Jazmin Li
Most major airports have ATMs, but whether or not you should use them is a different question. Some sources suggest that airport ATMs are fine, especially if they are attached to a reputable bank. However, others advise against using airport ATMs due to high fees and poor exchange rates. It is recommended to research the fees and exchange rates of the ATMs at your destination, as these can vary. If possible, using an ATM from a local, credible bank and charging withdrawals to the local currency may be a better option.
| Characteristics | Values |
|---|---|
| ATM availability at airports | Varies across airports |
| ATM ownership | Independent ATM companies, local banks, major banks |
| ATM fees | Vary by location and bank; typically higher at airports |
| Exchange rates | Vary by location and bank; bank ATMs often offer better rates |
| Recommended options | Withdraw cash from a local bank before travelling, use specific low-fee ATMs (e.g. 7/11 ATMs in Japan) |
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What You'll Learn
ATM transaction fees at airports
Airport Considerations
It is important to note that ATM fees at airports may be higher than those in other locations. This is because not all banks or ATM networks are present at airports, which may limit your options and force you to use out-of-network ATMs with higher fees. Additionally, popular locations like airports, theme parks, and casinos are known to have higher-than-usual fees.
ATM Type
The type of ATM you use can also impact the fees you pay. ATMs connected to legitimate banks typically offer more competitive rates than stand-alone ATMs found at airports, convenience stores, hotels, or busy town centres. Be cautious of stand-alone ATMs, such as those from Euronet, which are known to charge higher fees.
Bank Considerations
Your bank's policies will also affect the fees you pay. Some banks charge "out-of-network" fees and "foreign transaction fees," which can add up quickly. If you bank with a good credit union, you may avoid these extra charges. Additionally, certain debit/ATM cards do not charge ATM or foreign transaction fees worldwide, so choosing the right card can help you save money.
Currency Exchange
Be cautious when using ATMs run by currency exchange booths, such as Travelex. These ATMs may charge higher fees and offer less favourable exchange rates than bank ATMs. If you need to exchange currency, consider using a reputable currency exchange service, as some airports may not have foreign exchange offices, or their rates may be unfavourable.
Dynamic Currency Conversion (DCC)
When using an ATM, be mindful of Dynamic Currency Conversion (DCC). If the ATM offers to convert the transaction into your home currency, it is better to decline and let your card issuer or bank handle the conversion. This will help you avoid unexpected fees and unfavourable exchange rates.
International Transactions
When using an ATM in a foreign country, you may be subject to international transaction fees. These fees are typically a percentage of the withdrawal amount and are charged by your bank or the ATM operator. Always review the disclosures on the ATM screen before proceeding with a transaction to understand any associated fees.
In summary, while ATM transaction fees at airports can vary, being mindful of the above considerations can help you minimise unnecessary costs. Comparing exchange rates, choosing the right card, and using bank ATMs whenever possible can help you keep more of your money.
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Using a credit card instead of cash at the airport
When travelling, it is important to consider your options for accessing money when at the airport and your destination. Using a credit card instead of cash at the airport can be a convenient option, but there are some things to keep in mind.
Firstly, it is a good idea to research the specific airports you will be visiting to understand their policies and facilities regarding cash and card usage. While some sources suggest that many businesses in airports, particularly in the USA, do not accept cash, others refute this claim, stating that they have had no issues paying with cash at various airports. It is worth noting that some self-check-out stores and vending machines at airports may only accept cards. Additionally, some airlines only take credit cards for in-flight purchases, so it is advisable to carry a card for such expenses.
Secondly, consider the fees and exchange rates associated with using a credit card abroad. Foreign transaction fees may apply when using your credit card for purchases or ATM withdrawals in a different country. These fees can vary depending on your card issuer and the local regulations. Additionally, if you plan to withdraw cash from ATMs using your credit card, be aware that cash advance fees and higher interest rates may apply. These charges can add up, so it is essential to understand the terms and conditions of your credit card before relying solely on it during your travels.
To avoid unexpected fees, it is recommended to research your credit card company's policies on international transactions and ATM withdrawals. Some credit cards may offer more favourable terms for foreign transactions, so choosing the right card for your trip can help you save money. Additionally, understanding the local currency and exchange rates can help you make informed decisions when using your credit card abroad.
Lastly, for those who prefer not to use their regular credit card or carry large amounts of cash, prepaid cards can be a useful alternative. These cards can be purchased at some airport kiosks or drug stores and used for purchases at most airports. Prepaid cards provide a way to control your spending and avoid the potential risks associated with carrying large sums of money. However, it is important to note that these cards may also have associated fees and should be researched beforehand.
In conclusion, using a credit card instead of cash at the airport can offer convenience and security, but it is important to be mindful of the associated fees and plan accordingly. Carrying a mix of both cash and card is often a practical approach, ensuring you have the flexibility to cater to your needs during your travels.
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The best places to get foreign currency at the airport
While it may be tempting to get foreign currency at the airport, it is almost always better to get it from your bank before your travels. Airport kiosks offer convenience but typically provide less favourable exchange rates and higher fees. For example, NerdWallet found that airport exchanges charged 14% more than the current International Monetary Fund (IMF) exchange rate, with some premiums exceeding 17%.
If you have time before your trip, it is recommended to order foreign currency from your bank, either for pickup at a local branch or delivery to your home. Major banks usually have branches abroad or partner with other banks to create a network, so using those ATMs can provide a decent exchange rate while eliminating out-of-network ATM fees. Bank ATMs usually give the best exchange rates, and your home bank will do the conversion for you.
If you need to withdraw cash at the airport, it is best to use an ATM from a local, credible bank and charge the withdrawal to your credit card in the local currency. Airport ATMs are not much different from those in the city centre, but it is always good to be aware of the fees. For example, in Thailand, every single ATM charged between 200-300 Baht, while in Japan, all the ATMs charged a fee of 110 yen.
In summary, the best places to get foreign currency at the airport are the ATMs of reputable local banks, but it is always better to get foreign currency from your bank before your travels to get the best exchange rates and avoid unnecessary fees.
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Bank ATMs vs. independent ATMs at airports
When travelling, it is often more convenient to withdraw money from an ATM at the airport in your destination country. However, there are pros and cons to using either a bank ATM or an independent ATM at the airport.
Bank ATMs
Bank ATMs usually offer the best exchange rates, and if you are lucky, you might find an ATM from your bank at the airport. If you find an ATM from a reputable bank, you can withdraw money without worrying about high fees or poor conversion rates. For example, in Japan, airport ATMs are considered fine to use, whereas in Thailand, they have a 220 baht fee, plus any additional fees your bank may charge. It is always a good idea to check the fees and rates before withdrawing money from any ATM.
Independent ATMs
While independent ATMs can be a quick and easy option to get cash, they often come with higher fees and poor exchange rates. Airport ATMs that are not owned by banks tend to charge high transaction and conversion fees. These fees can add up, especially if you are withdrawing money multiple times during your trip.
Tips for Using ATMs at Airports
- Notify your bank of your travels to avoid potential fraud alerts and card rejections.
- Carry the customer service numbers of your bank and credit card provider in case of any issues.
- Withdraw larger amounts of cash at once to avoid multiple withdrawal fees.
- Consider getting a no-ATM fee debit card to avoid paying extra fees when travelling.
- Compare rates and fees between different ATMs at the airport to find the best option.
In conclusion, when deciding between using a bank ATM or an independent ATM at the airport, it is important to consider the fees, exchange rates, and the reputation of the ATM provider. By weighing these factors and following the provided tips, you can make an informed decision and avoid unnecessary costs during your travels.
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ATM locations at specific airports
When travelling, accessing money from an ATM at the airport is a quick and convenient solution. However, using a teller machine abroad can be confusing, and there may be additional fees.
ATMs at the airport are usually located in both the arrival and departure areas. For example, at PHL Airport, there are ATMs in the International Arrivals Hall, the Baggage Claim area, and near specific gates.
Before travelling, it is a good idea to check with your bank about any partnerships with overseas banks, as well as any fees that may be incurred when using your card abroad. Some banks offer accounts with reduced or no fees for foreign transactions, so it is worth researching this before your trip.
If you are already at the airport, you can check if the ATM is affiliated with your bank to avoid unnecessary charges. You can also ask airport customer service staff about the location of specific ATMs.
Additionally, when using an ATM, be cautious and check for any bugs or attached devices that could be used to steal your card information.
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Frequently asked questions
Yes, there are ATMs at the airport.
The location of the ATMs varies across airports. For example, at PHL Airport, there are ATMs in the International Arrivals Hall, Baggage Claim, and the A/B Connector. At LAX Airport, there are ATMs in the departure and arrival terminals.
No, airport ATMs typically charge a fee for transactions. These fees can vary depending on the ATM and your bank. It is recommended to use an ATM from a reputable bank to avoid excessive fees.
If you want to avoid ATM fees at the airport, you can consider the following options:
- Obtain foreign currency or exchange services before arriving at the airport.
- Use a credit card for purchases instead of cash.
- Withdraw cash from a local ATM outside of the airport, preferably from a major bank to get a better exchange rate.
