Skip the Airport Currency Exchange: Order Foreign Currency Before Your Trip

Landing in a foreign country means facing inevitable queues - immigration, passport control, customs. But there’s one line I absolutely refuse to join: the airport currency exchange counter. Not only does it waste precious vacation time, but it’s a financial disaster.

I’ve seen airport exchanges charging up to 17% above the International Monetary Fund rates, plus additional fees! It’s highway robbery disguised as convenience.

Need cash for that first taxi or hotel tip? Here’s my strategy: order currency before flying. Most banks let you order foreign money online or by phone for pickup at your local branch. Some even ship it to your home - often without extra postage charges if you order enough.

The rates? Far better. Bank of America’s exchange rates I checked in January averaged just 6% above IMF rates - less than half what those airport vultures charge.

The process is typically straightforward: visit your bank’s website or app, select the currency and amount, choose pickup method, and place your order. I always verify rates using Reuters or the IMF website to ensure I’m getting a fair deal.

Watch for fees though. Citi charges $5 for transactions under $1,000 (waived for premium accounts). Shipping might cost extra - Bank of America charges $7.50 for standard shipping, $20 for overnight. Their Preferred Rewards members get standard shipping free.

Most banks impose minimum orders ($100-$200) and maximums (often $10,000 per month).

If it’s too late to order from your bank, try these alternatives:

Use in-network ATMs abroad. Major banks partner with foreign institutions, offering decent rates without out-of-network fees. If forced to use other ATMs, limit transactions by withdrawing larger amounts - those $5 fees add up quickly.

ATM availability varies wildly by country. Macau has 316 ATMs per 100,000 adults, while Kenya has fewer than 7.

Pay with a no-foreign-transaction-fee credit card. Regular cards charge 1-3% on international purchases. Card acceptance is growing worldwide, making this increasingly practical for most expenses.

When all else fails, try paying with US dollars. In some countries, merchants actually prefer them and might offer better deals.