Where to Exchange Foreign Currency in Chicago

If you’re traveling to Chicago or simply need to exchange foreign currency, you have several options available to you. Chicago, being a major financial hub, offers a range of services for currency exchange, from specialized currency exchange services to banks and even airports. Here’s a comprehensive guide to help you navigate your options and ensure you get the best rates and services.

1. Currency Exchange Services

Chicago hosts a number of specialized currency exchange services that cater to both residents and travelers. These businesses often provide competitive rates and a wide range of currencies. Some well-known options include:

• Travelex: Located in various spots including O'Hare International Airport and other central locations, Travelex is a leading global currency exchange service known for its extensive network and favorable rates.

• Chicago Currency Exchange: Situated in several locations throughout the city, Chicago Currency Exchange offers a broad selection of currencies and is known for its efficient service.

• The Currency Exchange International (CXI): This service operates multiple branches in the city, offering competitive rates and various financial services including money transfers and prepaid cards.

2. Banks

Many banks in Chicago provide currency exchange services to their customers. If you have an account with a major bank, this might be your most convenient option. Banks typically offer competitive rates, especially for account holders. Some banks to consider include:

• Chase Bank: With multiple branches across Chicago, Chase offers currency exchange services for account holders, often with favorable rates and low fees.

• Bank of America: Another prominent bank in Chicago, Bank of America provides currency exchange services at its branches. It’s a good idea to call ahead to confirm availability and rates.

• Citibank: Citibank branches across Chicago also offer currency exchange, especially useful if you are an existing customer.

3. Airports

O'Hare International Airport and Midway International Airport both have currency exchange services available. These are convenient but might have higher fees and less favorable rates compared to other options. If you need to exchange currency at the airport, it’s often a good idea to compare rates at different kiosks within the airport.

4. Hotels

Some upscale hotels in Chicago offer currency exchange services for their guests. While this is a convenient option, the rates and fees might not be as competitive as those found at specialized services or banks.

5. Online Services

If you prefer to handle currency exchange digitally, several online platforms and mobile apps offer currency exchange services. Some of these include:

• Wise (formerly TransferWise): Known for its transparency and competitive rates, Wise offers currency exchange services that can be very cost-effective.

• Revolut: This digital banking app provides currency exchange services with favorable rates and no hidden fees.

• PayPal: PayPal offers currency exchange services through its app, though it may come with higher fees compared to other options.

Tips for Exchanging Currency

1. Compare Rates: Always compare exchange rates and fees across different services to ensure you’re getting the best deal.

2. Check for Fees: Be aware of any service fees that might apply. Some places offer lower rates but charge high fees, so it's important to consider the total cost.

3. Plan Ahead: If you’re traveling, try to plan your currency exchange in advance to avoid last-minute issues at airports or tourist spots.

4. Safety: Use reputable services and avoid exchanging large amounts of cash in unsafe or unverified locations.

In conclusion, Chicago offers numerous options for exchanging foreign currency, each with its own set of advantages. Whether you choose a specialized currency exchange service, a bank, or a digital platform, make sure to compare rates and fees to get the best deal possible.