As many Britons take their first holiday since the global Covid rules were relaxed, Travel money exchange is again on the agenda. How can you ensure the best exchange rate?
Travellers who exchange their money for foreign currency can lose out on holiday because of bureau de change fees or exchange rates. travel money experts have shared their top tips to ensure hopeful holidaymakers get the best rates possible.
The expert advised those who have travel plans to not leave their currency for the last minute.
He said, “It is always best to purchase your foreign currency prior to you travel.
This allows you to compare prices and save money, while also avoiding the horrible exchange rates offered by airport bureaux de changes.
He said, “Leaving it until the last minute is when you will pay dearly if your money is exchanged at the airport or you travel abroad with only a debit or credit card.”
You will likely be charged a fee if you use your standard credit or debit card to buy items overseas. This is usually three to six percent. If you are away for more than a few weeks, it can add up.
Britons can plan ahead and track the exchange rate so they can choose the best time to buy their currency.
Mr Foote explained that the exchange rate is a measure of how much one currency can be exchanged for another.
If you exchange cash before you travel, the exchange rate will be locked in.
According to supply and demand, exchange rates fluctuate between up and down.
You might be lucky enough to get more for your money prior to you fly or you might get a better rate once you get there.
The QuoteGoat expert suggested that holidaymakers should not shop between travel money shops.
He stated that “If you want some cash with your, you will almost always get a better online rate. So you should factor in the delivery time.
A challenger card is another option for travellers.
Customers can make international card transactions at the current exchange rate with challenger banks like Starling or Monzo without paying a fee
