What is the best way to convert money for travelling?

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What is the best way to convert money for travelling?



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Click to download What is the best way to convert money for travelling?

This weeks question is… ‘What is the best way to convert money for travelling?’

What is the best way to convert money for travelling? Really you have two options that you could look at. The first option is cash. If you are going to a single destination and you know exactly what the currency is then book your currency in advance, buy it online at least two days before your leave, ideally ten days before your go. This will give you the best exchange rate and value for money. Cash is always King when you are looking for flexability and value for money. Tavelers cheques are fine but if you get off the plane you cannot pay for a taxi with them. Having said that, actually I would avoid them, if you don’t want to take all your money in cash then look seriosuly at a prepaid currecy card it is as accepted as travelers cheques literally anywhere in the world where where they display the visa, maestro or mastercard logos you cna use your prepaid currency card but you also get the security of chip and pin and youa re protected against card fraud as you would be with a credit card. So if you are takig a large amount of money or if you are going to multiple destinations a prepaid currency card ill allow you to draw out local currency without being hit by poor exchange rates. So currency card or cash is the best way.

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Tourist exchange rates are not the same as the bank’s foreign exchange rates (forex) it[tourist exchange rates] generates its own set of questions. Chances are you are not a forex trader so we are updating our Frequently Asked Questions. We always welcome questions that you would like to see us answer. This is the latest video in our FAQ series.

Posted by Peter Rudin-Burgess

Peter Rudin-Burgess

Peter is one of the founding partners for both Compare Holiday Money and Currency Buy Back. He regularly blogs on financial matters and writes content for a number of blogs in the travel industry.

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