Exchanging currency - what are your options
Many people need to exchange currency at some point in their lives. Whether its for traveling or business use; you must be aware of all the options available to you. This way, you can get the best deal and ensure you dont lose out on too much money.Exchanging currency online
This is a very popular method of exchanging currency for both holidays and business use. There are lots of companies that offer competitive rates online, with some giving you the option to pick up your money in a high-street store. The advantage of buying foreign currency online is that you get to see how much youll receive before having to commit to buying it.
For business customers, exchanging currency through specialist online providers is seen as one of the best and safest options. Again, the rates tend to be very good - particularly when compared to other options.
Getting foreign currency on the high street
You can pop into different shops on the high street to exchange currency when going abroad. Post offices often have a travel money section, as do all local banks. But, some shops like Marks & Spencer and Sainsburys also have a Bureau De Change that you can go to and exchange money.
Highstreet rates vary, and you can often get good deals if you have a loyalty card with specific shops. For business customers, banks are a very secure way of exchanging currency, but the rates arent always the best they can be.
Changing money at the airport
If youve forgotten to change money before your flight abroad, then you can do so at any airport. However, this usually gives you the worst exchange rates possible. You can lose a lot of money when you change currency at the airport, so it's very much considered a last case scenario if you have no other options.
Using pre-paid travel cards
These days, you can purchase travel cards that are loaded with as much money as you need. Theyre handy for holiday goers as it helps you stick to a budget, and you can normally use the card back in the UK if theres still money on it after your trip. The only downside is that you have to pay if you want to withdraw money from a foreign ATM or top-up the card. But, this is a brilliant alternative to carrying around lots of cash and loose change. You can compare prepaid cards on Lendingexpert.co.uk that have been especially designed for using abroad.
Using travel credit cards
Usually, if you use a credit or debit card abroad, you get charged per transaction. These small fees soon add up, and the exchange rates on the purchases are typically terrible as well. So, you can lose a lot of money whenever you go abroad.
Thankfully, there are some special travel credit cards around that don't charge any extra fees at all. Plus, they often provide you with cashback or other perks for using the card on holiday as well. Essentially, it's a credit card you can use in different countries without incurring transaction fees. As such, it's a great option for people who tend to spend a lot of money or make large payments while on holiday.
These are your main options when exchanging currency - some may suit you better than others. Go through each one, compare exchange rates online and on the high-street, then pick one that suits you best and saves you the most money!