will have your desired currency in stock when you arrive at the airport. This eliminates the risk of needing to exchange money urgently and accepting unfavourable rates or incurring additional fees.
Some currency exchange providers, such as CXI, offer online pre-ordering services. You can visit their website to compare daily rates with official rates and make an informed decision. By pre-ordering, you may also have the option to choose between pickup at the airport or delivery to your home or a convenient location, although delivery fees may apply.
When pre-ordering foreign currency online, be sure to plan ahead and allow sufficient time for processing and collection or delivery. It is also essential to compare the exchange rates and fees offered by different providers to ensure you get the best deal for your specific needs.
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ATM withdrawals
While exchanging foreign currency at an airport is convenient, it may not be the most cost-effective option. Airport exchange rates are often unfavourable, and you may end up paying more than if you had exchanged currency elsewhere.
ATMs are a common and easily accessible alternative for obtaining local currency. If you're travelling through Los Angeles International Airport (LAX), you can use ATMs to withdraw cash in the local currency. Bank of America has an ATM presence at LAX, with machines available 24 hours a day in both the International and Domestic Terminals on the Arrivals and Departures levels. While there is an ATM fee, typically around $2 to $3, this option may still be more economical than exchanging currency at the airport.
If you're looking for a Citibank ATM, there aren't any within the airport terminals, but there is a branch about a mile north of the airport at 8800 S. Sepulveda Blvd. Keep in mind that using a non-Citibank ATM may incur additional fees.
To make the most of your money, it's recommended to plan your travel funds in advance. Options like multi-currency cards or travel cards can offer better exchange rates and more flexibility during your trip. These cards allow you to hold foreign currencies in a digital account and make local currency ATM withdrawals as needed. For example, Wise US cardholders can withdraw up to 1,000 USD per day, while Revolut allows withdrawals of up to 3,000 GBP daily.
By comparing exchange rates, being mindful of fees, and utilising alternative methods like multi-currency cards or ATMs, you can maximise your purchasing power and have a more financially stress-free journey.
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Multi-currency cards
If you need to exchange money quickly before you travel, doing so at the airport is an option, but not usually the best one. Airport exchange rates are often poor and can mean that your exchange costs more compared to other methods.
One alternative is to get a multi-currency card from a provider like Wise or Revolut. This allows you to hold foreign currencies in a digital account and then tap to pay with a physical or virtual card. You can also make local currency ATM withdrawals when you need cash.
Different card providers have their own limits for spending and withdrawals. For example, Wise US cardholders can withdraw up to 1,000 USD a day, while Revolut limits withdrawals to the equivalent of 3,000 GBP daily. With the Wise Multi-Currency Card, you don't have to worry about exchange rate markups or high transaction fees when you spend abroad. You pay only a low fee on withdrawals after the first $100. You can pay online and in stores in over 40 currencies and 160 countries.
Another option is the Multi-currency Cash Passport from Mastercard. This card is reloadable and allows you to top up any of 22 currencies: pound sterling, euros, US dollars, Australian dollars, Canadian dollars, New Zealand dollars, South African rand, Turkish lira, Swiss francs, Mexican peso, Polish zloty, Czech koruna, Swedish krona, Japanese yen, Thai baht, Singapore dollar, Danish krone, Norwegian krone, Hungarian forint, Icelandic króna, and Emirati dirhams. You can use the Cash Passport like a credit or debit card in-store, online, or to withdraw local currency at ATMs. The card uses Chip and PIN technology, making it safer than carrying cash.
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Frequently asked questions
Yes, you can exchange foreign currency at Los Angeles International Airport (LAX). International Currency Exchange (ICE) has a monopoly on exchange services at LAX, with 9 locations across the airport.
You can exchange currency over the counter at a currency exchange location, such as ICE. You can pay in cash or with a card, but this option tends to be expensive due to high fees and unfavourable exchange rates. You can also order currency online for airport collection, which often guarantees a better exchange rate. Alternatively, you can simply withdraw cash in the local currency of your destination using an ATM at the airport.
Exchange rates at airports are often not very favourable, and LAX is no exception. You will likely find better exchange rates at your bank or by ordering currency online.
Multi-currency cards, such as those offered by Wise and Revolut, allow you to hold foreign currencies in a digital account and tap to pay with a physical or virtual card. You can also make local currency ATM withdrawals when you need cash. Travel cards are another option, allowing you to load popular foreign currencies to spend and withdraw later.
