Roberta Aguirre
Exchanging currency at the airport is a convenient option for travellers who are unable to obtain foreign currency before their trip. Currency exchange services are available at many international airports, including Washington Dulles International Airport and Raleigh-Durham International Airport. However, it is important to note that airport currency exchange kiosks often offer unfavourable exchange rates and high fees, resulting in lower value for money. To avoid these additional costs, it is recommended to exchange currency through your bank or credit union before travelling or utilise their partner ATMs at your destination.
| Characteristics | Values |
|---|---|
| Convenience | Currency exchange counters at the airport are convenient, especially if you need cash. |
| Exchange rates | Airport currency exchanges generally offer poor exchange rates, which can be unfavourable for travellers. |
| Fees | Airport currency exchanges may charge high fees, which can be upfront or hidden in the exchange rates. |
| Alternatives | Ordering currency from your bank before travelling is recommended as a better alternative to airport exchanges. Using your bank's ATM network at your destination is also suggested. |
Explore related products
What You'll Learn
Airport kiosks vs. banks: which is better?
When it comes to exchanging currency, your bank or credit union is likely the best place to do so. While it may not buy back all currency types, banks typically offer the most competitive exchange rates and lowest fees. For example, Bank of America charges $7.50 for standard shipping of foreign currency, but this is waived for members of its Preferred Rewards program. Citi, on the other hand, charges a $5 service fee for transactions under $1,000, which is waived for premium account holders.
On the other hand, airport kiosks and exchange counters are known for offering poor exchange rates and charging high fees, resulting in less currency for your money. For instance, if your bank offered an exchange rate of £72 per $100, an airport kiosk may only give you £67 per $100, costing you an extra $5.
However, if you're travelling on short notice and need foreign currency in cash, it could be worth paying the extra cost for the convenience of an airport exchange. Similarly, if your bank doesn't offer in-network ATMs or branches in your destination country, you may have no choice but to use a local ATM, which will likely charge a fee.
To avoid these fees, you can consider applying for a no foreign transaction fee credit or debit card, which will allow you to make cashless transactions without incurring extra charges. Alternatively, you can order foreign currency from an online converter to be delivered to your home, but these services tend to offer less favourable exchange rates and charge delivery fees.
In summary, while banks are generally the best option for exchanging currency, airport kiosks can be a convenient alternative if you're short on time or unable to obtain a suitable credit or debit card.
Pittsburgh Airport Delays: What You Need to Know
You may want to see also
Explore related products
$24.95 $29.95
Ordering currency from your bank
If you are exchanging a large amount of money, it may be best to visit your bank in person. This way, you can speak to an advisor about the best options for your trip. They will be able to advise on the exchange rate and any fees that may be incurred. You can also ask about the process for exchanging any leftover foreign currency when you return.
Many banks now offer the option to order foreign currency online or via a mobile app. This is a convenient option if you are short on time or unable to get to a branch. You will usually need to enter the currency and amount required, as well as selecting a pickup method. Some banks will deliver the currency to your home address, while others will require you to collect it from a branch.
Things to Consider
When ordering currency from your bank, it is important to be aware of the exchange rate and any additional fees. While banks typically offer better rates than airport kiosks, it is still worth checking the current exchange rate yourself using a trusted source such as Reuters or the International Monetary Fund. This will ensure that you are getting a fair deal.
It is also worth noting that some banks may have minimum and maximum order values, so be sure to check this before placing your order. Additionally, some banks may not stock all currencies, so it is always best to check that they are able to exchange the currency you require.
Houston Airport's Best Food Options
You may want to see also
Explore related products
Currency exchange stores
One example of a currency exchange store is Currency Exchange International, which has locations in various airports, including Raleigh-Durham International Airport and MSP Airport. These stores often have multiple branches within an airport, making them easily accessible to travellers. For instance, at Raleigh-Durham International Airport, Currency Exchange International has a location in Terminal 2's ticketing area and another near Gate C1. Their operating hours also cater to the varied schedules of travellers, with the ticketing area branch open from 8 a.m. to 6 p.m., and the branch near Gate C1 operating from 3 p.m. to 7 p.m.
Similarly, at MSP Airport, Currency Exchange International has three locations to serve travellers. In Terminal 1, they can be found both pre-security and post-security, with the former located near International Arrivals and open from 11 a.m. to 7 p.m., and the latter situated at the entrance to Concourse G with operating hours from 7 a.m. to 7 p.m. In Terminal 2, they are post-security, near Gate H5, and travellers can access their services from 5:30 a.m. to noon.
While currency exchange stores offer on-the-spot convenience, it is generally recommended to explore other options first, such as ordering currency from your bank before travelling, as this often provides better exchange rates and lower fees. Major banks often have branches abroad or partner with other banks, allowing you to withdraw cash in the local currency with competitive rates and minimal fees. Additionally, consider using online currency converters or checking rates on Google to compare exchange rates and make an informed decision.
Navigating Atlanta Airport: Easy or Tricky?
You may want to see also
Explore related products
Airport exchange counters: poor exchange rates
Airport exchange counters are known for their poor exchange rates. They are fully aware that they are often the last stop for travellers needing local currency, so they charge more for the convenience. Exchange desks at airports are usually open 24/7 and are easy to find and use, especially if you need local currency as soon as you land. However, the convenience comes at a cost, with exchange rates not as good as those you might find in the city or online.
Airport exchange services typically offer rates that are 10% to 15% higher than standard bank rates. These rates are influenced by market trends, demand, and service provider fees. Due to these additional charges, airport currency exchange rates are often less favourable than other exchange options available in the open market.
The best place to exchange money is a local ATM or a bank, as they offer competitive exchange rates and lower fees than airport counters. Many foreign banks are happy to exchange your dollars for local currency at a better rate than you would find at an airport. Major banks also usually have branches abroad or partner with other banks to create a network, and using those ATMs can provide a decent exchange rate while eliminating out-of-network ATM fees.
Ordering currency from your bank before you travel is also a better option than using airport exchange counters. You can generally expect a solid exchange rate, but it is advisable to use a trusted source such as Reuters or the International Monetary Fund to find current exchange rates and ensure you get a fair deal.
Reopening Airport Doors: What's the Hold-Up?
You may want to see also
Explore related products
ATM withdrawals
While it is possible to exchange currency at the airport, it is generally advised against. Airport kiosks and exchange houses offer poor exchange rates and high fees, resulting in less currency for your money.
ATMs at the airport can be a good option, but it is important to be aware of the various fees involved. When using a bank-issued ATM card overseas, you will likely pay a flat fee for using an ATM network, as well as a percentage of the value of the withdrawn cash. Some ATMs may also add a surcharge for using the machine, which will be notified to you on the ATM screen. To avoid this, it is recommended to use ATMs at major banks or post offices, as smaller banks and independently owned ATMs may be more likely to charge surcharges.
Before your trip, check with your bank to see if they have branches abroad or partner with other banks to create a network. Using these ATMs can provide a decent exchange rate and eliminate out-of-network ATM fees. If you use a non-network ATM, pay attention to the fees, which can vary but often range around $5 per transaction. To avoid frequent ATM fees, consider withdrawing larger amounts of cash at once.
It is also a good idea to research the various fees charged by different ATMs in advance, so you know which ATM to use to reduce costs. You can use an online currency converter to find out the current exchange rate, which will help you determine if the ATM is providing a fair rate.
Additionally, consider applying for a credit or debit card with no foreign transaction fees, as these can be a safer and more cost-effective option than exchanging cash.
Vaping Rules at Doha Airport: What You Need to Know
You may want to see also
Frequently asked questions
Currency Exchange International is available at Raleigh-Durham International Airport. It has a location in Terminal 2, Ticketing Area/Pre-Security and Gate C1.
Currency Exchange International is also available at MSP Airport. It has locations in Terminal 1 (both Post-Security and Pre-Security) and Terminal 2 Post-Security.
Your bank or credit union is likely the best place to exchange currency. You can also order currency online and have it delivered to your home, or use your bank's ATM network once you've reached your destination.
Airport currency exchange kiosks often offer poor exchange rates and high fees, leaving you with less money to spend on your trip.
Compare rates using an online currency converter or by checking the rate on Google. If you're exchanging currency at a bank, understand all the fees involved, such as service fees and shipping fees.
