Currency Exchange At Newark Airport: What You Need To Know

Currency exchange services are available at Newark Liberty International Airport (EWR), with six currency exchange counters located across the airport. However, airport currency exchange services are often not the best option due to high fees and unfavourable exchange rates. It is recommended to compare rates and fees before choosing a currency exchange service. Online currency converters and multi-currency cards can offer better exchange rates and lower fees. CXI, a specialist in the foreign currency exchange industry, has several locations in the airport and offers competitive rates and customer service for more than 90 currencies.

Currency exchange locations at Newark Airport

Currency exchange services at airports are known to have high fees and poor exchange rates due to a lack of competition. However, if you're in a hurry, you can find currency exchange locations at Newark Liberty International Airport (EWR).

Currency Exchange International (CXI) has several locations in the airport, including Terminal B3 (Gate Level Airtrain and Concourse Airside), Terminal C (Arrivals and Concourse C1, Gate 120). CXI buys and sells more than 80 foreign currencies, and you can call ahead to ensure your currency is available and reserve it for pickup.

Travelex also has a presence at the airport, and you can order your travel money online for pickup at the terminal. They offer good rates and a Travelex Money Card with 22 currencies.

It is worth noting that you may find better rates and lower fees by avoiding airport currency exchange services and using a multi-currency account and card instead. For example, Wise provides conversions at the mid-market exchange rate without any markups or hidden fees.

High fees at airport currency exchange services

Currency exchange services at the airport are known for charging high fees. This is due to the high operational costs of maintaining a physical presence at an airport, such as steep rents, staff salaries, and maintenance. These costs are passed on to consumers in the form of higher exchange fees. As a result, airport exchange rates can be up to 10-12% higher than market rates, with additional fees and commissions.

To avoid paying high fees, it is recommended to exchange currency at your bank or credit union before travelling. Many banks offer currency exchange services to their customers, often with competitive exchange rates and low fees. Online currency converters can also offer better rates than airport kiosks, although there may be delivery charges.

If you need to exchange currency at the airport, it is worth comparing the exchange rate to the mid-market rate using an online currency converter. This will help you determine if you are getting a good deal. Additionally, some airport currency exchange services have minimum exchange amounts, so be sure to only exchange what you need to avoid wasting money.

For example, at Newark Liberty International Airport, there are reports of high fees associated with currency exchange services. While the airport does offer currency exchange through CXI, located in Terminals B3 and C, it is recommended to be cautious of potential high fees and to compare rates before exchanging large amounts of money.

In summary, airport currency exchange services often come with high fees due to the convenience and operational costs associated with operating at an airport. To avoid paying extra, it is recommended to compare rates, exchange only what you need, and consider alternative options such as banks or online currency converters before travelling.

Comparing currency exchange options

Currency Exchange International (CXI) has several locations in Newark Liberty International Airport, including Terminal B3, Gate Level Airtrain; Terminal B3, Concourse Airside; Terminal C, Arrivals; and Terminal C, Concourse C1. CXI exchanges foreign currency for more than 90 currencies with great rates and customer service. They also offer the option to call ahead to ensure your currency is available and reserve it for pickup before you travel.

However, airport currency exchange services are often more expensive than other options. A multi-currency account or travel card can help you get a better exchange rate and offers flexible spending and withdrawal with low overall costs. For example, the Wise multi-currency card provides conversions at the mid-market exchange rate without any markups or hidden fees.

If you are able to plan in advance, you can also exchange money before you arrive at the airport. Travelex offers the option to order travel money online and get it delivered or pick it up at one of their locations across the UK. You can also reserve exchange rates at your discretion by purchasing travel money in advance.

Finally, you can simply use foreign ATMs to withdraw money when you arrive at your destination. However, be aware that a foreign ATM might ask if you want to pay in the local currency or in US dollars. If this happens, you should always choose the local currency to avoid dynamic currency conversion, which gives you a very bad exchange rate.

Using a multi-currency account or travel card

Currency exchange services at Newark Airport have been described as having "high fees" and offering a "bad deal". In fact, one source notes that "airport currency exchange kiosks usually mean higher fees".

A multi-currency account or travel card can be a good alternative to exchanging physical currency at the airport. These cards allow you to hold multiple currencies in one account and spend your balance without incurring extra fees. Here are some options to consider:

Wise Multi-Currency Card

The Wise Multi-Currency Card is available for both personal and business customers. It offers access to over 40 currencies and is accepted in more than 150 countries. The card uses the mid-market exchange rate with a low and transparent fee starting from 0.42%manage your money and get instant notifications via the Wise app.

Revolut Card

The Revolut Card offers a comprehensive multi-currency account with access to over 30 currencies. It is known for its user-friendly app and real-time spending analytics. Revolut also provides competitive interbank exchange rates, making it a good option for frequent travellers.

YouTrip Card

The YouTrip card supports over 150 currencies and offers interbank exchange rates without additional charges. It also provides convenient top-up options and travel insurance benefits, making it a good choice for international travellers.

Instarem Amaze Card

The Instarem Amaze card provides access to multiple currencies at competitive exchange rates. This card allows you to link your existing credit cards to simplify payments in multiple currencies. It also offers the convenience of multi-currency transactions and the ability to earn rewards and cashback from linked credit cards.

Changi Pay

Changi Pay is a good option if you are travelling through Changi Airport. It supports several major currencies and provides competitive exchange rates. It also offers exclusive travel deals and instant currency conversion.

DBS Multi-Currency Account Debit Card

The DBS Multi-Currency Account Debit Card allows you to manage 13 major currencies from a single account. It offers competitive exchange rates and seamless currency management, making it a good choice for those who want to integrate their travel finances with their existing DBS accounts.

When using a multi-currency card, it is important to keep a few things in mind. Firstly, always pay in the local currency when given the option. Secondly, keep multiple payment methods handy, such as cards on different networks and a small amount of cash. Finally, if you need to convert cash, avoid airport currency exchange kiosks and consider using an online currency converter to find the best exchange rates.

Currency exchange at destination cities

When travelling, it is always a good idea to have some local currency in your wallet. While cards are becoming more and more widely accepted, there are times when cash is essential, such as when taking a taxi or paying for goods at a local market.

If you are flying into Newark Liberty International Airport, you will have several options to exchange currency. The airport has six currency exchange counters located throughout the terminals, including in Terminal B3 (Gate Level Airtrain and Concourse Airside) and Terminal C (Arrivals and Concourse C1). These services are provided by Currency Exchange International (CXI), which offers exchange services for more than 80 foreign currencies.

However, keep in mind that airport currency exchange services often come with high fees and unfavourable exchange rates due to a lack of competition. Thus, it is recommended to compare rates and fees before choosing an exchange service. Using a multi-currency card or travel card can often be a more cost-effective option, offering flexible spending and withdrawal with low overall costs.

Alternatively, you can withdraw money from a foreign ATM when you arrive at your destination. Just remember to always choose to pay in the local currency when given the option, as this will give you a better exchange rate. Additionally, be sure to check what your home bank charges for foreign ATM withdrawals.

If you prefer to have some local currency before you arrive, you can also order travel money online from services like Travelex and collect it at the airport or have it delivered to your home. This allows you to lock in exchange rates and review them in advance.

Frequently asked questions