The spread at the currency exchange booth at JFK is offensive. I stood there for 11 minutes just watching people give away their hard-earned money.
I saw one guy trade $500 for Euros and lose nearly $70 in the 'conversion fee' and spread. That's a nice dinner for two in Paris, gone before he even left New York.
So the problem is convenience. Those booths thrive on your fear of arriving in a new country without cash.
Don't be afraid.
Actually, scratch that. Be afraid of the airport booths. They are the real danger.
Here's the thing — you're almost always better off using a local ATM when you land. Just make sure you follow the golden rule: **Always decline the ATM's conversion.**
Wait — this matters. When the machine asks if you want to be charged in your 'home currency' or the 'local currency,' always choose local. If you choose home, that ATM becomes the exchange booth, and they'll hit you with that same 14% markup.
Let your own bank do the math. They might be slow, but they aren't as greedy as an airport kiosk. Carry a small amount of cash if it makes you feel better, but do the heavy lifting at a normal bank ATM.
