Owais Crawford
If you're looking to exchange currency, it's generally recommended to avoid airport kiosks, which tend to offer poor exchange rates and charge high fees. Instead, your bank or credit union is likely the best place to exchange currency, as they typically provide reasonable exchange rates and lower fees. It's worth noting that banks may charge a percentage-based transaction fee on top of the exchange rate, so it's important to understand the total cost before proceeding. To minimize fees, you can also consider using a no foreign transaction fee credit or debit card, or a forex account, for your purchases abroad. Planning ahead and exchanging currency at your bank before leaving on your trip is often the cheapest option, allowing you to avoid last-minute exchanges at the airport that may come with unfavorable rates and higher costs.
| Characteristics | Values |
|---|---|
| Places to exchange currency | Banks, credit unions, airport kiosks, tourist centers, online currency converters, ATMs |
| Best places to exchange currency | Banks, credit unions |
| Worst places to exchange currency | Airport kiosks, tourist centers |
| Best time to exchange currency | Before leaving for your trip |
| Best way to minimize exchange fees | Use a no foreign transaction fee credit or debit card |
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What You'll Learn
Airport kiosks vs. banks: Banks are better for currency exchange
While it is possible to exchange US dollars for pesos at Las Vegas Airport, you will likely get a poor exchange rate. Currency exchange kiosks in airports are not the best places to exchange money. They tend to offer less favourable exchange rates and higher fees than banks or ATMs.
Currency exchange kiosks at the airport mark up the exchange rate to make a profit. They know that travellers who have just got off a plane probably need money right away and will be willing to accept a worse deal.
On the other hand, banks and ATMs often charge lower fees, and the fees they do charge will be less than the airport markup. Local banks or credit unions generally offer the best rates for currency exchange. Many foreign banks are happy to exchange your dollars for the local currency at a better rate than you would get at an airport kiosk.
If you plan ahead, you can also get currency in advance from your local bank before you travel. Banks, credit unions, and online currency exchange bureaus and converters provide convenient and often inexpensive currency exchange services.
If you are exchanging large amounts of currency, banks may be able to offer you a higher rate depending on the amount.
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Exchange rates: Understand how they work to get the best deal
Exchange rates refer to the value of one currency in terms of another. They are commonly quoted using acronyms, such as USD for the US dollar and EUR for the euro. The exchange rate between any two currencies is influenced by various factors, including interest rates, economic activity, gross domestic product, and unemployment rates in the respective countries. Exchange rates can be either floating or fixed. Floating exchange rates, also known as free-floating exchange rates, fluctuate based on supply and demand in the foreign exchange market. On the other hand, fixed exchange rates are pegged to the value of another currency, like how the Hong Kong dollar is linked to the US dollar within a specific range.
When dealing with exchange rates, it's important to understand the difference between the sell rate and the buy rate. The sell rate is the rate at which you exchange your domestic currency for the foreign currency of the country you're visiting. On the other hand, the buy rate is the rate at which you convert the foreign currency back into your domestic currency. For example, if you're a US citizen visiting Mexico, the sell rate is the rate at which you sell USD to purchase Mexican pesos. The buy rate, in this case, would be the rate at which you buy back USD with your remaining Mexican pesos.
To get the best deal when exchanging currencies, it's advisable to research different providers, including banks and online money transfer services. Consider factors such as additional fees, transfer fees, reception fees, and transfer time. Online money transfer services often offer cost-effective and faster alternatives to traditional bank wire transfers. They usually provide transparent pricing, live exchange rate updates, and convenient payout options. However, it's essential to prioritize your comfort and security by choosing reputable and well-established service providers.
Additionally, be cautious of currency exchange traps, where some vendors offer attractive rates but then charge high commissions or foreign exchange fees, resulting in a lower-than-expected amount of local currency. Reputable money exchange services and banks are generally recommended to avoid such pitfalls. Moreover, if you're exchanging a large sum of money, banks may offer more competitive rates for higher amounts. Therefore, it's beneficial to explore various options and compare rates to make an informed decision that aligns with your specific needs and requirements.
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Fees: Banks and kiosks may charge hidden fees
Banks and kiosks at the airport may charge hidden fees for currency exchange. For example, at Los Angeles International Airport (LAX), the currency exchange kiosks in the International Arrivals terminal have been known to charge a one-time fee of $5.95 in addition to an unfavourable exchange rate.
Similarly, a currency exchange kiosk at Beijing Airport was found to offer a worse exchange rate than LAX, but charged nearly double the fee at $10. In this case, the fee was 60 CNY, which is approximately $9.25.
It is common for currency exchange services at airports to charge higher fees and exchange rates due to their convenient location and lack of competition. These fees may not always be obvious, as they can be added to the available exchange rate. To determine the true cost of exchanging currency at the airport, it is important to consider both the quoted fees and the exchange rate being offered.
To avoid these hidden fees, it is recommended to plan your travel money in advance. This could include ordering your foreign currency online for airport collection, which may offer a better exchange rate and guarantee that the exchange office has the currency you need. Alternatively, using a multi-currency card or travel card can provide a more cost-effective solution, as they often offer conversions at the mid-market exchange rate without any markups or hidden fees.
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Cards: Using cards can be safer than carrying cash
When travelling, it is generally safer to use cards instead of cash. Credit cards offer robust fraud protection and $0 liability for unauthorised charges. Some credit cards also offer travel-related insurance and other protections in case of emergencies. For example, travel accident or car rental insurance. Credit cards are widely accepted across the world and can be easily replaced if lost or stolen. It is also possible to set up account alerts to be notified of each charge made during your trip. This can help you react quickly in the event your card information is stolen.
Debit cards are another alternative for making purchases when travelling. They can be used to pay using the money you already have without carrying cash. However, some banks may charge a fee when using a debit card at ATMs or for foreign transactions.
Prepaid cards are also an option. They are not connected to your checking account and can be loaded with money for purchases or cash withdrawals. Some prepaid cards may offer $0 liability for unauthorised charges if you register the card. You may also be able to load the account with foreign currency to lock in an exchange rate.
While cards are generally safer, it is still a good idea to carry some local cash as a backup. Credit cards may not be accepted by some local shops and vendors, and having cash can provide a safety net in case your bank shuts off your card. It is recommended to carry only the amount of cash you need for the day and keep it in a secure money belt or interior pocket.
To avoid scams and unnecessary fees, it is best to exchange money at a local bank or a reputable money exchange service rather than airport kiosks, which often do not have the best rates.
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Pre-ordering: Order currency online or by phone for home delivery
Pre-ordering your currency is a great way to save time and money. Ordering currency online or by phone for home delivery is a safe and convenient option. You can typically access the currency exchange webpage through your bank's website or mobile app, or by phone. From there, you enter the currency you need, the desired amount, and select the delivery method.
Trusted vendors such as Asda Money and US First Exchange offer competitive exchange rates and safe delivery of your chosen currency. Asda Money, for example, offers free delivery on orders over £500, and a small fee of £4.99 for orders below this amount. They also have a 'Buy Back Promise', where you can sell back your unused travel money without any commission fees.
US First Exchange provides 100% insurance coverage for all orders and is a licensed Money Service Business, operating in compliance with State and Federal regulations. They will ship to the address on your order, and someone over the age of 18 will need to sign for the package.
Ordering currency online is a hassle-free option, with the added benefit of having cash in your pocket when you land. You can pay for transportation and other necessities without worrying about finding an ATM or dealing with poor exchange rates at the airport.
Overall, pre-ordering currency for home delivery is a convenient, cost-effective, and safe option, ensuring you have the funds you need for your trip.
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