Travel Money and Foreign Currency Advice

Buy currency online, not at the airport

Many people still buy their foreign currency at the airport just before their flight or once they disembark at their destination. However, by doing this you expose yourself to poor exchange rates and fees and usually you’ll be paying over the odds for your spending money.

Look online before you go and compare travel money providers. Without the high overheads of premises etc., foreign exchange providers can offer you much better deals and some of the best exchange rates available. you can even compare the rates to your local high street providers to see the difference. Foreign currency can then be delivered direct to your door, or sometimes even collected at the airport.

Don’t pay extra for your travel money, take a few minutes and buy online and compare providers before you travel.

Use a Foreign Exchange Currency Card

Foreign Exchange Currency Cards are still a relatively new phenomenon for the UK public, despite having been around for the last few years. These cards allow you to take your travel money on a Visa or MasterCard card, in either Pounds, Euros or Dollars. Safer than cash and with easier access to your cash than with travellers cheques, there is no reason to avoid them.

The cards are operated by Visa or MasterCard so can be used anywhere you would use a normal UK bank or credit card. With CHIP and PIN security your money is protected, and great exchange rates also help you save money.

To read about all the benefits, take a look at our FAQs, or head straight to our comparison tables to find the best option for you.

Steer clear of credit and debit cards abroad

Everyone knows to avoid credit and debit cards abroad….don’t they?

Using a UK bank card abroad exposes you to a whole range of additional costs, foreign exchange loading fees, commission fees etc. For example, with Barclaycard, on a £200 purchase you can add around £7 to your purchase in commission. The exchange rates you are offered also tend not to be competitive, instead this is another way for the bank to make money on foreign currency purchases. One key mistake people often make is withdrawing cash on your credit card abroad! If you do this you will be charged interest on your withdrawal whether you pay back the money immediately or not! At interest rates upwards of 15% this is not something to be taken lightly.

So save money, avoid using your bank cards to access travel money.

If you want the security of a card, without the expense, think about a foreign exchange currency card or do some research into cards with free withdrawals and purchases abroad (e,g. Santander Zero Card).

Many sure you understand the exchange rate, and how to convert the currency

One of the easiest ways to blow your travel money budget is to forget, or miscalculate the exchange rate. Try and find a simple calculation which helps you estimate the amount in pounds, this way you can keep much better track of your outgoings while away, avoiding any nasty shocks when you return!

There are a range of currency conversion apps around too, so if you have an iPhone think about downloading one before you set off.

Check with UK Foreign Office for information before you travel

Make sure you are aware of any UK government advice on the locations you are visiting on your travels, and if you are travelling to any remote or unstable regions make sure you note down the number of the British High Commission. To find out what the foreign office recommends, click here.

For larger currency requirements, use a foreign exchange specialist

If you need to purchase a large amount of currency, make an international payment or send money abroad for any reason then a foreign exchange specialist is your best bet. These companies specialise in currency exchange and can offer much better exchange rates than your bank on large transfers. You can save up tp 4% on the amount transacted. For more information, have a look at our money transfer comparison pages or FAQs.