Studying abroad is an exciting experience and a major phase of your career. However, managing finance in a foreign country is very important. For Indian students pursuing their education in Frankfurt, Germany, one of the key aspects to consider is currency exchange at the best places to get fair rates. Some of the best places for currency exchange in Frankfurt are banks, exchange counters at airports, exchange bureaus etc. Let’s check all the major details about these centres and know how to get the best exchange rates.
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Best Places for Currency Exchange in Frankfurt
Frankfurt is known as the financial capital of Germany. The city has a plethora of currency exchange options ranging from banks to specialised exchange bureaus. The Euro (EUR) is the official currency in Germany, and as an Indian student, you’ll need to convert your Indian Rupees (INR) to Euros for your day-to-day expenses. Some of the major service providers are Banks, currency exchange counters at airports, exchange bureaus, online platforms and ATMs. Let’s check the details about all below.
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Currency Exchange in Frankfurt through Banks
Banks are the most common and reliable option for currency exchange. In Frankfurt, some of the major banks like Deutsche Bank, Commerzbank, and Sparkasse offer currency exchange services. One of the major drawbacks of exchanging currency through banks is that they usually offer high exchange rates and also their operating hour is very limited.
Currency Exchange Counters at Airports
Frankfurt Airport is one of the busiest airports in Europe and has several currency exchange counters. While currency exchange at airports offers quick services, they usually come with higher fees and less favourable exchange rates. It’s advisable to exchange only a small amount of currency at the airport to cover immediate expenses and exchange the rest at more favourable locations in the city.
Currency Exchange Bureaus in Frankfurt
There are a lot of currency exchange bureaus throughout the city of Frankfurt. These exchange bureaus offer competitive rates and usually have longer operating hours compared to banks. Some of the popular exchange bureaus in Frankfurt are ReiseBank and Ria Financial Services. It’s recommended to compare rates and fees at different bureaus before making a transaction.
Online Currency Exchange Platforms
With the rise of digital banking and fintech solutions, online currency exchange platforms have become increasingly popular and one of the most preferred ways of exchanging currency. Online platforms like TransferWise, Revolut, and N26 offer competitive exchange rates and low transaction fees. However, it’s essential to ensure that the platform is reliable and secure before transferring large sums of money.
ATMs (Automated Teller Machines)
ATMs are one of the most common ways of exchanging currency in Frankfurt, and most of the ATMs accept international cards. If you have a multi-currency Forex card, you can withdraw cash from the ATM in the local currency. However, using ATMs for currency exchange may attract additional fees such as ATM withdrawal charges and foreign transaction fees imposed by your home bank. It’s advisable to check with your bank regarding international transaction fees before using ATMs frequently. Try to explore some best forex cards to use in Germany and withdraw cash conveniently.
Important Guidelines Regarding Currency Exchange
It’s very important to keep some of the major guidelines in mind while making a currency exchange transaction in Frankfurt. Check some of the important tips and guidelines which will help you to exchange currency in a better way:
- Try to avoid last-minute currency exchange transactions, especially at airports or tourist areas.
- Take the time to compare exchange rates and fees at different banks and exchange bureaus to get the best deal.
- Utilise online currency converters and comparison websites to track exchange rates and find the most cost-effective option.
- When using your debit or credit card for purchases, opt to pay in the local currency (Euros) rather than your home currency to avoid additional conversion fees.
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Currency exchange in a foreign country like Germany won’t be difficult if you do it with a bit of research and planning. Indian students studying abroad in Frankfurt can ensure that they get the most value out of their money. Check some of the FAQs based on currency exchange in Frankfurt.
FAQs
Banks are a common choice for currency exchange due to their reliability. However, they usually offer less favourable rates and limited operating hours compared to other options.
Currency exchange at airports comes with higher fees and less favourable rates. It’s advisable to exchange only a small amount to cover immediate expenses and seek better rates elsewhere in the city.
Online platforms like TransferWise, Revolut, and N26 offer competitive rates and low transaction fees. However, it’s very important to analyse the platform’s reliability and security before transferring large sums of money.
Yes, ATMs are a common way to exchange currency in Frankfurt, and most accept international cards. However, you should be aware of additional fees such as ATM withdrawal charges and foreign transaction fees imposed by your home bank.
It’s important to avoid last-minute exchanges, compare rates and fees at different banks and bureaus, utilise online currency converters, and opt to pay in the local currency (Euros) when using your debit or credit card to avoid additional fees.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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