You’ve set your destination, your hotel and flights are booked and you’ve got your sun cream and swimming costume at the ready. All you need now is your holiday money.
When you’re going abroad, it’s a good idea to exchange currency in advance, so you can take your money away with you to pay for transport, food, and other holiday essentials.
Many currency suppliers accept a range of payment methods such as cash, credit card, debit card and bank transfers. Although, none of these methods are perfect; each with their advantages and disadvantages.
In a series of posts, I am going to look at each type of payment to help you make the best decision on which method you use to exchange your holiday money this year. Let’s start with cash…
Despite the fact that the majority of us now carry cards in our wallets, cash is the payment we’re most familiar with.
When exchanging currency, cash is potentially the most immediate method. There’s no waiting around for transfers and you get what you want over the counter, there and then, with no additional fees.
Through paying with cash, you also have more control over how much you spend, as you will have already taken out the amount you need beforehand. Whereas by paying with card you could be swayed to spend more money. We’ve all been there before.
Paying with cash might avoid those unwanted additional charges, but it certainly doesn’t avoid unwanted attention.
Paying in cash holds the risk of it being stolen, especially whilst walking the streets with up to £1000 or more in your back pocket.
The potential to have your money stolen from you is always a risk, especially if someone is aware of your situation or witnesses your transaction in a store.
To avoid this from happening, always make sure your money is secure when you are carrying large amounts and make sure it is out of sight.
Suppliers accepting cash over-the-counter:
– Covent Garden FX
– Currency Exchange Corporation
– ICE PLC
– Post Office
– Marks and Spencer
In my next post, I’ll be looking at the pros and cons of using your debit card to exchange currency. In the meantime, check our site for the best rates here.