Best Exchange Rates | Foreign Exchange | Currency Exchange | Money Transfer

Whether you’re going on a business or pleasure trip abroad it is important that you plan your travel money options in advance as typically you will get the worst exchange rates at the airport.

The first step you should take is to consider your travel money options and what you think will best suit your needs and requirements. The three main options you have to choose from are Travel Money or Holiday Money, Travellers Cheques or Travel Money Cards.

The most common way people tend to carry money abroad is in the form of cash. This is a convenient way as it will be accepted anywhere you go, provided it is the right currency. You can also enjoy the added benefit of purchasing your currency when there are attractive exchange rates in advance. However carrying lumps of cash on your person is not always the safest method as it runs the risk of being lost or stolen.

In contrary to carrying travel money and its flaws with regard to security another option is Travellers Cheques. Travellers Cheques are an extremely safe travel money option as provided you sign the top left hand corner, if you lose or get the Cheques stolen you will be able to get them replaced so you will not be left out of pocket. Furthermore they are widely accepted in bureaux de changes, hotels, restaurants and many shops. However it is important to take in to account how developed the destination you are travelling is, for example if you are planning a trip to the Sahara desert you may have difficulty finding places to exchange this Travel Money medium.

Probably the least well known travel money product, due to its relatively recent invention, is Travel Money Cards. Travel Money Cards are a great product that act as a prepaid card with chip and pin technology. The way they work is that you load the card up with the currency of your choice and they can be used in your destination like a normal card but without all the hidden fees and costs that are associated with a standard debit or credit card when you travel abroad.  Like Traveller’s Cheques they also have the added benefit of security. Provided you report your card lost or stolen, a new card can be issued to you with the amount left on your original card transferred on to it.

In order to get the best exchange rates make sure you plan your Travel Money options abroad.

For more info on all ranges of currency services go to:  www.currencyexchangeuk.com

How to find the best exchange rates

It is very common for people going abroad to leave the organisation of their travel money until the last minute.  However, the worst place for currency exchange is the airport. That is because bureaux de changes at the airports tend to charge a higher rate of commission than anywhere else.  These days the way to get the best exchange rates is by organising yourself in advance and going online.  Online currency specialists can usually offer much better rates than you would see in a bank or foreign exchange kiosk because their overheads are considerably lower.  While foreign exchange rates constantly change an online foreign exchange specialist will be able to adapt to market changes immediately so that you know you are getting the most up to date rates.

It is worth comparing different companies if you are getting your travel money online because the rates of different companies can vary considerably.  All of the foreign exchange specialists are in competition with each other so you will get a better rate on your foreign exchange if you shop around.  Once you have found the best exchange rates you can purchase currency with a credit or debit card and the money should be delivered to you on the following day. This process should be fully insured but make sure you read the full terms and conditions so that you know exactly what you are getting.

Alternatives to travel money

Traveller’s cheques are starting to become a thing of the past but they are still available from a multitude of foreign exchange specialists.  Travel’s cheques are more secure than carried cash because they are insured if they are stolen. However, once they are converted into cash the cash is just as vulnerable.  An alternative to traveller’s cheques are travel FX cards.  These are top up cards which you can top up with money at a fixed exchange rate before you go abroad.  These cards are secure and mean that you don’t have to carry cash around. They can be used in shops and restaurants just like normal cards.