Travel the world to experience different cultures, popular tourist landmarks, local cuisine, drinks and more. The cost to book flights, hotels, car hire, travel money and more will vary between countries. Depending on where you are traveling to and from, you may find holiday destinations that are cheaper compared to the prices you pay in your home country. Whether you are looking for weekend breaks, luxury getaways, a family holiday or you are traveling alone or with pets, we recommend researching your trip via Trippy and asking other travelers for help with planning.
Wherever you are traveling in the world you will need holiday money to pay for restaurants, ski-hire, buying or renting property and hotel stays, refreshments, ice cream, bike hire, fun activities such as boat rides, jet-ski hire, car rental and more. Travel money is available from local banks and bureau de change locations worldwide, so you have access to travel money wherever you are on holiday. Many people choose to buy currency for their holiday from the airport when they are traveling, but this is often the most expensive option. We recommend buying travel money before you leave in advance at your local bank or bureau de change. There are also online companies such as Travelex, WeSwap and more that will exchange money for you before you go on holiday. If you are converting over £1,000 we recommend using an international money transfer provider where you are likely to find the most competitive exchange rates for transferring large amounts of money. If you are simply exchanging a small amount, less competitive rates from local currency exchanges and bureau de change stores will suit your requirements.
When you go on holiday and travel to a foreign country, you will need to buy travel money. There are a number of reasons to buy foreign currency. For example, a taxi from the airport may not accept credit card payments. Also when in a foreign country, credit and debit cards often charge fees for transactions made with your card. You can avoid these fees by exchanging cash in advance with a bureau de change. You could get your money changed for foreign currency at a high street bank or bureau de change. However, it is becoming more common to order your foreign currency online on the internet, and it is also becoming the cheapest method of obtaining foreign currency.
There are a number of ways to get travel money for your holiday which are explained below.
Buying foreign currency at your high street bank or a local bureau de change is a convenient option to consider if you are visiting your local town or city, but it is not the cheapest option or the best value. These banks and bureau de change shops will usually charge a commission, and will not offer the best exchange rates. Because they have a shop, they have rent to pay and the cost of transporting and holding lots of foreign currency means they have to recover this cost when they set their prices and exchange rates. You can get the best exchange rates if you buy currency online.
Buying currency online is becoming more popular around the world because you can get the best exchange rates. Furthermore, compared to high street banks and a bureau de change, they often do not charge commission and fees, making it a better deal for you to buy your foreign currency online.
When buying your foreign currency online you have 4 options to get access to your foreign currency:
If you are traveling via an airport, it will be convenient to collect foreign money ordered online at the airport bureau de change. Likewise if you are traveling to a town or city before you travel, you could collect money from a bureau de change. Many people choose to have foreign currency delivered to their home address, which is usually next day with a secure delivery company. The final option is to make a money transfer online direct into your bank account, which can save you money and time if you do not need to travel or need quick access to your foreign currency.
When arranging your travel money, you will want to exchange your money at the best exchange rate to maximize the amount of foreign currency you can afford. If you are transferring a small amount of money, you should also be aware of handling fees and minimum charges, particularly when buying currency from a high street bank or bureau de change.
The timing of your currency exchange will directly affect the amount of foreign currency you receive. Currency exchange rates are always changing due to economic factors and geographic and political events. You are advised to monitor exchange rates to choose the best exchange rate to convert your money.
When choosing a company to buy foreign currency from, you will want to get the best exchange rate. The best foreign exchange provider depends on how much money you are transferring. Some companies specialise in transactions over £2000, while other companies provide a good service involving small amounts of money but are less competitive when they exchange large sums of money.
The companies we recommend here at Exchange-Rates.com are Wise and TorFX which both operate online.
This foreign exchange company matches buyers of a currency with individuals selling the same currency. By matching buyers with sellers, Wise does not need to hold onto a lot of currency, and because they are an online company they do not have high costs associated with running and operating premises. Wise will offer great exchange rates which are more favorable than high street banks and bureau de change shops for any amount you would like to exchange. They have also featured in well-known publications for their first-class service. To go to Wise please click here. To read more about Wise click here.
