I’ve also had great experiences, like in Las Vegas where I got pretty much the fair market rate without paying any fees.įor this reason, it is completely hit or miss, and I advise knowing the true rate before you go that way you can calculate how much of a cut they’ll be taking. I have had some bad experiences with this, like in Sao Paulo where they took about 25% of my money on top of the fair market rate. Ask about additional fees that they charge on top of the current exchange rates. Just be sure to ask about any extra fees that they may charge on top of the exchange rate.Ĭheck the currency exchange rate online beforehand to know what you should be looking for. While a currency exchange place will never offer you a fair market rate (financial institutions have to make money, after all), they can offer you a competitive rate. I would fully advise checking the true exchange rate online beforehand to know exactly what you should be looking for. This is completely variable and depends entirely on the currency exchange that you go to. They will take full advantage of that and completely rip you off with horrible exchange rates and excessive extra fees.Ĭurrency exchange booths outside of the airport can be a little bit better. If you are in the airport in Tokyo and are asking for yen, for example, it means that you are a tourist that currently has no money, and therefore will do anything to get it. In an airport, you are a complete captive. Now, currency exchange booths aren’t always bad. You can lose up to 25% of your money when you use an exchange booth at the airport, and using currency exchange booths should always be a last resort. In this case, you literally lose a quarter of your money! If you learn one thing from this post, it is that currency exchange counters in the airport are the single worst way to exchange money for your trip, and they will never offer you the best rates. dollars is really worth 2,000 pesos, you might wind up with only 1,500 pesos. dollar is worth 20 Mexican Pesos, they might offer you 15 or 16 in addition to the high additional fees that they charge. If you only read one sentence of this post, make it this one: Never, EVER exchange money in airport terminals.Īirport kiosks will do this by offering you a much worse rate than the true exchange rate. While this is true, easy is not worth the price – especially not when there are so many other easy ways to get cash without sacrificing so much value. When planning your trip, you may think that the easiest way to get foreign currency is just to go to a currency exchange booth at the airport. This is the single biggest rookie mistake that you can make. Never Exchange Money in Airport Terminals
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