Looking forward to a glorious family holiday in the sunshine? Perhaps a European city break, or a long haul cultural adventure is in the offing? Whatever foreign holiday destination beckons, make sure the exchange rate is good for that all important holiday spending money.
Check the Daily Exchange Rates
There are lots of great sites online where exchange rates can be checked daily. Don't just go in to a local bank to change cash, shop around.
Online Currency Exchange
Online, sites such as Crown Currency Exchange can offer great rates for pre-purchase in advance. The closer the departure date, the further the rate is likely to drop, so sometimes it pays to order in advance. However, there's always the possibility that a better exchange rate might become available on the High Street.
It is hard to predict how the exchange rate is going to fluctuate. If tommorrow's rate was known today, there would be no need for highly paid traders in the city. And let's face it, they gamble the wrong way sometimes too and lose fortunes. Sometimes pre-purchase will get the best deal, other times it will not.
Price Comparison site Moneysupermarket.com offers a great place to start an online search for a good deal on exchange rates. They feature several reputable foreign currency providers, and a simple click through to the individual sites themselves will enable a check of the daily rate.
Exchange Rates on High Street
There are many good foreign currency deals available on the High Street but often they don't hang around long. So it pays to be on the ball about exchange rates. Continue monitoring the rates online to help determine what's a good deal on the High Street. Go ready prepared with this knowledge, so a good deal spotted on the High Street can be snapped up quickly, before it disappears.
Some travel agents will cut a better deal for higher amounts of cash exchanged. So if going away in a large party or family, it might be to everyone's advantage if the money to be exchanged is pooled.
It's also worth talking to the bureau de change cashier about whether they can offer a better deal. It doesn't hurt to ask, and sometimes they can be surprisingly helpful. Some travel agents will guarantee to undercut their rivals exchange rate too, so walk away, check out the competition and return armed with your best offer. Currently Thomson and Going Places are both offering to beat any exchange rate found on the High Street. This is subject to change in the future, but it's always worth looking out for deals like this.
Pre-Order Money For Airport Pick-Up
The airport is the very worst place to find a good deal on exchange rates. If foreign currency cash exchange is left until the very last minute, it's nigh on impossible to find a good deal at the airport bureau de change. However, if money is ordered in advance from an online store that has a concession at your departure airport, it is possible to arrange to pick up the foreign currency from the airport at the pre-designated exchange rate. Be aware, this may lead to feelings of great smugness if other people at the same airport bureau de change are walking away with far less cash!
Shop Carefully With Commission Free Deals
Commission free doesn't necessarily mean it's going to be the best deal. Very often if a company is offering 0% commission, the exchange rate will be terrible. Be sure to check out one factor against another. The best exchange rate usually gets the best deal.
Enjoy A Relaxing Holiday
Finally, once the holiday cash is purchased, the best advice is to now try and stop looking at the exchange rates. There's absolutely nothing to be done if the exchange rate changes now, so just relax and enjoy a carefree summer holiday.
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