Exchanging Cash
It is always useful to have some cash for your trip abroad, for taxis, drinks when you first arrive or many other things. However, you need to think carefully about the amount you take.
Most hotels and apartments will have a safe in your room, that you can rent for a small amount, and store your cash, cards, passports and tickets for the return journey. In fact, some holiday insurance is null and void for those things if you have opted NOT to rent the safe. But what should you take into consideration when getting the cash you have decided upon?
Where to buy your currency.
You can order your currency over the internet, from high street banks or building societies, from the Post Office or from the Travel Agents themselves. The exchange rates on any given day tend to be very similar, and to be honest, you could spend more in petrol and phone calls trying to get the best rate, than just going and getting your currency. Some travel agenst will offer you a fixed rate if you have booked through them, and some offer to buy your currency back at a better rate. This can sound tempting, but how many of us are lucky enough to bring cash back from a holiday?
If you have booked your holiday or trip well in advance, you have time to assess how the currency markets are doing, and take a chance on when the time is right. Most of us, however, just roll up to our provider of choice and buy at the rate for that day.
Where not to buy your currency.
If, like so many of us, you arrive at the airport about to set off on your holidays feeling more than just a little flustered (having spent the night before washing, ironing and packing your clothes, whilst frantically trying to track down your passport and ticket), it is very possible that you won’t have had the time to sort out your travel money in advance. But not to worry - you can always change-up your cash at the airport, right? After all, you need something to do to while away the hours whilst waiting for your flight to be called.
But be warned, recent research by the foreign exchange service, FairFX, has discovered several of the UK’s biggest airports offer the worst exchange rates out there.
Despite the appealing proposition of 0% commission, some airport exchange bureaus are actually offering less than one Euro to the pound. And with sterling having recently dropped in value, every penny counts when you’re changing-up your holiday money.
The worst reported offender is Birmingham airport, which offers less than parity at a mere E0.9756 to the pound. Birmingham is closely followed by Liverpool, Luton and Gatwick, which also offer less than one Euro to the pound. The current exchange rate at Heathrow is a E1.0071 to £1, with a depressing £3 commission charge.
So, the lesson to be learnt is, don’t leave changing-up your holiday money until the last minute. Shop around and make sure you are getting the best deal available, so you have the most amount of money to spend when you’re away.