How to Get the Best Exchange Rate
With so much preparation and planning to do for your holiday or trip, it can be easy to forget or leave things to the last minute. Travel money is no exception, although scoring the best exchange rate for your cash can be a little tricky. So wherever you plan to visit, our 'travel money made simple' tips will help to make things simpler and easier for you.
If you enjoy this blog, please remember to like and share it with your friends and family. You never know, you could help them get a better deal too!
Before you leave:
- Firstly, how much money will you be likely to need for your holiday? Consider adding a little extra to it to act as a cushion. The next step is to find out what the current exchange rate is; you can easily find the information in newspapers or online. Some websites will be able to tell you whether it is likely to go up or down within the next 7 days, so make a note if it will be better to wait.
- Some things to consider when looking for the best exchange rate are commission charges alongside charges for using credit cards to purchase.
- Buying in store or online? Getting your money delivered to your home address may be the most convenient option, although remember to place your order in advance of your holiday. Some things to consider include additional charges for using your bank card to purchase.
Remember: High street retailers sometimes offer completely different prices on both their website than they do in store. If buying online, some will allow you to collect in store whereas others will add postage charges. Choose which one will give you the better deal over convenience.
- Travelling as a couple, family or group? Consider putting all your money together and get it exchanged in one lump sum. The trick here is that the higher the amount the better the deal, and therefore more money in return than if you wanted to exchange smaller sums individually.
- Avoid buying your travel money last minute from the airport. The exchange rate will most certainly be far higher than if you simply had planned in advance.
- Depending on where you are, the US Dollar is sometimes accepted alongside the local currency.
- If you're in a European country and you need more money, look for a European bank rather than commercial exchange counters. The rates will most likely be better.
When you return:
- Look for companies that offer a low or 0% commission on exchanging your holiday money back in to your home currency. If you are planning on visiting another country in the near future that uses the same currency (for example the Euro), then it might be better to hold on to your foreign currency until you need to use it again.
Have we missed anything? Why not let us know if you have any tips in the comments below!