When traveling abroad, exchanging your home currency with that of the visiting country is quite important. Whether you are commuting, buying food, or paying hotel rent, you would require the new currency. However, it is not uncommon for tourists to forget to exchange their currency when flying internationally. Luckily, in that case, airports are there to help. In this article, we will briefly discuss the currency exchange rates and fees charged at airports.
What’s the currency exchange rates at the airport?
Although airports allow desperate tourists to exchange currency at the very last hour, it does so at relatively high rates. So, if you are traveling abroad and forgot to exchange your currency, be mentally prepared to lose some value while exchanging the currencies. Generally, the rate offered by the airport is 7 to 15% worse than standard bank rates.
How much are currency exchange fees at the airport?
Airports typically charge an exchange fee ranging between $5 to $15 but that also depends upon the amount of currency you are exchanging. The extra fees are also sometimes disguised under low exchange rates. The fee structure for exchanging currencies varies from airport to airport. It might be useful to inquire about the fee structure from the airport in case you are planning to exchange currency at the airport.
How much currency should you exchange at the airport?
The answer solely depends on how much cash you require. You can choose to exchange as much currency as you require in a single go instead of exchanging every few days (in compliance with the maximum limit). However, since airports do not offer a very good exchange rate, we suggest otherwise. It is recommended that you only exchange a minimal amount at the start so as to cover initial basic expenses including transport or food. You can later visit a bank and exchange currency at a relatively better rate.
Moreover, some airports have an upper limit on the amount of currency that you can exchange. This limit depends upon the country and the currency being exchanged. You can get this information by visiting the official website of the airport you are traveling to.
How to find Currency Exchange Services at the Airport
It is fairly easy to spot a currency exchange service provider at the airport. The location of the office may vary from airport to airport. Some airports have it placed inside the terminal while others may have it at the entrance or elsewhere. Regardless, you can easily find a currency exchange service at an airport by asking the airport officials.
Best Alternatives to Exchanging Currency at the Airport
There are multiple alternatives to exchanging currency at the airport. They offer higher exchange rates hence providing a better value for your money. Some of the best alternatives include visiting a local bank or utilizing the services of a currency exchange service provider. Other alternatives include ATM and visiting the international branch of your bank. All these options typically offer better rates than airports allowing you more money to spend on your vacation.
You can also use Wise.com to transfer and exchange money internationally. You can easily send money abroad QUICK & EASY and you will get the REAL exchange rate with FAIR fees!
Conclusion
Although travelers can comfortably exchange currency at the airports, there are other better alternatives. ATMs and banks amongst others can offer better exchange rates at lower fee rates. This provides tourists with a higher value than compared to airports.
Airports nonetheless offer tourists the opportunity to exchange currency at the last hour. So, for travelers that easily submit to stress and are forgetful, airports can be quite helpful even at higher costs.