philadelphia airport currency exchange rates

Philadelphia Airport Currency Exchange Rates: What to Expect

Exchanging currency at Philadelphia International Airport (PHL) can be convenient, but it’s crucial to understand that the exchange rates offered are generally less favorable compared to other options. Airport currency exchange services provide immediate access to foreign currency, but this convenience often comes at a cost.

Understanding the exchange rates and fees associated with these services can help you make an informed decision about the best way to obtain foreign currency for your trip.

Why Airport Exchange Rates Are Typically Less Favorable

Airport currency exchange services, like those found at PHL, operate with higher overhead costs than banks or online exchange platforms. These costs, including rent, staffing, and security, are often passed on to customers through less competitive exchange rates and higher fees. The limited competition within the airport environment also contributes to these less favorable rates.

Where to Find Currency Exchange at Philadelphia Airport

Several Travelex locations provide currency exchange services at Philadelphia International Airport. These locations are typically found in the departure areas after security, catering to travelers about to embark on international flights. It’s always a good idea to check the airport’s website or information kiosks for the most up-to-date locations and hours of operation.

What to Consider Before Exchanging Currency at PHL

Before exchanging currency at the airport, it’s essential to compare the offered exchange rate with the interbank rate, which is the rate banks use to trade with each other. You can find the interbank rate on financial websites like Wikipedia: Exchange rate. The difference between the offered rate and the interbank rate represents the service’s profit margin and fees. Also, inquire about any additional fees or commissions that may apply.

Consider exchanging only a small amount of currency at the airport for immediate needs, such as transportation or a meal upon arrival at your destination. Explore alternative options for larger currency exchanges, such as banks, credit unions, or online currency exchange platforms, as they often offer better rates.

Alternatives to Airport Currency Exchange

Several alternatives can provide more favorable exchange rates:

• Banks and Credit Unions: These institutions often offer competitive exchange rates to their customers.
• Online Currency Exchange Platforms: Services like TransferWise (now Wise) and Revolut provide competitive rates and lower fees.
• ATMs: Using your debit card at an ATM in your destination country can be a cost-effective option, but be mindful of ATM fees and foreign transaction fees charged by your bank.
• Credit Cards: Many credit cards offer favorable exchange rates for international transactions, but check for foreign transaction fees.

FAQs About Philadelphia Airport Currency Exchange

1. Are the currency exchange rates at Philadelphia Airport negotiable?

No, the currency exchange rates offered at airport locations are typically fixed and not negotiable.

2. Can I exchange currency back to USD at Philadelphia Airport?

Yes, Travelex locations at Philadelphia Airport generally allow you to exchange foreign currency back to US dollars, but the same unfavorable exchange rates and fees will likely apply.

3. Is it better to exchange currency before going to the airport?

In most cases, yes. Exchanging currency at a bank, credit union, or online service before your trip usually results in better exchange rates and lower fees.

4. What are the opening hours of the currency exchange services at Philadelphia Airport?

The opening hours vary depending on the specific location and flight schedules. It’s best to check the airport’s website or contact Travelex directly for the most up-to-date information.

5. Can I order currency online and pick it up at Philadelphia Airport?

Some currency exchange services, like Travelex, may offer online ordering with airport pickup. Check their website for availability and details.

Summary

While convenient, exchanging currency at Philadelphia International Airport typically involves less favorable exchange rates and higher fees. Consider alternative options like banks, credit unions, or online platforms for better rates. If you must exchange currency at the airport, exchange only a small amount for immediate needs and compare the offered rate with the interbank rate to understand the costs involved.