What's the Best Currency Exchange in New York City? Monito’s comparison

If you’re off on a trip to the United States for work, study or leisure, you will need to convert your currency into U.S. dollars. This will give you the money you need to enjoy the trip. New York City is one of the most popular destinations in the world, and you’ve got plenty of options for exchanging money before you go or after you arrive. 

Of course, currency exchange probably isn’t at the front of your mind when you’re planning a trip, so if you don’t get your money before you go, you can use a bureau de change in NYC. There’s just one catch—bureaux de change can be expensive, meaning you’ll pay high fixed fees, be charged extra commission, or get poor exchange rates. That means the price of convenience can add up quickly. After all, these booths, shop fronts and other physical locations in NYC are not cheap to rent, and the business owners need to make their money somewhere, so you might pay up to ten percent more for your dollars compared to other currency exchange providers.

That’s why we always recommend exchanging money before you travel or getting a travel debit card, as you could save yourself a lot compared to exchanging money when you’re in NYC. We’ve explored how much a number of bureaux de change will charge you for exchanging money, but first, let’s explore how they charge for providing currency exchange services in NYC.

New York City “Commission free” Bureau de Change

Some bureaux de change in NYC say that they’re “commission-free.” Typically, this means they don’t add an additional, separate percentage fee on top of the exchange rate they quote. That can be misleading though—although they are technically not adding on a percentage fee, you’ll still pay more than you need to through the exchange rate.

Exchange rate margins offered by New York City Foreign Currency Exchanges, explained

We’re about to get into exchange rates, which may not be the most thrilling thing you’ve read today! But it’s still important, as understanding exchange rates can save you a lot of money. We’ll try to keep this simple and quick.

The exchange rate shows the amount of currency you will get when you exchange it with another currency. For example, the exchange rate between euros and U.S. dollars might be 1.11, meaning you’ll get $1.11 for each €1 you convert, so if you convert €1,000, you’ll get £1,110.

The midpoint or “interbank” exchange rate is the base exchange rate and is the best exchange rate you can get when converting from one currency (euros) into another (U.S. dollars). In our example above, the exchange rate of 1.11 is the base rate.

Bureaux de change often makes money by providing a worse exchange rate than the base rate and pocketing the difference. For example, a bureau de change may offer an exchange rate of 1.03 between euros and dollars, so for every euro, you get $1.03, so if you convert €1,000, you’ll get $1,030. These exchange rates will be shown on currency exchange tables, which should be shown at every NYC bureau de change. 

The difference between the base rate and the rate offered by a bureau de change is known as the “margin,” and the $80 less that you get is how they make their money. We’ll share the actual rates you’ll get from New York City bureaux de change below, so you can make an informed choice on where to convert your cash. As you’ll see below, exchange rate margins in NYC could end up costing you between three and ten percent of the total amount you’re exchanging. We've done the research and shared the cheapest and best currency exchange options in NYC below.

Reading buy and sell currency exchange tables 

Most bureaux de change in NYC will quote both “buy” and “sell” rates for exchanging currency. The “sell” rate is applied when you convert your original currency (euros) into the new currency (dollars)—it’s the rate they sell the currency to you. The “buy” rate is applied when they buy what remains of that currency back from you. Note that any margin is very likely to apply on both buy and sell rates, so you’ll pay it both times, which can be expensive.

Where can you find a bureau de change chain near you in New York City?

There are several major bureaux de change operators in New York City with varying exchange rates and markups.

The cost of buying dollars with euros with major bureau de change chains in NYC

The larger chains tend to charge more money than their smaller counterparts, which we’ve shared below. Here are how many dollars you’ll receive if you’re exchanging 500 euros.

We were not able to get exchange rates for Travelex as they don’t provide rates over the phone, or for Change Group, as we could not get through to them. Of these two options, Community Financial Service Center offers a better exchange rate, although it’s still almost an eight percent commission.

Where can you find a bureau de change near you in New York City? Other bureaux de change

You can go beyond the larger chains for your currency exchange needs. There are several smaller providers operating across New York City.

The cost of selling euros and buying dollars with smaller bureau de change

The smaller, more independent operators generally provide better rates than their larger counterparts.

Here are how many dollars you’ll receive if you’re exchanging 500 euros. Of all of these, your best option would be A&S Foreign Exchange bureau de change, as their fee is only 2.9 percent of the total amount exchanged.

We were not able to get exchange rates for World Currency Exchange bureau de change as we could not get through to them.

As you can see, the NYC bureau de change you use, matters. Even if you’re exchanging just €500, your overall exchange rate and other fees can vary between $16 and $54, or three percent to almost ten percent of the amount you’re exchanging. Although the figures we’ve listed here are for euros, you’ll likely find similar markups on other currencies, and for the less used ones, you could be paying even more. That’s why it’s worth doing your research ahead of time, so you can lock in a good exchange rate before you leave.

We compare all of the most popular currency exchange providers, so you can find the lowest fees for your international money needs.

Travel Money cards can be a good alternative to expensive bureau de change

We believe you can avoid many of the fees associated with bureaux de change and spend less on your travel money by using smart multi-currency cards, like TransferWise's borderless debit card or one of Monzo or N26's card. These cards allow you to spend money in different currencies and typically offers better exchange rates, lower costs and more convenience than a NYC bureau de change. You’ll want to order your multi-currency debit card ahead of your trip, but then you can spend in confidence, knowing your money is going that little bit further.  

You can compare the best travel cards to save on fees here with Monito 🏧💱