Airports are a popular currency exchange place for visitors making their way into a new country. It can be a lifesaver for travellers who arrive without local cash or those who don’t have access to other foreign exchange options. While it might seem convenient, it isn’t always a good idea. The chances are that you’re very likely to get ripped off.
Before we discuss how to avoid airport forex rip-offs, let’s first look at how they happen.
Also read: How to plan a multi-country trip without losing money to FX fees
There’s a lot to be wary of when using airport exchange services. Many of them take advantage of travellers’ naivety and urgency. They know that most people arriving at the airport probably don’t have an alternative, so they exploit customers through unfair mark-ups and hidden fees.
Most airport currency exchange counters apply mark-ups of 3–5% (or more) on the mid-market rate. The mid-market rate is the real rate you see on Google or XE. This means you lose money right from the start, especially when exchanging large sums. You might see signs advertising “no commission” or “zero fees.” What these counters often do instead is hide the fee inside an inflated exchange rate. You’ll end up paying more without even noticing.
In some cases, dishonest operators take things further. They might hand you less cash than agreed, sneak counterfeit or tattered notes into your pile, or miscount the money while appearing to do it openly.
Now that you know how airport exchange counters can take advantage of you, here are tips to protect yourself and your money.
Before you travel or exchange any currency, check the live mid-market rate online through Google, XE, or Reuters. This will give you an idea of the fair value and help you spot bad deals instantly.
Sometimes, there are many vendors at the airport. Don’t rush to the first exchange counter you see. Walk across and compare rates. Even the small differences can save you a lot.
If you’re exchanging a large amount of money, don’t hesitate to negotiate. Many exchange counters can adjust their rates slightly if you are convincing enough.
When receiving cash, count every note in front of the counter. Look out for missing bills, tattered currency, or counterfeits.
When using your card abroad, always choose to pay in the local currency, not your home currency. DCC transactions use poor exchange rates that can quietly eat into your funds.
If you urgently need local cash, consider using international ATMs located inside or near the airport. While you might pay some ATM exchange fees, you may get a much fairer exchange rate than at the counter.
Alternatively, setting up an international payment service before your trip can help you avoid the problem entirely. Multi-currency digital accounts let you convert and hold money at real exchange rates safely and conveniently.
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If you want to avoid airport or ATM exchange fees, here are a few reliable platforms you can use:
Grey is a digital payment service designed to simplify cross-border payments for people managing multiple currencies. The platform provides UK, US, and EU bank accounts, allowing users to receive international payments seamlessly. You can convert between currencies at competitive and transparent rates and withdraw directly to local bank accounts. Account setup takes just a few minutes, and all users are verified to ensure secure transactions.
Wise operates in most countries, supporting multiple currencies. It allows users to open foreign bank accounts, receive payments globally, and convert money at mid-market rates with clearly displayed fees. Wise also issues debit cards for spending abroad, which makes it ideal for digital nomads and frequent travellers.
Revolut offers a simple way to hold, send, and spend in over 25 currencies using real exchange rates. You can manage all your travel expenses through one app, avoid surprise charges, and withdraw from ATMs worldwide with minimal fees.
Also read: Global accounts vs traditional exchange houses: which is better?
Airport currency exchange services might look convenient, but they often charge inflated rates and rely on travellers’ lack of preparation. Checking exchange rates in advance, comparing offers, and using trusted fintech platforms can help you easily avoid airport exchange rip-offs.
Before your next trip, set up a multi-currency account with Grey for transparent exchange rates, quick transfers, and secure transactions. Opening a multi-currency account also means you can manage multiple currencies in one platform without requiring frequent conversions. With Grey’s USD debit card, users can enjoy seamless international payments from anywhere in the world.
Get started with Grey today for seamless currency conversions.
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