One of the most exploitative businesses in the world is the foreign exchange services at airports and on-street booths. The rates they charge are nothing short of robbery. They exploit the ignorance of the general population to charge a fortune for a service that deserves very little margin.
That may sound harsh, but when you look at the options available to everyone for foreign exchange transactions, it’s absolutely shocking that outlets charge what they do to switch your dollars for pounds, or euros for dollars.
In this article I’ll explain the problem and give you a few numerical examples to show you how bad it can get. Then I’ll provide alternative methods for getting foreign currency. Methods that won’t result in spending a ton of cash for a service that shouldn’t cost very much.