Lois Larson
When travelling, it is important to consider how to manage your money. While some sources suggest exchanging money at the airport, others advise against it due to potentially high fees and poor exchange rates. It is recommended that you use your bank card at an ATM to withdraw money in the local currency, as this will often provide competitive exchange rates and lower fees. However, it is worth noting that some countries have fewer ATMs available, and using a foreign ATM may incur additional charges. In these cases, it may be beneficial to order currency from your bank before travelling, as this can provide a good exchange rate and avoid the need for excessive ATM withdrawals. Additionally, it is wise to carry a small amount of cash in the local currency for emergencies and to spend any leftover coins before leaving a currency zone to avoid wasting money.
| Characteristics | Values |
|---|---|
| Should I exchange currency at the airport? | It is not recommended to exchange currency at the airport due to high fees and poor exchange rates. |
| Where should I exchange currency? | Your bank or credit union is likely the best place to exchange currency. Some banks offer free currency exchange to their customers. |
| How can I get euros at the airport? | You can use your ATM card to withdraw euros at airport ATMs. |
| How can I avoid ATM fees? | Withdraw larger amounts, use in-network ATMs, and avoid out-of-network ATMs and foreign ATMs. |
| How can I get foreign currency before I travel? | You can order foreign currency from your bank before you travel and pick it up at a local branch or have it shipped to you. |
| What if I have unused foreign currency? | You can donate unused foreign currency at the airport or in flight through UNICEF's Change for Good program. |
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What You'll Learn
Using an airport kiosk to exchange currency
Currency exchange kiosks at airports are not the best places to exchange money. They are convenient, but their exchange rates are typically much less favourable than your bank at home. For example, if your bank offered you an exchange rate of £72 per $100, the airport kiosk may give you only £67 per $100, costing you extra money in the form of fewer pounds for your dollars.
Airport kiosks may also charge higher fees, which are sometimes hidden within the poorer exchange rates they offer for converting your dollars to another currency. If you’re travelling on short notice and need foreign currency in cash at the airport, it could be worth paying the extra cost for the sake of convenience. However, if you can plan ahead, try to avoid airport kiosks and other exchange counters.
Instead, try to exchange your money through a bank or by withdrawing the local currency from an ATM. You'll likely come out ahead, even if there are ATM or credit card fees. If you don't have time to get the foreign currency before leaving or don’t want to carry a lot of cash, check to see if your bank has ATMs in the destination country or its cities. It may even have banking affiliates there. A key tip is to use an ATM within the airport as soon as you arrive.
If you have foreign currency left over before you depart the country you're visiting, look to convert it at an airport kiosk or a store before leaving.
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Withdrawing euros from an ATM at the airport
Choosing an ATM
When withdrawing euros at the airport, it is essential to select a reputable ATM. Avoid using independent ATMs, such as Travelex, Euronet, Your Cash, Cardpoint, or Cashzone, as these may charge high fees and offer unfavourable exchange rates. Instead, opt for ATMs that are affiliated with banks, as these tend to provide better rates and are generally considered more secure. Look for ATMs located just outside a bank branch, and if possible, use the machine during the bank's opening hours so you can seek assistance if needed.
Understanding Withdrawal Limits and Fees
Be mindful that ATMs have withdrawal limits, and if you require a more substantial amount, you may need to make multiple transactions. Additionally, some ATMs may charge fees for each transaction, so it is advisable to minimise the number of withdrawals to avoid excessive fees. Keep in mind that your home bank may also charge foreign transaction fees, so it is worth checking with them beforehand.
Withdrawing Sensible Amounts
When withdrawing cash from an airport ATM, consider your immediate needs. Withdrawing a large sum may not be necessary, especially if you plan to use a card for most purchases. Withdrawing a smaller amount, such as €90, can be a sensible option, as it provides you with cash for initial expenses while avoiding excess cash that could be lost or stolen.
Using Cards for Larger Purchases
While having some euros in cash is convenient for smaller purchases, using a credit or debit card for larger expenses is often recommended. Cards are widely accepted in Europe, and they eliminate the need to carry large amounts of cash. Additionally, some cards offer benefits like refunding ATM fees or providing competitive exchange rates, so choosing the right card for your trip can be advantageous.
Exchanging Leftover Currency
If you have leftover euros at the end of your trip, avoid exchanging them back at the airport, as the rates may not be favourable. Instead, consider exchanging them at a bank or keeping them for your next trip. Alternatively, you can use leftover currency to purchase souvenirs or airport snacks to avoid carrying unused cash.
Withdrawing euros from an airport ATM can be a practical solution, but it is essential to be mindful of fees, limits, and exchange rates. By following these tips, you can efficiently manage your cash needs during your travels.
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Ordering euros from your bank before flying
Exchange Rates and Fees
Before placing your order, understand the exchange rate offered by your bank and whether there are any additional fees involved. Banks may charge a commission or service charge on top of the exchange rate, so be sure to ask for a detailed breakdown of the costs. Compare the bank's exchange rate with the current market rate to ensure you're getting a fair deal.
Minimum and Maximum Order Amounts
Banks usually have minimum and maximum amounts for foreign currency orders. For example, a common minimum order amount is $100 or $200, while a typical maximum is $10,000 within a 30-day period. Choose an amount that suits your needs and fits within the bank's guidelines.
Pickup or Delivery Options
Most banks offer the option to pick up foreign currency at a local branch before your trip. Some banks may also offer to ship the currency to you, but they might charge a shipping fee for this convenience. If you have a preferred method of receiving the euros, check with your bank to see if they can accommodate your request.
Plan Your Cash Withdrawals
When travelling with euros, it's essential to plan your cash withdrawals wisely. Try to spend any leftover coins before leaving a eurozone country, as they may become worthless in a different currency zone. Additionally, be mindful of ATM fees when withdrawing cash abroad, as these can add up quickly. Using ATMs from your bank's partner networks can help reduce these fees.
Credit Card Alternatives
Consider using a credit or debit card as your primary payment method during your trip. This can save your cash for situations where cards are not accepted or in emergencies. Some credit cards have no foreign transaction fees, and certain banks may even refund any ATM or bank charges incurred during your travels.
In conclusion, ordering euros from your bank before flying can offer benefits such as competitive exchange rates and the convenience of having cash on hand when you arrive. However, it's important to understand the associated costs and plan your cash withdrawals to make the most of this option.
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Using a credit card for purchases
When travelling, it is advisable to carry a credit card with no foreign transaction fees. This way, you can avoid paying fees that can total 6% or more of purchases. Currency conversion apps can help you better understand pricing and identify hidden charges.
If you use a card that charges foreign transaction fees, you might pay about 2% to 3% of each transaction in fees, but this can vary. These fees can add up and chip away at your travel budget. It is also important to be aware of "currency conversion fees" or "dynamic currency conversion" (DCC), which gives travellers the option to convert the purchase price into their home currency. These fees are often built into the transaction and can be difficult to spot.
When given the option, it is usually better to pay in the local currency, especially if you have a credit card that doesn't charge foreign transaction fees. Your credit card issuer will typically offer a better rate on the conversion. However, if you pay in your home currency, you may be subject to a DCC fee imposed by the merchant's credit card processor.
If you lose your debit card, you can use your credit card at an ATM to get a cash advance, but this will usually incur a sizeable cash advance fee. It is generally recommended to avoid exchanging large amounts of cash at once, as this can result in unnecessary fees and unspent foreign currency. Instead, plan your cash withdrawals wisely and spend your coins before leaving a currency zone.
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Spending coins before leaving the eurozone
It is important to be aware of the exchange rates when travelling to the Eurozone. While it may be tempting to exchange your money before you travel, you will often get a better rate if you wait until you arrive at your destination. Most European airports have ATMs, so it is convenient to withdraw money when you arrive.
If you are travelling to a country that uses the euro, it is worth noting that there are eight different denominations of coins: 1, 2, 5, 10, 20 and 50 cent, and €1 and €2. These coins have a common side and a national side. The national side indicates the country where the coin was minted, but they can be used in any country that uses the euro.
When spending your money in the Eurozone, it is a good idea to spend your coins before leaving. This is because coins are often hard to exchange, and you may end up with a lot of unused currency. Try to spend your coins on small purchases, change them into notes, or give them to someone who can use them.
If you have unused euro coins when you return home, you may be able to exchange them at a bank or currency exchange. However, be aware that some banks only exchange money for account holders, and exchange desks often charge high fees. Alternatively, you could save your coins for your next trip to the Eurozone or give them to someone else who is travelling there.
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Frequently asked questions
Yes, you can exchange currency at the airport. However, it is not recommended as airport kiosks often offer poor exchange rates and high fees.
Your bank or credit union will almost always be the best and cheapest place to exchange currency. Some banks offer free currency exchange to their customers.
In some non-eurozone countries, the euro is commonly accepted, but you will usually get a bad exchange rate. It is better to pay in the local currency.
It is recommended to carry a no-fee credit card and only exchange a small amount of cash.
