Where can I Exchange Currency in Munich: Best Places to Exchange Currency in Munich
Where can I Exchange Currency in Munich? Munich is one of the most visited cities in the world, with over 70 million visitors passing through each year. Over 6 million people attend the Munich Oktoberfest each year, making it the biggest beer festival in the world. This is your guide to the most convenient locations to change money whether you’re going to the festival or just visiting the city for its beauty at any other time of year.
Money-Exchanging Basics: Everything You Need to Know
Being a member of the Eurozone, the currency in Germany is the Euro. Both Munich Airport and Munich’s Heimeranplatz train station provide visitor currency exchange services. However, the first exchange bureau you encounter is not generally the best option.
Here are some of the factors you need to take note of regarding money exchange in Munich:
1.Make sure you know the current exchange rate.
If you need to convert one currency into another, you may look up the exchange rate to see how much one currency is worth in the other.
One standard rate of exchange exists; it goes by several names, but it is most often referred to as the interbank rate or the mid-market rate. You may use this rate as a standard against which other rates are being given, since it is the “real” exchange rate.
The exchange rate stated by most bureaus de change is lower than the mid-market rate because the bureaus build in a fee. Consequently, you should be suspicious of any sign that promises “no commission,” regardless of how convincing it may seem.
Check how much their advertised exchange rate deviates from the true mid-market rate. It is easy to get this rate on Google or with our currency conversion tool.
2. Keep in mind that Currency Exchange rates are Dynamic.
The value of one currency relative to another may fluctuate dramatically in the span of a single minute. Interest rates, debt ratios, economic growth, and comparable inflation rates are among the most significant variables impacting the present rate.
Even the most knowledgeable market experts may have trouble foreseeing future rate shifts. However, if you monitor the foreign exchange market and the currency combination you are using, you may be able to determine the best moment to make the exchange.
3. Research your Home Bank’s Partnerships before you Leave
Several worldwide banks have a footing in Germany; Deutsche Bank, Commerzbank, and Citi, to mention a few. See whether your home bank has a branch or a relationship with other banks in Munich to avoid exorbitant conversion costs.
You may get preferential treatment from partner banks in the form of reduced or eliminated withdrawal and foreign exchange costs.
4. Choose to be charged in the Country’s Currency.
Always choose to be charged in the local currency while using an ATM in a foreign country. Try to stay away from any currency conversions that happen on the fly. When you want to be billed in your native currency instead of the default currency, you may be subject to a higher exchange rate fee.
5. To Avoid Exchange Rate risk, don’t change Money at Airports or Hotels.
For airports and hotels, the main client is you – the visitor. In exchange for their convenient location, though, you will have to pay more. One common practice is for hotels to tack on commission fees of up to 20% every withdrawal.
Your hotel or airport is typically steps away from a superior currency exchange alternative, such a bank or ATM. Rather than being taken advantage of, use one of these.
6. Spend your Money before you go.
Inadvertently bringing back a bunch of foreign money is a regular blunder made by vacationers. You’ll end up paying fees twice if you convert it back to your local currency.
Don’t change more money than you need to, instead anticipate your needs and prepare ahead. Keep an eye on your coins and use them while you’re there since you can’t get back what you spent in Munich.
Where can I exchange currency in Munich?
The commission that an exchange bureau will charge you for their service will be either stated explicitly or implicitly in the exchange rate that they provide you. Check the quoted rate against the current median market rate to ensure you’re receiving the best bargain possible.
Below are a few possibilities to check out while in Munich:
|Currency Bureau||Address||Contact Information|
|ReiseBank AG München ZOB||Hackerbrücke 4, 80335 München, Germany||+49 89 55969850|
|ReiseBank AG München Hauptbahnhof 1||Bahnhofpl. 2, 80335 München, Germany||+49 89 551080|
|Ria Money Transfer & Currency Exchange||S-Bahn Ladenpassage im UG, Arnulfstraße 1, 80335||+49 89 94397324|
|Money Exchange Deutschland GmbH||Schillerstraße 23A, 80336 München, Germany||+49 89 72632412|
|UAE Exchange UK Limited||Bayerstraße 20, 80335 München, Germany||+49 89 53886214|
Finally, the bottom line
With several possibilities for exchanging currency, a trip to Munich is no longer out of the question. There are several bureaus de change, however using an ATM to withdraw Euros is the most convenient option. We recommend you take out big quantities of money at critical times throughout your journey, to avoid incurring numerous ATM fees.
And if you or a friend have a Euro bank account in Munich, you can utilize Wise to make the transfer in advance without having to worry about exchanging currency. Wise converts your money at the genuine mid-market rate, which nearly usually beats the banks, and since your money is collected and transmitted via local banking systems in both your home country and Germany, you won’t have to worry about costly international bank fees.