Roberta Aguirre
If you're travelling to Munich, Germany, and are looking to exchange currency for euros upon arrival, there are several options available at Munich Airport. While the airport's currency exchange kiosks may be convenient, they often charge a commission for their services, which can be hidden in their exchange rate. To get the best deal, it's recommended that you compare the offered rate with the current mid-market rate.
| Characteristics | Values |
|---|---|
| Currency | Euro |
| Currency exchange options at Munich Airport | Currency exchange kiosks, ATMs, banks |
| Currency exchange kiosks | Charge a commission, either stated upfront or hidden in the exchange rate |
| ATMs | ReiseBank ATMs at Terminal 2, Levels 3, 4, and 5; Deutsche Postbank ATM at Munich Airport Center, Level 03; Deutsche Bank ATM at Munich Airport Center, Terminal 2's post-security zone, and Terminal 1's Module E, Level 03 |
| Banks | Sparkasse branch at MUC; ReiseBank branch at Airport Center, Level 03 |
| Tips | Compare the offered exchange rate with the mid-market rate to get the best deal; Withdraw large sums at once to avoid frequent ATM fees; Use an ATM instead of exchanging cash to get a better rate; Avoid dynamic currency conversion; Exchange only the cash you need |
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What You'll Learn
Currency exchange kiosks at Munich Airport charge commission
Germany's official currency is the Euro. If you need to exchange currency upon arrival in Munich, you can do so at Munich Airport. However, it is important to note that currency exchange kiosks at Munich Airport charge a commission for their services. This commission can be stated upfront or hidden within their exchange rate.
To ensure you are getting the best deal, it is recommended that you compare the offered rate with the current mid-market rate. Exchange bureaus will often disguise extra commission within their exchange rate, so be cautious even if a sign claims "no commission". You can find the mid-market rate via an online currency converter.
There are several options for exchanging currency at Munich Airport. ReiseBank ATMs are located at Terminal 2, Levels 3, 4, and 5. The Deutsche Postbank ATM can be found at the Munich Airport Center, Level 03, in the Terminalstrasse public area and operates 24/7. The Deutsche Bank ATM can be found at the Munich Airport Center in the Terminal 2 post-security zone and Terminal 1's Module E, Level 03, and also operates around the clock.
It may be advisable to exchange your currency beforehand at your bank or within the city, as exchange rates can fluctuate frequently. Additionally, you can avoid high exchange fees by checking if your home bank has branches or partnerships with banks in Munich, as partner banks may waive withdrawal and foreign exchange fees. ATMs at your bank's partner locations may provide more favourable rates than those at the airport.
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ATMs are available at Munich Airport
Munich Airport offers a range of ATMs for your convenience. ATMs are usually the best way to obtain Euros as you avoid the high exchange fees of bureaus.
ReiseBank ATMs are located at Terminal 2, spanning levels 3, 4, and 5 of Munich Airport. The Deutsche Postbank ATM can be found at the Munich Airport Center on Level 3 in the Terminalstrasse public area and is open 24/7. The Deutsche Bank ATM is also located at the Munich Airport Center in the public area of Terminal 2's post-security zone and Terminal 1's Module E, on Level 3. This ATM also operates 24/7 and provides bank statement services.
It is worth noting that most ATMs will charge a fee for use unless you bank with that institution. However, Deutsche Bank does not charge for foreign debit or credit cards, so this may be the best option for foreign travellers.
ATMs are a great way to obtain Euros, but it is always advisable to have some local currency on hand before you arrive at your destination.
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Compare the offered rate with the mid-market rate
When exchanging currency, it is important to compare the offered rate with the mid-market rate to ensure you are getting a fair deal. The mid-market rate, also known as the interbank rate, is the 'truest' exchange rate and is used by banks and large institutions when trading large volumes of foreign currency with one another. It is not designed for individuals or small businesses, as smaller money transfers tend to attract a higher mark-up so that the exchange offering the service can make a profit.
Currency exchange bureaus at Munich Airport, such as ReiseBank, will charge you a commission for their services. This may be stated upfront or hidden in their exchange rate. Their offered exchange rate will usually be lower than the mid-market rate, as they disguise extra commission in the rate. Therefore, it is important to check how far their offered rate deviates from the mid-market rate. You can find the mid-market rate online, for example, via a currency converter.
By comparing the offered rate with the mid-market rate, you can identify how much extra you will be paying in commission and ensure that you are getting the best possible deal. For example, you can use the Wise currency converter, which uses the real mid-market exchange rate and avoids international bank fees, or the Oanda currency converter, which provides accurate and reliable foreign exchange rates.
It is worth noting that exchange rates can fluctuate frequently, so it may be advisable to check the mid-market rate and compare it with the offered rate at the time of your transaction. Additionally, consider alternative options for obtaining Euros, such as withdrawing money from an ATM or using a credit card, as these options may provide more favourable rates and help you avoid high exchange fees.
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Withdrawing money via an ATM is a good option
ATMs are conveniently located at Munich Airport, with ReiseBank ATMs at Terminal 2, levels 3, 4, and 5. You can also find a Deutsche Postbank ATM at the Munich Airport Center, Level 03, in the public area of Terminalstrasse, which operates 24/7. The Deutsche Bank ATM can be found at the Munich Airport Center in the public area of Terminal 2's post-security zone and Terminal 1's Module E, Level 03. This ATM also works around the clock and provides bank statement services. There is also a VR-Bank cash dispenser in the central area of the airport.
Using an ATM to withdraw money in the local currency is often a better option than exchanging cash, as you can avoid the high exchange fees that some bureaus charge. It's worth noting that some ATMs will charge a fee for using their services, so it's a good idea to check with your bank beforehand to see if there are any agreements with German banks that may waive these fees.
To get the best exchange rate, it's recommended to withdraw larger sums of money at key points during your trip to avoid paying frequent ATM fees. Additionally, if you have access to a EUR bank account in Munich, you can use a service like Wise to transfer money ahead of time and take advantage of their competitive exchange rates and lower fees.
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Exchange bureaus will charge a commission
If you want to avoid paying commission, it is best to withdraw money via an ATM, which will usually provide you with the real mid-market exchange rate. ATMs can be found at Munich Airport, with ReiseBank ATMs located at Terminal 2, spanning levels 3, 4, and 5. The Deutsche Postbank ATM can be found at the Munich Airport Center, Level 03, and operates 24/7. The Deutsche Bank ATM can also be found at the Munich Airport Center, in the public area of Terminal 2's post-security zone and Terminal 1's Module E, at Level 03. This ATM also operates 24/7 and provides bank statement services.
If you are keen on avoiding high exchange fees, check if your home bank has branches or partnerships with other banks in Munich. Partner banks might waive withdrawal and foreign exchange fees. When using an ATM overseas, always opt to be charged in the local currency to avoid dynamic currency conversion, which occurs when you select to be charged in your home currency and end up being charged more than necessary for the conversion.
Another option to avoid commission is to use a service such as Wise, which uses the real mid-market exchange rate to convert your money. You can make the transfer ahead of time and send money to Germany, avoiding international bank fees.
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Frequently asked questions
There are several options to exchange currency at Munich Airport. You can use the ReiseBank kiosk at Terminal 2, Levels 3, 4, and 5. You can also use the Sparkasse branch at the airport, which offers currency exchange at reasonable rates. ATMs are also available at the airport, including those from Deutsche Postbank and Deutsche Bank.
The ReiseBank kiosk at Munich Airport operates daily from 7:00 am to 9:00 pm.
Yes, you may find better exchange rates by withdrawing euros from an ATM or using your credit card at an ATM in Munich. You can also exchange currency at Munich Heimeranplatz station. It is generally recommended to compare rates and consider alternatives to avoid high fees.
It is advisable to understand how exchange rates work and compare the offered rate with the current mid-market rate to get the best deal. Withdrawing larger sums of money at key points during your trip can help minimise ATM fees. You can also consider purchasing traveller's checks before your trip or using a service like Wise to transfer money ahead of time to a EUR bank account in Munich.
Currency exchange kiosks at airports may charge higher fees or provide less favourable exchange rates compared to other options. It is important to understand the potential fees and rates before proceeding with the transaction. Additionally, some travellers suggest that the machines at airports may be broken or have long lines, so it is recommended to have some pocket money before arriving.
