Whether this is your first time buying currency, or you are a well-seasoned traveller; it's always a good idea to familiarise yourself with the protocols of ordering currency over the Internet so you know exactly how it works and what to expect.
We regularly receive questions from our visitors regarding currency and ordering online, so we have compiled a list of the most frequently asked questions on this page for your convenience. If you have a question that is not answered below, please contact us.
No, we do not supply any currency. CompareHolidayMoney.com provides a comparison service that simply lists the exchange rates from a number of different sources, with a link to their website where you can place your order directly with them. ^How often are the rates updated?
Each currency supplier that we list update their rates at different times throughout the day, and some update their rates more frequently than others. In our efforts to always bring you the most up-to-date exchange rates information, we scan and update our exchange rates every hour. However, because of the nature of the currency market and the frequency at which some suppliers update their website, the rates that appear on our comparison table may have changed slightly. ^What are the risks involved with using an online currency supplier?
The risks involved with ordering currency online are no different to the risks involved with ordering any goods online as far as consumer's are concerned. What most people want to know is whether or not they will be able to claim their money back in the event that the supplier they are dealing with collapses before their order is fulfilled. The answer is yes - under certain circumstances.
When ordering currency online, we recommend our users check to see if the company they are using is registered and regulated with the Financial Conduct Authority (FCA), formerly the Financial Services Authority (FSA) - an independent body appointed by the Treasury to oversee the running of financial institutions in the UK. Companies that meet this criteria can guarantee customers that their money will be safe in the event of the company falling into administration because the FCA will cover any customer losses.
All of the currency suppliers listed on CompareHolidayMoney.com are registered with HMRC and/or the FCA. ^Is it safe to buy currency online? What are the risks involved with using an online currency supplier?
Yes. We only compare currency suppliers who pass our strict quality guidelines, which include online safety protocols and precautions. All of the currency suppliers we feature use "SSL" technology to encrypt your data over the internet, which means ordering your currency online with them is as safe as internet banking. ^What is a 'Secure Server', or 'SSL'?
"SSL" is a set of encryption protocols (a language) that determines a secure way for your computer to connect to a website over the internet that prevents a malicious attacker from seeing your sensitive information. A "Secure Server" is a server (a computer that a website is running on) that is using SSL. All of the suppliers we compare use SSL on their ordering forms. Look for "https" at the beginning of the address bar. The "s" stands for "secure", and indicates that the connection has been encrypted. ^I do not understand exchange rates?
As a basic definition: an exchange rates are the charge for exchanging the currency of one country into the currency of another. All of the exchange rates that appear on our website are the exchange rates for changing Great British Pounds (GBP) into the currency indicated. So for example: if the exchange rate for the Euro is 1.1500, you can calculate the amount Euro's you would receive for £300 by 300 x 1.1500 = 345. So £300 would buy you €345.
You can also use the exchange rates to work out how much a certain amount of currency would cost you in Great British Pounds. If for example you needed exactly 750 US Dollars, and the exchange rate for US Dollars is 1.5615, then 750 ÷ 1.5615 = 480.30 or £480.30. ^How can I pay for my currency?
Payment methods vary from supplier to supplier, but generally speaking they can accept payment by Bank Transfer, Cheque and (not always) Credit/Debit Card. Some suppliers will also let you pay cash directly into a branch of the bank that they bank with, but this is not very common as the banks charge the suppliers for this privilege. Check the supplier's website for full details on what payment methods they accept. ^Can I sell my currency back when I return from my holiday? Why do some sites ask me to register for "Anti-Money Laundering"?
This is a legal requirement. The government insists that suppliers of currency hold information about who they have transferred money to and where it was sent. By law when you have transferred £10,000 you must register, but many companies start this process with much smaller amounts, and some require every customer to register as a matter of company policy regardless of how small their order is. ^Are there any "hidden" charges?
No charges are "hidden" in the sense that you are likely to skip over them or not see them before you place your order. Currency suppliers in the UK have to be registered and/or regulated (depending on their size) by the Financial Services Authority, which means they have to provide a clear statement of exactly what they are charging you for before you submit your order.
Some suppliers may charge a small fee if paying by Credit Card because of the charges levied on them by the banks. If this is the case, they will make this very clear before you commit to buying your currency so you can cancel your order or change your payment method before you submit your order. Most of the suppliers we compare do not charge any commission on orders placed over the internet, but some (usually the banks) do to cover administration costs. Again, this should be made perfectly clear to you before you buy. ^How will my currency be delivered?
Nearly all of the currency suppliers that we compare use Royal Mail Special Delivery to send their currency. This standard method of delivery is guaranteed by Royal Mail to arrive before 1pm the next working day after it has been posted, and is fully insured for up to £2,500. Orders over £2,500 are usually broken down into separate packages, each containing £2,500 for insurance purposes, and you will receive them all separately on the same day. ^
Some currency suppliers such as the Post Office offer a free collection service from any of their branches, so you can order your currency online and pick it up from a nominated branch for extra convenience. ^Can I order currency from overseas?
No. Most currency suppliers only accept orders from UK residents and deliver cash to UK addresses. You can have money transferred overseas cheaply by using an online payment service such as Moneybookers. ^What do I do if I need a copy of my policy documents?
All our providers allow yu to print your insurance documents from their websites. Most will email you a copy of your travel insurance document when you complete your application. Some anti spam email filters may filter out emails from travel insurance providers. Please check your junk mail folders if you did not recieve an email confirmation. ^Will companies settle volcanic ash related claims?
There is not a single answer as each provider policy is different. You will need to read your policy documents and policy wording for your policy for natural disasters
Sometimes you may have to claim under natural disasters, other providers see this as a cancellation claim. Many insurers believe it is the airline's responsibility to cover all costs if they cancel your flight. ^How do I find a policy to cover my cruise?
Cruise cover is not normally a particular type of insurance. Cruise cover is an activity that can be added to almost any type of insurance.
You do need to make sure that all the destinations that you are intending on visiting are covered by your policy and that they policy will cover you for the length f time you will be away. Most providers will have tailored a single trip policy to suit the needs of people taking a cruise. ^What type of policy should I buy?
We provide comparisons of the two most common types of travel insurance policy; single trip and annual or multi trip. It is really up to you to decide if you intend to travel more than once during the next twelve months.
A single trip policy will provide cover for a single specific holiday or trip. Simply select your holiday destination. An annual multi-trip policy is a travel insurance policy valid for 12 months. The main advantage of an annual multi-trip policy is that you do not have to arrange cover for each journey that you take, especially if you and/or your family travel frequently throughout the year. It also normally works out better value than buying two or three single trip policies over a year. ^I have a pre-existing medical condition can I be covered?
A pre-existing condition usually means any medical condition for which medical advice, diagnosis, care or treatment was recommended or received. Our comparison table assumes that you do not have any pre-existing medical conditions, but this does not exclude you. Most insurers will charge a higher price than the one quoted here if you have a pre-existing medical condition. ^Will I be covered for day trips, excursions, and multiple destination holidays?
Many insurance policies will cover for excursions, e.g. travelling to another country for a day or two as part of your holiday. However, check with the insurance policy as there may be conditions and limits to your cover.
For holidays with multiple destinations, this also varies by insurer. If you wish to purchase a single trip policy you'll need to select the furthest away destination and then check with the insurer they will cover the other destinations and also any time spent travelling.
It maybe cheaper to simply purchase an annual policy which will ensure that you are covered at all times and in all destinations, subject to your policy conditions. ^What is included in my policy?
The headline details of your cover are lited in our comparison table (medical cover, cancellation and baggage cover levels). More details of what you are covered for can be found in your policy wording and policy documents along with any other types of cover that you have purchased
For cover for Cruises, Winter sports and Hazardous activities the levels of cover (if any) will vary from provider to provider. We would suggest you read your policy documentation or check with your provider prior to travel purchasing any specific policy. ^How do I cancel my policy?
If you wish to cancel any policy you must contact your travel insurance provider as soon as possible. ^Who do I contact to make changes to my policy?
You will need to contact your chosen policy provider directly if you wish to make changes to your policy. Most providers will be happy to let you buy upgrades to your policy and level of cover. ^When does my policy expire and how can I renew my policy?
Your policy will expire at midnight on the final day it's valid for.
You should check the details of cover in your policy documentation regarding disasters and terrorism. There may be exclusions within your policy so it's important that you check this if you're concerned.
Important: Insurers may not provide insurance if you are travelling to a country where the Foreign and Commonwealth Office have advised against travel. For advice on countries not to travel to and for global information prior to travel visit www.fco.gov.uk/travel. ^Is it true that getting drunk invalidiates your travel insurance?
Many people do not realise that if you are drunk on holiday and an incident happens, your travel insurance may not cover you. This rule also applies if you need to make a medical claim or some of your belongings are lost or stolen. ^What happens if my travel insurance provider goes bust?
All the companies listed use FSA regulated underwriters. What this means is that should your provider go bust the FCA will attempt to transfer your policy to another provider giving equivelant cover. If that proves not to be possible then you will recieve compensation up to the value of your policy. ^
If you have a question you would like to ask, please use our contact form.
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