When travelling overseas for a family holiday there are loads of options these days for consumers to exchange their sterling to foreign currency. But what option is the best and most cost effective solution to ensuring you have more travel money in your pocket for spending on holiday.
1 – Order Currency Online
Ordering currency online is the best option. If you order currency online using a comparison service in advance of travelling this gives you more control over the exchange rates and fees you are paying. Online foreign exchange companies tend to offer better exchange rates than those on the high street which usually includes Free Delivery to your home address.
Our travel money comparison tables not only include online foreign exchange companies, but also well known high street brands such as the Post Office, Tesco and Marks & Spencer. This gives you an opportunity to compare all the exchange rates available from nearly 30 foreign exchange companies and suppliers all in one place for your chosen currency giving you more control over how much travel money you will get in return and in your pocket.
2 – Click and Collect Currency
Click and collect currency is a new search function which we have added to the site this year. More and more high street travel money suppliers are now offering an option for consumers to order currency online and collect from one of their local branches or even from the Airport if they have a branch at the Airport you are flying from.
However, click and collect currency doesn’t always provide the best exchanges rates available on the market as you are restricting yourself to a geographic location or to a certain number of foreign exchange companies which in turn won’t get the most travel money in your pocket.
Although, click and collect currency does provide those who have less time for delivery to still check exchange rates for several suppliers in your area or even from the high street using your mobile phone to ensure you get the best exchange rate for your travel money.
3 – PrePaid Travel Money Card
Most high street brands and foreign exchange companies now have a prepaid currency card as part of their travel money offerings to consumers. Although, travel money cards might be convenient not all prepaid currency cards offer the best exchange and they tend to come with additional fees such as transaction fees, fx fees and redemption fees which you will need to research before ordering one.
Travel money cards are very similar to debit cards and credit cards when it comes to convenience and overseas transaction fees, but they do offer you the opportunity to ensure that you don’t go over budget. If you decide to use a travel money card then make sure that you check the exchange rates against just using normal foreign currency cash and also check what additional fees you will have to pay and whether the currency card is available in the currency you would like to use on holiday.
In most cases ordering currency online and using traditional foreign currency cash will ensure that you get more travel money in your pocket versus using a travel money card.
4 – Debit Cards and Credit Cards
For years banks have charged transaction fees on foreign currency withdrawals and card payments overseas. In addition, to these transaction fees consumers have also lost out to poor exchange rates on those transactions where they have no control on what the bank will charge as the exchange rate will depend on what the rate is on that particular day giving the consumer less control over their money.
If you in tend on using your debit card or credit card overseas make sure you check with your bank what fees they will charge for cash machine withdrawals and card payment transactions including what exchange rates they will go by. For example, the exchange rate will depend on whether your card is a Visa Card or a MasterCard and most transactional fees for overseas payments should be available via your banks or credit card provider’s website.
Using a debit card or credit card overseas for your holiday spending money is one of the worst solutions available for consumers for their travel money. However, it is always useful to have a back up option just in case you run into an emergency situation and you need money quickly.
5 – Airport Currency Exchange Bureau
Exchanging money at the airport is one of the worst places to exchange your foreign currency. You have less choice to compare exchanges rates and the exchange rates are inflated as the foreign exchange companies know that you have no time to compare exchange rates and this is potentially your last resort to get some travel money for your holiday.
However, if this is your last resort then you can always use our click and collect search function to quickly and easily compare exchange rates of foreign exchange companies at the airport you are flying from. If you haven’t left for the airport just yet then your option is to compare local exchange rates in your area to see if you can get some better rates on for your currency before you leave for your holiday.
Our advice as a travel money comparison service is that you should always compare foreign exchange rates and suppliers at least one week in advance to allow delivery of your currency to your home address. This will give you more control over the exchange rates and the foreign exchange company you decide to use and therefore ensuring you get more travel money in your pocket for your hard earned holiday!
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