An easily accessible spot for foreign currency exchange will save international travelers time when they are trying to exchange money coming in or going out of the country.
Tavelex, the world’s largest non-bank foreign currency provider, opened a new spot in the baggage claim terminal of the Albany International Airport on Wednesday, June 18.
Previously, the airport’s foreign currency exchange had been located in the Airport Business Center. To get to the business center, anyone that needed to exchange money had to go through the TSA’s security checkpoint and get a “gate pass.”
“We used to partner with the airport. We offered this service in the business center and it was post-security. We just thought the numbers were so great that we needed to open up a real Travelex location. So, we partnered with the airport picking an awesome location pre-security,” said Maria Brusilovsky, director of marketing and communications at Travelex.
“Not only people traveling can access the store, but anyone in the area. The airport is also offering free 30-minute parking so if you want to come in, get your money and leave, they have that option,” said Brusilovsky.
The idea was to streamline the process making it easier for travelers to quickly exchange their money and go.
“We believe partnering with Travelex and relocating the foreign currency exchange to the first level of the terminal will provide quick and easy access for our travelers and enable the general public to have unhindered access to exchange currency,” said Kenneth Doyle, Chairman of the Albany International Airport.
The currency exchange is very important for the average of 184 international travelers that use the airport daily. While most of them are heading to Europe, Mexico/Central America, the Caribbean and Asia, the exchange can accommodate travelers going to other countries as well.
“The best part about this is that it is an improved foreign currency exchange outlet new to the airport, providing a variety of financial services from insurance to currency exchanges. They stock 25 currencies. Their hours are extended beyond what the airport could afford to operate, from 7 a.m. to 9 p.m.,” said John O’Donnell, CEO of Albany International Airport.
If the exchange doesn’t have money from the country a traveler is going to, they can usually have it within 24 hours. If passengers would prefer to get a prepaid Master Card with security features, that is also an option, and cards with a chip are necessary overseas — especially since the U.S is one of the only countries in the world that doesn’t use chip and PIN technology.
“We also offer a cash passport, which is a really cool product. It’s a prepaid debit card where you load your currency on it… It’s got the chip on it, which is really important for European travel,” said Brusilovsky.
The chip and PIN system makes it much more difficult to use a stolen card and make fraudulent charges.
“The U.S. is supposed to transition to chips in the next year or so, but pretty much everywhere else in the world uses the chip and PIN system. It’s considered more secure because every transaction requires a PIN number… There are a lot of places that only accept chip and PIN cards,” said Brusilovsky.
Most travelers handle their finances differently, but it’s a safe rule of thumb to always have some cash on you in foreign countries in case of emergencies. Not all places accept cards, ATMs or banks are not always available or reliable, and language barriers can make communication difficult.
“Cash is good. It’s always good to have cash when you are on vacation. If you want to be prepared and have the money before you go so you don’t have to worry about it, then we (Travelex) are a really good option,” said Brusilovsky.