Exchanging money at bank vs at airport
When leaving a country(Japan in this case) is it better to change money in a bank in town or at the airport or does it even matter?
I have heard that the exchange rate at the airport is worse then in banks. Is that true?
I am planning on changing yen to euro.
The only pros and cons I know currently are that not all banks in Japan have foreign currencies so I would have to visit multiple banks to exchange money while at the airport they will certainly have enough.
Best Answer
The one exception to not changing it at the airport on your return home would be if you were unfortunate enough to change your money when you arrived at the airport, and the money exchange had a return exchange program so that you could reconvert your funds back to your original currency at the original rate.
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Is it more expensive to exchange currency at the airport?
Much like knowing stadiums overcharge for beers, it's no secret that airport exchanges are an expensive option for trading in money. Most charge a fee or service charge of anywhere from $5 to $15, and the exchange rate you get can be seven to 15 percent worse than the standard bank rate.Is it cheaper to exchange money at the bank?
Though there may be a small fee, your bank or credit union will almost always be the best place to exchange currency (and the cheapest). You may be able to order currency at a branch location or by phone or online to have it delivered to you, or to pick up at a branch.Is it better to exchange money abroad or at home?
Although this depends on many factors, including which currencies you want to convert and which country you are travelling to, generally speaking exchanging your money AFTER you travel will provide you with a more favourable exchange rate. The rule is simple: the more common the currency is, the cheaper it will be.Why are exchange rates different at banks?
We determine foreign exchange rates using a variety of factors including market conditions, exchange rates charged by other financial institutions, our desired rate of return, market risk, credit risk and other market, economic and business factors. Foreign exchange rates are constantly changing.Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
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