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Don't leave it until the last minute
Generally, the later that you leave it, the worse it gets. By leaving it too late you will be excluding some online services which normally deliver on the next working day, and therefore reducing your options to the high street and airport. |
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Monitor the rates
The best thing to do is check the rate of exchange well before you are due to travel and keep an eye on any movements. Exchange rates change daily and if the rate starts to drop then you might want to buy before it falls any further, on the other hand if the rate is getting better then you could be better off waiting for it to peak. |
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Shop around
You are spoilt for choice when it comes to finding somewhere to buy your travel money, so take advantage of this fact and shop around because you can make considerable savings by hunting for the best rate. There are specialist travel money companies, banks, travel agents and the Post Office all providing travel money services. |
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Is it really commission-free?
Although most services state that their travel money is commission-free it's not entirely true. All the companies that offer a travel money service are making money every time someone buys from them. They buy currency for one price and sell for another, and make their money on the difference. |
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Internet, High Street or Airport?
It's more likely that you'll find the best exchange rates on the internet, and most websites allow you to order online by credit or debit card and they will deliver the next working day for free. Buying on the High Street is the next best thing if you're in a hurry, but the rates are likely to be worse than you'll find online, and try to avoid buying your currency at the airport as this will definitely cost you more. |
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Beware of withdrawing cash or paying on your card when you're abroad
Some banks will charge you every time you withdraw cash from an ATM machine abroad, and some may simply give you a bad rate of exchange for cash withdrawals and purchases - however you may not find that out until you've got your bank statement. Our advice is to check if your bank makes any charges for using your card abroad and how they calculate the exchange rate, prior to going on holiday. |
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Exchanging any left over currency when you get back
If you've got any of your travel money left over when you get home then the same applies as when you bought it - shop around. If you've only got a small amount of currency then it won't really matter, otherwise check the rates. Again, avoid the airport, the high street will probably be your best bet, but you might be able to find a better service online. |
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