You go to the airport and find, before and after security, numerous money changers all suggesting they offer the best rates. Look closer and virtually every money changer at the airport will be offering the same rate of exchange and commission charges: and they are almost certainly higher than banks or online outlets, but by now, it’s too late – you’re at the airport already!
There’s a simple explanation why changing your money at the airport is more expensive: they have a captive market, particularly money changers situated after security. Once through security you can’t get out without the hassle of running through security all over again. Typically, there are hundreds of passengers in transit between one country and another, and all are going through the security process, so don’t expect a free pass just because you need to exchange some currency.
One reason for so many money changers at airports is because they are so profitable. There’s never a lack of people lining up to change their money, which makes attracting customers easier for airport money changers. After all, where else are the customers going to go? That’s why you get penalized for using them. Airport bureau de changes understand that at the airport, many people have no choice and need foreign currency before they leave to go to another country. No one likes arriving overseas without at least some local currency in their pocket, especially where plastic cannot be used as freely as here at home in the US.
Planning ahead is the best way to avoid using airport money changers. Research several days, if not weeks, before you’re due to depart. Check out the exchange rates offered online. All US banks and many other operators offer online money exchange. It’s necessary to work through comparisons though as rates, commissions and fees can vary significantly. It’s no good believing the website or marketing literature, as they all tell you they offer the best rates: similar to airport money changers. The fact is there are good deals, especially online, and you just need to find them, so do your research carefully.
Sit down at your computer and allow yourself an hour or so. Have a pen and paper nearby and typically, start with your own bank’s website. As a customer it’s likely they may offer you the best deal. You can also pay for your currency direct from your checking account. At the same time, check out several other banks and companies offering money exchange services and write down the rates of exchange and associated costs. Once you’ve got a list, make comparisons to find the best one, although it’s probably your own bank.
The process of getting foreign currency online is simple. Follow the instructions and, if you’re not using your own bank, have your debit or credit card on hand. Use your debit card in preference to a credit card to buy foreign currency online. There’s not usually any added charges for using a debit card, but there may be for a credit card. Importantly, most credit card issuers will charge you interest daily from the first day on any foreign currency you buy. Card issuers consider the purchase of foreign currency as a cash withdrawal: the same as getting money using a credit card at an ATM.
The added benefit of changing money online is you can get it delivered by mail, saving you the problem of going to pick it up elsewhere. Most banks deliver your money at no extra cost, although check before you commit to mail delivery.
Getting your money online and before you travel ensures you save money. It is more convenient and gives more time to look at the duty-free shops at the airport, rather than waiting in line at an airport money changer.
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