Where can you Get the Best Exchange Rates?
This question is asked so frequently, it is surprising that not more people know just where to get the best exchange rates. After all, we require good rates fairly often: when travelling abroad, when sending money to someone in another country…and so on. Assuming you require excellent exchange rates for a holiday abroad, here is how to find them: firstly, forget about exchanging currencies at the airport. You will get a worse deal and may be charged additional costs like commission.
Start by going online. There, you can either type in ‘foreign exchange’ or ‘travel money’ into a good search engine (google or similar) and a large selection of travel money companies should show up. Alternatively, you can use a good price or financial comparison website which lists out the main companies and shows you the latest exchange rates they offer – this is an excellent way to get the best deal. Next, choose your weapon – cash, travellers cheques or prepaid travel card? All of these have their own pros and cons – cash is great for small purchases or paying tips, but if you lose it or it gets stolen then you can’t retrieve it. Travellers cheques are a traditional way to pay overseas but require your passport every time you want to exchange them – and sometimes you’ll find there are not many place which will accept them. Prepaid travel money cards are a great new way to pay – they look like credit cards but are simply ‘load and go’ cards. You load yours up with as much currency as you require (pay in pounds) and the exchange is either made on the point of sale, or immediately. Generally, prepaid travel cards have a very favourable exchange rate. Shop around and weigh up the options, bearing mind the location you’re travelling to.