Everything You Need to Know About Airport Exchange Rates
Travelling can be exciting, but you should first learn about the airport exchange rates. Doing so saves you from carrying large sums of money, which can be insecure, and paying a lot of fees at some exchange points once you reach your destination.
If you have two or three days left to your travelling date, use them to put your finances in order. This is especially helpful if you are travelling on a budget and don’t want to spend more than you are planning to.
Check out some tips you can follow below.
Avoid Exchanging Currency at the Airport
Exchanging currency at the airport is costly. Some people pay over 27 percent more than they would have paid in a bank or ATM. Besides the high exchange rates, you also pay a service fee for using the airport kiosk.
These shops offer high exchange rates because they know you need the money for immediate purchases, such as for a taxi or bus.
Alternatively, if you have just landed and don’t have any cash to use, look for a bank inside the airport or an ATM. These offer the same exchange rates as the other banks, and you won’t pay a service fee.
The Best Place to Get Better Exchange Rates: Knightsbridge FX
Now that you know how it can be costly to exchange your currency at the airport, you might wonder where to get the best exchange rates. The good news is, Knightsbridge Foreign Exchange offers the lowest exchange rates to help you save more money.
While most currency exchange providers at the airport charge high mark-up fees of up to 3%, Knightsbridge FX charges low mark-up fees of 0.1% - 0.5%. Our consistent bank-beating rates can help you save hundreds or thousands of dollars.
Besides providing the best exchange rates, our customer services are exceptionally fast and convenient to ensure that you receive value for your currency exchange. Also, you won’t have to worry about the security of your funds as we guarantee that your money is safe.
Other Tips and Ideas to Get Lower Exchange Rates
1. Use Your Prepaid Card
If you are looking for ways to avoid cash and get foreign currency with lower exchange rates, using a prepaid card is safe. Load your foreign exchange money onto the card and put it in your pocket.
Although you will pay an annual fee for the card and more fees to purchase it, you will save more on foreign exchange costs.
2. Use Your Local Bank to Exchange Currency Before the Trip
You will suffer less stress if you manage your money in advance. First, calculate the amount you need for your trip, then visit your local bank. Banks have foreign exchange counters with reasonably low rates when compared to airport exchange rates.
3. Use Your Travel Credit Card
Using a credit card is a double win for you. First, you earn points for the money you use on your trip, and also, there are zero transaction costs since most travel credit cards offer no transaction fees for your exchange.
4. Use a Specialist in Foreign Exchange Service
In addition to many available foreign exchange sources, you can also get your currency from a specialist in foreign exchange. You will place your orders from the comfort of your home and get the money delivered.
5. Acquire a Borderless Multi-Currency Account
If you are a consistent traveller, it’s beneficial to acquire a borderless account. This enables you to hold the money of any amount for different currencies and provides debit cards to make purchases. You can also take local cash from the nearest ATM.As well, there is no cost involved in opening the account. It also allows you to know the mid-market rate. This is vital since banks that provide money exchange services add a mark-up fee on the mid-market rate at which they buy their currency.
6. Send Money to a Friend or Family in Your Destination
If you are visiting a friend or a family who has a local account, consider sending them money that you can withdraw after arrival at no cost.
How to Manage Currency Exchange When You Land
If you are reading this message mid-flight, do not worry because there are other available means to get your foreign currency. It would be best to plan how to use your money once you get to your destination.
If you only have the option of exchanging money at the airport, consider exchanging small amounts to avoid high costs. Decide on your mode of transportation and get the cash you need immediately after landing.
Furthermore, you can purchase your public transportation ticket and pay with your credit card. If you are patient enough to find an ATM or wait at the bank for the exchange, you will be more advantaged.
You can also consider waiting until the following day to visit a bank to exchange your cash to avoid the high airport foreign exchange rates. Determine how much you need for the few hours when you land and exchange that.
Save your money for exciting activities at your destination by avoiding a terrible currency conversion rate trap.
The Free Foreign Transaction Fee Credit Card Will Help
You are more likely to lose huge amounts of money during exchange unless you have an international bank account. Therefore, it is advisable to consider using a foreign credit card with zero foreign exchange fees.
However, some credit cards levy an annual fee. Compare the benefits and the costs, and only get the card you will benefit from more. Also, remember that credit cards come with high-interest rates making them more expensive than currency exchange fees.
You may be travelling to treat yourself, but keep your budget target in check. Avoid throwing your hard-earned money out the window. Also, remember to plan how to navigate the unexpected costs.
If you still have foreign currency left over after the trip, you can sell it through the bank or specialist exchange service.
Determining how you will exchange your currency when you travel can be tiring, but it will save you from the high airport exchange rates. Thoroughly research the best places to get good foreign exchange deals. You should also plan your budget before your trip to keep your finances in check. Luckily, this guide will make your work easier.