The most expensive place to change money

A captive audience, a closing gate, and a board of numbers most people cannot evaluate.

Airport currency exchange is expensive for structural reasons rather than dishonest ones. The rent is enormous, the customers are captive, almost nobody is comparing rates, and a meaningful share have simply run out of time. All of that goes into the spread.

"0% commission" is not the good news it looks like

A bureau makes money in two ways: an explicit commission, and the gap between its buy and sell rates. Removing the first and widening the second produces a sign that sounds generous and a transaction that is not.

The way to evaluate any exchange counter is to ignore the advertising entirely and compare the rate on the board against the mid-market rate in your phone. The difference is the total cost, whatever it is called.

What to do instead

1. Withdraw local currency from a bank ATM after you land, using a card with no foreign transaction fee. Decline the machine's offer to convert into your home currency.
2. Pay by card wherever cards are taken, in the local currency.
3. If you must use a bureau, use one in town, away from the station and the tourist strip, and compare two.
4. If you genuinely need cash at the airport, change the minimum to get you into the city, then do the rest properly.

Before you fly

Check what a fair rate looks like so the board means something. The cheat sheet for your destination gives you the mid-market rule of thumb, which is enough to spot a bad offer in about two seconds — and it works after your phone dies in the immigration queue.