Cleveland Airport's Foreign Currency Exchange: What You Need To Know

If you're looking to exchange foreign currency at Cleveland Airport, you may be out of luck. While the airport previously offered currency exchange services, it appears that these services may no longer be available post-COVID. However, there are other options available for exchanging foreign currency in Cleveland. It is recommended to order foreign currency from your bank or use a digital currency exchange service before travelling, as airport currency exchange rates are typically unfavourable. Additionally, foreign currency can be procured from foreign currency ATMs or online services for next-day home delivery.

Currency exchange at Cleveland Airport is located pre-security on the baggage claim level

Currency exchange at Cleveland Hopkins Airport is located pre-security on the baggage claim level, across from Baggage Carousel 9. There is also a foreign currency ATM outside the MT-290 store, just inside the South TSA checkpoint, where you can purchase foreign currency.

The airport's website recommends that you order foreign currency online for home delivery instead of exchanging currency at the airport. This is because airport currency exchanges often have poor exchange rates and high transaction fees.

If you are unable to order currency ahead of time, there are several other currency exchange options in Cleveland. For example, Key Bank, 5/3 Bank, and Huntington all offer currency exchange services.

Travelex has a foreign currency ATM outside the MT-290 store

If you're looking to exchange foreign currency at Cleveland Airport, you're in luck! Travelex, a trusted foreign exchange service, has a presence at the airport. Specifically, Travelex operates a foreign currency ATM outside the MT-290 store, which is conveniently located just inside the South TSA checkpoint. This ATM provides a quick and easy way to access foreign currency as you're passing through the airport.

It's important to note that the ATM may have limited currency options, so it's worth checking beforehand to ensure that your desired currency is available. Additionally, foreign exchange rates at airports tend to be less favourable than those offered by other providers, so it might be worth considering other options if you're looking for the best exchange rate.

Nevertheless, the Travelex ATM at Cleveland Airport can be a convenient solution if you need foreign currency urgently or have run out of other options. It is located in a busy area of the airport, just inside the security checkpoint, making it easily accessible for travellers.

In addition to the ATM, Travelex also offers a website where you can order foreign currency for next-day home delivery. This could be a useful alternative if you prefer to have your currency ready before arriving at the airport.

Avoid exchanging money at airports due to poor exchange rates and high transaction fees

Exchanging money at the airport is a widely discouraged practice due to the unfavourable exchange rates and high transaction fees involved. Airports are aware that travellers may need local currency upon arrival, and currency exchange services located within the airport take advantage of this by offering poor exchange rates and charging high fees.

High transaction fees and poor exchange rates

Airport currency exchange services often charge 10-15% more than the market rate, and sometimes even higher, with premiums exceeding 17% of the current International Monetary Fund (IMF) exchange rate. These services also tend to include additional fees or commissions to cover their operating costs, such as salaries and rent for the physical space. These costs are passed down to the consumer in the form of higher exchange fees and rates.

Alternatives to airport currency exchange

There are several alternatives to exchanging money at the airport that can help you avoid poor exchange rates and high fees.

Order foreign currency in advance

Ordering foreign currency from your bank before your trip is a convenient way to obtain local currency at a reasonable exchange rate. Most major banks allow you to order foreign currencies online, by phone, or through a mobile app. The currency can then be picked up at a local branch or shipped directly to you, although shipping fees may apply.

Use a foreign ATM

Using a foreign automated teller machine (ATM) is often the best way to obtain local currency once you have arrived at your destination. ATMs provide a decent exchange rate and eliminate the need to carry large amounts of cash. If your bank has ATMs or banking affiliates in the country you are visiting, you can avoid out-of-network ATM fees.

Use a credit or debit card with no foreign transaction fees

Carrying a no-foreign-transaction-fee credit or debit card is another convenient way to pay for purchases and avoid poor exchange rates. Many credit and debit card issuers offer cards with no foreign transaction fees, and an increasing number of international merchants are accepting card payments. However, it is important to note that cash may still be needed for cash-only businesses or for tipping.

Exchange money at a local bank or currency exchange

Exchanging money at a local bank or currency exchange is likely to provide a better exchange rate than the airport. Local banks are often happy to exchange your currency for a reasonable rate, and currency exchanges may offer rates that are even better than those offered by banks.

In summary, exchanging money at the airport is generally not recommended due to the high transaction fees and poor exchange rates involved. By ordering foreign currency in advance, using a foreign ATM, utilising a credit or debit card with no foreign transaction fees, or exchanging money at a local bank or currency exchange, you can avoid the unfavourable rates and fees associated with airport currency exchange services.

Currency Exchange International (CXI) is the largest foreign currency exchange specialist in North America

CXI's direct-to-consumer service network includes company-owned retail branches, agent locations, and affiliate retail locations, most of which are open seven days a week, including evenings. The company's retail locations offer foreign currency on demand for the most popular international currencies, and its currency exchange rates are often better than local banks and airport exchange rates. CXI also sells gold bullion American Eagle coins, Canadian Maple Leaf coins, and Royal Canadian Mint bars, along with other products tailored to each market it services.

CXI's world-class customer service team offers access to over 80 foreign currencies at competitive rates, delivered directly to customers' homes. The company's OnlineFX Home Delivery service allows customers to order currency online and have it delivered as soon as the next day. CXI's focus on technology and superior customer service simplifies the foreign currency exchange process for travellers, corporations, and financial institutions of all sizes.

Based in Orlando, Florida, CXI is a publicly traded company on the Toronto Stock Exchange. With its subsidiary, Currency Exchange International of Canada Corp, based in Toronto, Ontario, CXI provides wholesale services for financial institutions and other foreign currency exchange companies, as well as retail services at branch locations. CXI's customized, relationship-driven approach delivers innovative solutions that prioritize compliance, accuracy, and speed.

Avoid 'zero fee' services as they often have hidden markups

When exchanging currency, it is best to avoid services that claim to have zero fees. While these services may be tempting, they often have hidden markups that can cost you more in the long run.

For example, at the Cleveland Hopkins Airport, there is a foreign currency ATM by the MT-290 store inside the South TSA checkpoint. This ATM is provided by Travelex, a company that offers currency exchange services. While Travelex does not charge any fees for using their ATMs, they may offer you a less favourable exchange rate compared to other providers. This is a common tactic used by zero-fee services to make up for the lack of explicit fees.

In addition to the ATM, Cleveland Hopkins Airport also has a currency exchange service provided by Travelex located at the baggage claim level across from Baggage Carousel 9 and inside Concourse C Security Checkpoint between Gates C-2 and C-3. However, keep in mind that exchanging currency at the airport is generally not recommended due to unfavourable exchange rates and high transaction fees.

Instead of relying on zero-fee services or airport exchanges, it is advisable to do your research and compare exchange rates offered by different providers. Ordering foreign currency from your bank before your trip or using a trusted digital currency exchange platform can often result in better rates and lower fees.

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