Ruth Haines
When travelling to a country with a different currency, it can be tempting to buy foreign currency before your trip so that you have some local money in your pocket when you arrive. However, it is generally not recommended to exchange money at the airport, as you will usually get a poor exchange rate. Instead, it is often suggested that you use your credit card for most purchases and only carry a small amount of cash for emergencies, such as when the internet is down or for small purchases to speed up the transaction. You can get this cash by withdrawing from an ATM at the airport, which will typically provide a better exchange rate than airport exchange booths.
| Characteristics | Values |
|---|---|
| Buying euros at the airport | Possible through currency exchange booths and ATMs |
| Buying euros before arriving at the airport | Possible through banks, currency exchange offices, and online services |
| Advantages of buying euros at the airport | Convenient, instant conversion |
| Disadvantages of buying euros at the airport | High exchange rate markups, dynamic currency conversion |
| Advantages of buying euros before arriving at the airport | Potentially better exchange rates, no need to carry large amounts of cash |
| Disadvantages of buying euros before arriving at the airport | May need to order in advance, risk of losing money if not used |
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What You'll Learn
Buying euros at the airport vs. in town
When it comes to buying euros for your trip, you have several options, including exchanging currency at the airport or in town, using ATMs, or relying on credit cards. Each option has its advantages and disadvantages, and the best choice for you may depend on factors such as convenience, exchange rates, and accessibility.
Buying Euros at the Airport
One option for buying euros is to exchange currency at the airport. Many major airports have currency exchange desks that offer instant conversion services, making it convenient for travellers who want to have local currency on hand as soon as they arrive. However, it is important to note that airport exchange booths may have higher prices due to a lack of local competition, resulting in significant exchange rate markups. Additionally, some travellers recommend avoiding exchanging large amounts of money at the airport, as it may not offer the best exchange rates. Therefore, if you choose to exchange currency at the airport, consider only exchanging a small amount to cover immediate expenses, such as transportation or snacks, and then seek better exchange rates in town or through other methods.
Buying Euros in Town
Exchanging currency in town, either at a local bank or a currency exchange office, can often provide better exchange rates than airport exchange booths. By waiting until you are in town, you may have more options to compare rates and find the most favourable deal. Additionally, if you plan to use ATMs to withdraw euros, you can easily find them in town, especially at banks or in popular tourist areas. However, it is important to notify your home bank and credit card company before using your ATM or credit card overseas to avoid any unexpected holds or security issues.
Other Considerations
When deciding between buying euros at the airport or in town, it is also worth considering the convenience and accessibility of each option. Exchanging currency at the airport may be more convenient if you need immediate cash upon arrival, especially if you are travelling to a rural area with limited access to ATMs or currency exchange offices. On the other hand, if you are travelling to a major city, you may find that ATMs and currency exchange offices are readily available, making it more feasible to wait until you are in town to exchange currency or withdraw euros from an ATM. Additionally, consider the security of carrying large amounts of cash, as credit cards can offer better protection from theft and may be a safer option for larger purchases. Ultimately, the decision between buying euros at the airport or in town depends on your personal preferences, the specifics of your trip, and your comfort level with managing foreign currency.
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Using a credit card for euros
While it is possible to buy euros at the airport, it is generally not recommended due to high commission fees and unfavourable exchange rates. Here are some tips for using a credit card for euros:
Check for foreign transaction fees
Before your trip, carefully review the terms and conditions of your credit card. Some credit cards charge a foreign transaction fee, which can add up quickly. It may be worth considering applying for a credit card with no foreign transaction fees if your current card has this charge.
Understand the exchange rate
When you make a purchase in euros with your credit card, the transaction will be processed at the current exchange rate. To ensure you are getting a fair deal, compare the exchange rate offered by your credit card company to reputable exchange rate sources, such as XE Exchange or Reuters. This will help you avoid paying unnecessary fees or receiving a poor exchange rate.
Use your credit card for larger purchases
Credit cards are widely accepted in Europe, and they can be a convenient and secure way to pay for meals, car rentals, hotels, and excursions. Using your credit card for larger purchases can help you avoid carrying large amounts of cash and may offer additional benefits, such as purchase protection or travel insurance.
Be mindful of cash withdrawals
While credit cards are widely accepted, there may be situations where you need cash, such as in taxis or certain restaurants. If you need to withdraw cash from an ATM, be aware that some ATMs charge a non-bank usage fee or offer unfavourable exchange rates. Look for ATMs from local or international banks, as they are more likely to provide better exchange rates. Also, check with your credit card company about any fees or charges for cash withdrawals.
Have a backup plan
It is always a good idea to have a backup option when travelling. Consider carrying some local currency as an emergency fund or for unexpected expenses. Additionally, having a debit card or a travel money card can provide flexibility and access to funds if there are issues with your credit card.
By following these tips, you can confidently use your credit card for euros and make the most of your trip to Europe without worrying about unfavourable exchange rates or excessive fees.
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Using an ATM for euros
Using an ATM to get euros is a convenient option when travelling. While it is not necessary, it is a good idea to notify your bank and credit card company that you will be using your card overseas. This will prevent any unwanted holds that financial institutions may place on your card due to perceived unusual activity.
ATMs are readily available at most European airports, and you will likely pass one when you arrive. It is recommended to use a bank-affiliated ATM to avoid excessive exchange rates and service fees. For example, at German airports, the first ATM you may see is a Deutsche Bank ATM. If you have a credit card with no foreign transaction fees, this may be the best option for you as it will offer the best protection from theft, and you can turn your card on and off as needed.
If you are uncomfortable with the idea of arriving at your destination without local currency, it is a good idea to bring some euros with you. This will allow you to avoid the ATM if it is not working or if you need cash immediately upon arrival. You can obtain euros from your local bank before you leave, although this may take a few days, or you can exchange a small amount of money at the airport currency exchange booth.
It is important to be aware of the exchange rates when using an ATM to get euros. While you will likely get a better rate at an ATM than at an airport exchange booth, there may still be fees associated with your withdrawal. To avoid extra fees, you can use an ATM in your bank's global network if your bank offers this service. Additionally, some banks offer multi-currency accounts, which allow you to transfer, receive, and hold several different currencies in the same account. This may be a good option for frequent travellers.
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Exchanging currency at the airport
Airport Exchange Booths
Major airports usually have currency exchange desks that offer instant conversion for major currencies. While this option is convenient, the exchange rates may not be favourable due to a lack of local competition and significant exchange rate markups. It is recommended to compare rates and only use this option if necessary, as you could lose about 5-15% when converting dollars to euros or other foreign currencies.
ATMs at the Airport
Using an ATM at the airport can be a better alternative to exchange booths as you are likely to get a more competitive exchange rate. It is advisable to notify your bank and credit card company before travelling to avoid any unexpected holds on your accounts due to perceived unusual activity. Additionally, be aware that ATMs may charge an exchange fee, and it is beneficial to carry some local currency beforehand to cover immediate expenses like transportation.
Credit Cards
Using a credit card that offers no foreign transaction fees can be a convenient and cost-effective option when travelling. Credit cards provide protection from theft, and many places accept contactless payments. However, it is good to have some local currency for small purchases or emergencies, such as when the internet is down.
Prepaid Travel Cards
Another option is to purchase a prepaid travel card, such as the Wise Multi-Currency Card, which offers mid-market rates and low, transparent fees in multiple countries. These cards can be ordered in advance and used for withdrawals and payments during your trip.
In summary, while exchanging currency at the airport is possible and convenient, it may not offer the best exchange rates. Comparing rates, using credit cards with no foreign transaction fees, and withdrawing from ATMs can be more cost-effective options. It is always a good idea to carry some local currency for emergencies and small purchases.
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Getting euros before leaving
If you are travelling to Europe, you may want to have some euros with you before you leave. While it is not necessary, as European airports have ATMs, it can be a good idea to have some cash on hand for emergencies or unexpected situations, such as a taxi from the airport.
You can get euros from your local bank, depending on their stock and whether they offer currency exchange services. It is a good idea to call ahead to check if they have euros available and to order them in advance if necessary. Some banks may require you to have an active checking account with them to access currency exchange services.
Alternatively, you can order euros online from a service like CXI or Xchange of America and have them delivered to your home. You can also get a travel money card, such as the Wise Multi-Currency Card, which can be used in ATMs and for purchases with no additional fees in many countries.
If you prefer to have cash before you leave, you can exchange a small amount of money at the airport before your departure. However, keep in mind that airport exchange booths may have higher rates and fees compared to other options.
It is generally recommended to use your credit card for most purchases and withdrawals, as they often have no foreign transaction fees and offer protection from theft. You can also use your debit card at ATMs to withdraw cash in the local currency, but be aware of any associated fees and notify your bank in advance to avoid any holds on your card due to unusual activity.
When exchanging money, it is important to understand the exchange rates and fees involved to make informed decisions. By planning your travel money in advance, you can save time and money during your trip to Europe.
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Frequently asked questions
Yes, you can buy euros at the airport. Most airports have currency exchange desks and ATMs where you can withdraw euros.
It is generally recommended to get euros from a bank or ATM rather than a currency exchange booth at the airport, as the exchange rate is often better. However, it is convenient to exchange a small amount of money at the airport if you need cash for immediate expenses, such as a taxi.
It is advisable to notify your bank and credit card company before travelling to avoid any holds on your accounts due to perceived unusual activity. Compare exchange rates and fees to find the best option, and be cautious of dynamic currency conversion.
Yes, you can use your credit or debit card for most purchases and withdraw cash from ATMs if needed. Credit cards often have no foreign transaction fees and offer protection from theft, but be aware of cash advance fees if using a credit card for cash withdrawals. Alternatively, you can order a travel money card, such as the Wise Multi-Currency Card, which offers mid-market rates and low transparent fees in multiple countries.
