Lois Larson
Currency exchange services are available at most international airports, allowing travellers to obtain foreign currency before departing and exchange any leftover money upon returning. These services are typically provided by specialist money exchange companies, such as Travelex and ChangeGroup, which have branches located within airport terminals. Travellers can benefit from competitive exchange rates, convenient operating hours, and a wide range of currencies to choose from. Some providers also offer online ordering and click-and-collect options, enabling customers to place their orders beforehand and collect their desired currency at the airport. Additionally, ATMs are available at airports, accepting various payment cards for cash withdrawals in different currencies. When dealing with large amounts of cash, it is important to be aware of customs regulations and declarations.
Currency at the Airport
| Characteristics | Values |
|---|---|
| Currency Exchange Providers | Travelex, ChangeGroup |
| Airports | Heathrow, Gatwick, London Luton |
| Services | Buy currency online, collect at the airport; Buy currency at the airport; Currency buyback guarantee; Currency cards |
| Benefits | Save time and money; 0% commission; No hidden charges; Best exchange rates; No charge for using airport ATMs |
| Limitations | Certain currencies may have purchasing limitations due to legal restrictions |
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What You'll Learn
Currency exchange bureaus at the airport
Heathrow Airport also provides currency exchange services through Travelex, a trusted and widely recognised brand in international money exchange. With Travelex, you can order your travel money online and collect it for free from one of their Heathrow stores or ATMs, enjoying competitive rates and zero fees for click-and-collect purchases. They offer up to 60 currencies, including popular options like Euros, Dollars, and UAE Dirham.
When using airport currency exchange services, it's important to be mindful of potential fees and charges. While some services offer 0% commission and no hidden charges, credit card companies may charge a fee for using their card for currency exchange. Additionally, it's worth noting that there may be legal restrictions on the supply of certain currencies, and limitations on purchasing large amounts of cash.
To get the best rates and ensure availability, it is often recommended to order your currency online in advance and then collect it at the airport. This way, you can benefit from the convenience of airport pickup while also securing competitive exchange rates. Some providers, like Travelex, offer exclusive members-only sales and rate alerts to help you maximise your savings. By planning ahead, you can make the most of these services and have your travel money ready before you embark on your journey.
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Online currency exchange and collection
London Stansted Airport also offers online currency exchange and collection services through ChangeGroup, with over 60 currencies available for exchange. Travellers can place their order online and collect it at the airport before their flight, avoiding any commission fees.
At Heathrow Airport, travellers can take advantage of Travelex's online currency exchange services. They offer commission-free online orders and zero-fee click-and-collect purchases. Orders can be collected from one of their stores or ATMs within the airport.
Additionally, some airports, such as Denver International Airport and MSP Airport, offer currency exchange services through providers like World Wide Money Exchange and Currency Exchange International, respectively. While it is not explicitly mentioned if they offer online exchange and collection, it is worth checking their websites for more information.
Ordering currency online or from your bank before travelling is generally more advantageous than using airport currency exchange services, as the latter often charge higher rates. By ordering in advance, you can benefit from better exchange rates and avoid the hassle of last-minute exchanges.
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Currency exchange ATMs
Using your bank's ATM network at the airport is generally recommended, as banks often offer better exchange rates and lower fees compared to other options. Exchanging currency at your bank before travelling is usually the cheapest way to obtain foreign cash, but using your bank's ATM network abroad can also provide favourable rates with minimal fees.
It is important to note that credit cards are typically not the best option for withdrawing cash from ATMs, as fees and interest charges may apply immediately. Instead, using a debit card from your bank or credit union that has a network abroad is generally a more cost-effective choice.
When using currency exchange ATMs at the airport, it is advisable to be aware of any applicable fees and exchange rates. While airport kiosks and exchange houses are convenient, they often provide poor exchange rates and charge high fees, resulting in less favourable transactions. Therefore, it is generally recommended to prioritise using your bank's ATMs or exchanging currency directly with your bank before travelling to obtain the best rates and avoid unnecessary costs.
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Buyback guarantees
When preparing for a trip, it is often challenging to estimate how much foreign currency you will need. A buyback guarantee allows you to exchange your leftover currency after your trip at the initial exchange rate, ensuring you don't lose money due to fluctuating exchange rates.
For example, GWK Travelex offers a Currency Buy-Back Guarantee that allows you to exchange up to €2,500 of your leftover foreign currency at the current day's rate with 0% commission for up to 45 days after your purchase. Similarly, ChangeGroup offers a Buy-Back Guarantee for £5.99, which allows you to resell your leftover currency at the original price, up to a maximum return amount of £1,000 in foreign currency value. The guarantee is valid for 30 days from the date of purchase.
No1 Currency also offers a Buy Back Guarantee with no hidden fees. For £4.95, you can protect up to £500 from rate fluctuations and get back the same value for your foreign currency as when you purchased it.
It is worth noting that airport currency exchange rates are typically unfavourable, with rates often exceeding 14% more than the current International Monetary Fund (IMF) exchange rate. Therefore, it is generally recommended to order your foreign currency before you fly, either through your bank or a specialised currency exchange service.
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Credit card usage
When travelling abroad, it is important to be prepared when it comes to currency. While it may be tempting to exchange currency at the airport, this is often not the best option due to poor exchange rates and high fees.
Using a credit card is a good way to get a fair exchange rate when making purchases abroad. It is advisable to check your cardholder agreement before travelling to see if your card charges foreign transaction fees. If it does, consider applying for a card that does not charge these fees. Credit cards often provide the closest exchange rate to the market rate. However, it is important to note that card issuers do set their own exchange rates for transactions.
When deciding whether to rely on your credit card while travelling, it is important to consider the level of acceptance of card payments in your destination country. In some countries, it may be possible to rely solely on card payments, while in others, cash may be preferred or required.
If you need cash while abroad, it is generally best to avoid using your credit card at ATMs, as you will likely be charged fees and a higher interest rate for taking a cash advance. Instead, use a debit card to withdraw local currency from an ATM, preferably from a bank-associated ATM to avoid additional fees.
To avoid carrying large amounts of cash, it is a good idea to check if your bank has ATMs in your destination country or its cities. Some banks, such as Chase and Bank of America, have overseas ATMs or allow you to use their cards overseas without fees.
Overall, when it comes to credit card usage while travelling, it is important to plan ahead, be aware of any fees associated with your card, and consider the level of acceptance of card payments in your destination.
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Frequently asked questions
Yes, currency exchange is available at most international airports.
You can either walk into a currency exchange outlet at the airport or order your currency online and collect it at the airport.
Ordering your currency online can help you get better rates and also lets you skip the queue at the airport.
Buying currency at the airport saves you from carrying cash for your entire trip. It also ensures that you get the currency at competitive rates and saves you from paying any additional charges.
