Just landed - wondering what gives the better rate in United States: ATM withdrawal or airport exchange counter?
I was in Chicago last week and tested both options just to compare. I used the exchange booth at O Hare and converted 200 euros and got around 198 dollars. Then I withdrew 200 dollars from a Chase ATM with my French Revolut card and ended up being charged just 186 euros. That’s a big difference for the same amount. The ATM had a withdrawal fee but the rate was way closer to market value. Based on this I would say airport exchange counters should only be your last resort when you have no other option. ATMs win hands down in the US as long as you’re not using a card that charges big international fees.
I landed at Orlando International last month from South Africa and was low on cash. The currency exchange counter was charging a ten percent service fee on top of a weak rate for rand to USD. I skipped it and found a Bank of America ATM near the car rental center. I used my Capitec Visa debit card and paid about 2.5 percent in conversion plus a flat fee from the machine. Still got a better deal than what the airport desk was giving. Airport counters are convenient but you pay for it with the terrible rate. ATMs are better if you have a travel-friendly card.
I arrived in San Francisco in May and was debating this exact thing. My friend used the Travelex exchange desk at SFO and got less than 85 dollars for 100 pounds. I withdrew the same amount from a Wells Fargo ATM using my Dutch Bunq Mastercard and got over 92 dollars after fees. Even after a 3 dollar local ATM fee the exchange rate was way better than what they offer at those counters. If you have a card that doesn’t charge foreign exchange fees like Revolut or N26 you will always come out ahead by using ATMs instead of airport counters.
Just landed at JFK two weeks ago and made the mistake of exchanging cash at the airport counter. I lost quite a bit on the rate compared to what my bank showed. They offered me 1 USD for 1.21 euros when the rate was 1.07 online. Total ripoff. The guy behind me used a Chase ATM right outside baggage claim and got a much better rate using his Belgian Mastercard debit card. I checked later and realized ATMs usually give the mid-market rate minus maybe a small fee depending on your bank. Wish I had used my card instead of bringing euros