Lois Larson
While it is possible to exchange currency at American airports, it is not recommended due to the high fees and poor exchange rates. It is generally advised to plan ahead and exchange currency before travelling to the airport. Banks and credit unions often provide better exchange rates, although they may not have the currency in stock, so it is worth calling ahead to check. Some banks also offer multi-currency accounts, which can be useful for frequent travellers. If you are unable to exchange currency beforehand, using a credit card for purchases can be a good alternative to exchanging currency.
| Characteristics | Values |
|---|---|
| Currency exchange at American airports | Inconvenient due to unfavorable exchange rates and high fees |
| Alternative options | Order foreign currency from your bank before you fly; use credit cards, prepaid cards, or U.S. dollars for purchases; use ATMs abroad that are in your bank's network |
| Benefits of ordering currency in advance | Avoid high airport fees; receive currency at a local branch or via shipping; take advantage of better exchange rates |
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What You'll Learn
- Airport exchange kiosks are convenient but often charge high fees and offer poor exchange rates
- Ordering currency from your bank before travelling is recommended
- Using a credit card for purchases can be a good alternative to exchanging currency
- Currency exchange services like CXI offer online ordering and home delivery or collection
- ATM withdrawals can provide a decent exchange rate while eliminating out-of-network ATM fees
Airport exchange kiosks are convenient but often charge high fees and offer poor exchange rates
While airport exchange kiosks offer convenience, they often charge high fees and offer poor exchange rates. This makes them a less cost-effective option for travellers looking to convert their currency.
Airport currency exchange rates are typically 10-15% higher than market rates, with some premiums exceeding 17%. These higher rates are due to the high cost of maintaining a physical presence at the airport, including steep rents and additional operational costs. As a result, travellers may find that they receive less local currency when exchanging money at an airport kiosk.
To avoid these high fees and poor exchange rates, it is advisable to plan ahead and exchange currency before travelling. Banks, credit unions, and online currency exchange bureaus often provide convenient and inexpensive currency exchange services. Ordering currency from your bank before you travel can help you secure a good exchange rate, and some banks may even offer to ship the currency to you.
Additionally, using a foreign ATM or your bank's overseas ATM can be a cost-effective way to obtain local currency upon arrival. However, it is important to be mindful of ATM fees, which can vary but typically cost around $5 per transaction.
In summary, while airport exchange kiosks offer the convenience of immediate currency conversion, their high fees and poor exchange rates can result in unnecessary financial losses for travellers. By planning ahead and utilising alternative currency exchange options, travellers can maximise their travel budget and avoid paying excessive fees.
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Ordering currency from your bank before travelling is recommended
Ordering currency from your bank before you travel can help you to lower the cost of exchanging money and maximise the amount you get in return. You can usually access the currency exchange webpage through your bank’s website or mobile app, or by phone. You will typically need to enter the currency you need, add the desired amount, select the pickup method and place your order. Bank of America, for example, allows customers with checking and savings accounts to order foreign currency through online banking or a mobile banking app.
Ordering currency from your bank will also give you peace of mind, as you won’t have to worry about finding ATMs or foreign banks in a new place, and you can get familiar with local currency before you land. You will also have cash on hand for immediate expenses, such as taxis and tips, and you can skip the potentially long airport lines when exchanging currency upon arrival.
However, there are some potential downsides to ordering currency from your bank before you travel. There is a risk that you might lose money if you don’t use all of the foreign currency, as there may be restrictions on returning or exchanging unused currency at a reasonable rate. Some travellers also prefer not to carry a lot of cash due to the risk of losing it or having it stolen, and cash doesn’t earn rewards like credit cards do.
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Using a credit card for purchases can be a good alternative to exchanging currency
However, it's important to be aware of potential fees associated with using a credit card abroad. Foreign transaction fees can add up, so it's wise to select a travel credit card that doesn't charge these fees. Dynamic currency conversion fees can also be applied, which allows you to view and pay for purchases in your home currency. It's usually better to pay in the local currency to avoid these fees.
Before travelling, it's a good idea to check your credit and debit card agreements to understand any potential fees. If your cards include foreign transaction fees, consider applying for a card that doesn't. It's also important to notify your card company of your travel plans to ensure your charges aren't blocked and to find out about any international assistance they may provide.
Ordering currency from your bank before you travel is often a better option than using airport currency exchange, as airport exchanges can charge significantly more than the current exchange rate. However, if you do need to exchange money, look for places that don't charge a commission, and try to keep the difference between the buy and sell rates below 10%.
Overall, using a credit card for purchases while travelling can be a convenient and safe alternative to exchanging currency, as long as you are mindful of potential fees and take steps to avoid them.
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Currency exchange services like CXI offer online ordering and home delivery or collection
Similarly, Travelex offers the convenience of ordering travel money online and opting for home delivery or click-and-collect from stores or airport locations. Their services are available across the UK, providing ease of access for travellers.
For those with bank accounts, ordering currency before travelling is often recommended over airport exchanges due to the high fees and unfavourable exchange rates at airports. Many banks, such as Bank of America, allow customers to order foreign currency through online banking platforms or mobile banking apps. They may also offer shipping or provide the option to pick up the currency at a local branch.
By planning ahead and utilising the services of currency exchange providers or banks, travellers can benefit from competitive exchange rates and avoid the hassle of last-minute currency exchanges at airports.
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ATM withdrawals can provide a decent exchange rate while eliminating out-of-network ATM fees
When travelling, it is always a good idea to have some cash on hand. While credit cards are widely accepted, there may be situations where cash is required, such as when taking a taxi or paying for small purchases.
One option is to exchange money at the airport, but this can be costly, with exchange desks at airports often charging up to 14% more than the current International Monetary Fund (IMF) exchange rate, plus additional fees.
A more cost-effective strategy is to use ATM withdrawals. Major banks often have branches abroad or partner with other banks to create a network of ATMs that offer favourable exchange rates. By using these in-network ATMs, you can avoid paying out-of-network ATM fees, which can quickly add up. For example, if you use a non-network ATM, you may be charged a fee by both your bank and the ATM operator, resulting in a total fee of around $5 per transaction.
To take advantage of these in-network ATMs, it is advisable to plan ahead. Research your bank's ATM network and locate the nearest fee-free ATMs at your destination. Additionally, consider ordering foreign currency from your bank before you travel, as this can help you secure a better exchange rate and avoid the high fees associated with airport currency exchanges.
However, it is important to be mindful of the frequency of your ATM withdrawals. While withdrawing larger amounts of cash at once can reduce fees, it may also make you feel uncomfortable carrying a significant amount of cash. Finding a balance between minimising fees and ensuring your personal comfort is key.
Lastly, if you frequently travel abroad, consider opening a checking account with a bank that doesn't charge fees for using foreign or out-of-network ATMs. Some banks even offer unlimited ATM fee reimbursements, providing added flexibility when travelling.
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Frequently asked questions
Yes, you can exchange currency at most American airports. However, it is recommended that you get euros before arriving at the airport, as airport currency exchanges tend to have poor exchange rates and high fees.
The cost of getting euros at an American airport will depend on the exchange rate and fees charged by the airport currency exchange. Airport exchanges often charge unfavourable rates, with some exchanges charging up to 17% more than the current International Monetary Fund (IMF) exchange rate.
You can get euros from your bank before you travel. Many banks allow you to order foreign currency and pick it up at a local branch. Some banks will also ship the currency to your home address, though they may charge a shipping fee. Alternatively, you can use a currency exchange or travel money provider, such as Currency Exchange International (CXI), which offers online ordering and home delivery or collection.
You can use your debit or credit card to withdraw euros from ATMs throughout Europe. Major banks often have branches abroad or partner with other banks, so using those ATMs may provide a decent exchange rate and eliminate out-of-network ATM fees. You can also use credit cards for meals, car rentals, hotels, and excursions, as they allow you to claim a refund when services are not provided.
