Hey everyone,
Heading out on a trip soon and I'm trying to figure out the best way to get some local currency before I land. Should I exchange some money before I get to LAX or wait and do it at the airport? I've heard the LAX airport currency exchange rates aren't great, but the convenience of having some cash on hand right away is tempting.
Anyone have experience with exchanging currency at LAX? How were the rates? Are there any better options outside the airport?
Hi! I do not have experience with LAX specifically, but will opine that you can probably get a better exchange rate from your bank. At least, I always could in the days when I left home with UK pounds in my pocket before heading out. And if you want, say, a hundred quid in folding money as a just-in-case, that’s what I’d advise: exchange at your bank.
That said, the UK is overwhelmingly a “tap and go” space now: tap your card or your phone on a reader to pay. Lots of places don’t even accept cash any more. There are vendors here and there who will have a small sign posted indicating that they prefer (or will accept) cash, but 97% of the time a card or tap of your phone is how you will pay.
So… if you can’t get cash before you leave, I wouldn’t worry. There will be ATMs in Wales as well.
Steven - for those of us based here in Los Angeles, we have access to a local chain of currency exchange desks: LA Currency Exchange.
They have several locations across the city, and I've found their rates to be quite reasonable for more in-demand currencies - although they can provide just about anything you need. There is no additional fee beyond the xrate.
You can look on their website and compare their daily rates to what's published as official rates:
For example, right now their rate for GBP is 1.320846 whereas Wells Fargo is quoting 1.3329. The quoted official rate online is 1.27. So their markup is approximately 4%. So just a bit more than if you make an ATM withdrawal in Britain with a card that charges a foreign transaction fee.
Purchase should be with cash; is best to call ahead to be sure they have what you need in stock.
Exchanging money at the airport is usually a bad idea.
Your bank or AAA can get you currency at a good rate.
...the convenience of having some cash on hand right away is tempting.
There is a lot to be said for that line of thinking. When you arrive you will be tired, sleepy, jet lagged, and on new ground. Then there is the search to find an exchange place or ATM. If you find an ATM, there may be a line and it might not work -- malfunctions do happen.
Eliminate the stress. Get some dollars from your local bank at home. It might cost a tad more than using an ATM upon arrival, but the extra amount will be nothing compared to the overall cost of the trip, and is, in my opinion, well worth the small extra cost.
Some malls have currency exchange booths in them. The one in the malls in my area are Currency Exchange International. Not the best rates, but if you want local currency when you land, they work just fine.
We get local currency for our next trip and the end of our current trip using an ATM. More and more we’ve found we use less and less cash on our trips.
Where are you going?
