When traveling from the UK to Nigeria, one essential task is converting your British pounds (GBP) to Nigerian naira (NGN). Airports provide convenient currency exchange services, but it’s crucial to know the best practices and available options to ensure you get the best rates and service. This guide covers everything you need to know about converting pounds to naira at airports, with examples of trusted exchangers like Travelex and others.
Understanding Airport Currency Exchange Services
Convenience and Accessibility
Airports are designed to cater to travelers’ needs, and currency exchange services are readily available in both departure and arrival terminals. These services provide a convenient way to convert your pounds to naira without the hassle of searching for local exchangers upon arrival in Nigeria.
Examples of Airport Currency Exchangers
Travelex is one of the most recognized names in airport currency exchange services, with a presence in major UK airports such as Heathrow, Gatwick, and Manchester. In Nigeria, Travelex operates in key locations including Murtala Muhammed International Airport in Lagos. Other reputable exchangers include ICE (International Currency Exchange) and Moneycorp, both of which also have a strong presence in major UK airports and offer competitive rates and services.
Comparing Exchange Rates and Fees
Importance of Checking Rates
Exchange rates can vary significantly between different providers, and airports often have higher rates compared to city center exchanges or online platforms. It’s essential to check the rates offered by various providers at the airport to ensure you get the best deal. Websites and mobile apps like XE and OANDA can provide live exchange rate comparisons to help you make an informed decision.
Understanding Fees and Commissions
Airport currency exchangers may charge fees or commissions on top of the exchange rate. These can be flat fees or a percentage of the amount being exchanged. For example, Travelex often includes a service fee in their exchange rate, which might be less visible but can impact the overall amount you receive. It’s important to ask about any hidden fees and compare the total cost, not just the exchange rate.
Utilizing Pre-Order Services
Benefits of Pre-Ordering Currency
Many currency exchange providers, including Travelex, offer pre-order services where you can order your currency online and pick it up at the airport. Pre-ordering can secure you a better rate than what is available on the spot and ensures the currency is available when you arrive.
How to Pre-Order
To pre-order currency, visit the provider’s website, select the amount of naira you need, and choose your pick-up location and time. Travelex, for instance, allows you to order online and pick up your cash at a designated counter in the airport. This service can be especially beneficial during peak travel times when demand for currency is high.
Knowing Your Limits and Safety Tips
Currency Limits and Regulations
Both the UK and Nigeria have regulations regarding the amount of currency you can carry in and out of the country. In the UK, there’s no limit on the amount of money you can bring in or out, but amounts over £10,000 must be declared. In Nigeria, travelers are allowed to bring in and take out up to NGN 5,000 without declaration. Knowing these limits helps avoid legal issues and potential fines.
Safety and Security Measures
When exchanging large amounts of money at the airport, it’s important to be cautious. Always count your money before leaving the counter and store it securely. Using a money belt or a hidden pouch can be a safer option than keeping large amounts of cash in your wallet or handbag. Be aware of your surroundings and avoid discussing your cash transactions with strangers.
Alternatives to Airport Exchange Services
Using ATMs
ATMs are a convenient alternative to airport currency exchangers. Most airports have ATMs that accept international cards and dispense local currency. However, it’s important to check with your bank about international withdrawal fees and exchange rates, as these can vary. ATMs often provide better rates than currency exchange counters, but fees can still apply.
Online and Local Exchange Options
If you prefer not to use airport services, consider exchanging a small amount at the airport and then using local exchangers or banks once you arrive in Nigeria. Local banks and exchange offices in city centers often offer more competitive rates. Additionally, online platforms like Wise (formerly TransferWise) and Revolut can provide favorable exchange rates and lower fees, with the convenience of managing your transactions through a mobile app.