Exchanging money at the airport is stupid – agree/disagree?

Forum Value Personal Finances Exchanging money at the airport is stupid – agree/disagree?

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    I was thinking of exchanging money at the airport until someone told me what an idiot I am! He didn’t get into too much detail.

    Am I being stupid exchanging money at the airport? Do you agree or disagree?



    You aren’t an experienced traveller, are you? I’m afraid your friend is absolutely right. While you can do this if you have absolutely no choice, it is something someone might do as a last resort.

    An airport money exchange service is going to cost a lot. At an airport, there are all kinds of extra service fees, so this is passed down to you.



    If it is still not too late, you can either exchange money online or at a local currency exchange service. You can go to a place such as Interchange Financial, since they have many locations.

    Just imagine how the money you can now save can be used for other things during your trip. If you use an airport’s currency exchange, you can forget about saving. You are always going to lose out big time.



    Some clever people (myself included) time their purchases. Of course, this is not an option if you are in a hurry and rushing at the last minute. This can take days, but it will save you money.

    You need to keep a close watch, then time your purchase. This way, you will get a good outcome when purchasing the foreign currency you need. This is something you can do online. The website you use must be a reputable one. The exchange rates must be constantly updated so that you can observe closely. I usually check XE.com for the latest currency exchange trends.



    You need to gauge the fluctuations and get a feel for things. This will give you some understanding. With this understanding comes confidence. You cannot do this at an airport.

    Once you notice that the currency exchange is strong in your favour, you can swoop in immediately. At the same time, you can get advice from a currency expert.



    Just to add, airport currency exchanges aren’t dumb. They know exactly what they are doing. They know that travellers sometimes have no options. Besides, they have very little competition.

    This is why airports are not bothered to offer travellers a competitive rate. I even heard that airport currency exchange rates are only updated when it favours them! Talk about cunning. Like it or lump it.



    I can see people knocking an airport exchange rate. Though I understand, in a way, you can’t really blame them. They too have no choice. While I agree that an airport is probably the last place you want to exchange money, don’t forget that these offices charge more because the airport charges them too.

    The exchange offices in an airport have to pay all kinds of fees, so they have to make it back somehow. They pay the airport operating fees. This is made back when they charge higher fees to customers.

    The only plus side to this whole thing is that it is convenient when you are stuck and in a hurry. Otherwise, you are better off transferring money at a proper currency exchange office or online.

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