“Where is the best place to get my foreign currency?”
This is a question we are frequently posed. Being a Yorkshire travel agency this is probably not a surprise to most people!
Our customers sometimes provide us with anecdotal evidence about a foreign exchange provider who has given them a great rate for their Euros or Dollars, but even then this can vary from day to day and between currencies. And don’t forget, the more currency you purchase, the more the risk that you have made an expensive choice. Buying £1,000 of foreign currency can cost you up to £70 extra if you choose the wrong provider.
Sterling Value Impacts On Your Holiday
The economic and political situation affects all currencies, and with the recent impact of Brexit the Pound has become weaker and is currently at a low. Consequently, during the week of writing this article, there have been reports of holidaymakers paying over £1 for a single Euro.
Should I Buy Foreign Currency At The Airport?
This is an emphatic no. Airports offer some of the worst rates of exchange around, probably due to the high rental costs of being on an airport, and should be avoided wherever possible.
Currency Exchange Price Comparison Websites
So how can you be sure that you are getting the best rate possible when exchanging money?
We have all become savvy at using comparison websites to compare financial products, with sites such as Compare The Market becoming very high profile alongside many similar websites.
But Currency Exchange Price Comparison Websites seem less well used, perhaps due to the infrequent number of times we need to change our Pounds for foreign currency. But to get the best deal, and avoid losing money on your foreign exchange, then Currency Exchange Price Comparison Websites may provide you with a solution to the question we asked above, “Where should I buy my foreign currency?”
Martin Lewis has become the sage of financial advice with his Money Saving Expert website, newspaper columns and TV appearances and he has a website connected to Money Saving Expert which will quickly allow you to search and find the best provider for your specific currency exchange requirement. Just follow this link and enter a few bits of criteria and it will give you the best results for your currency requirements.
Should I Pay In Local Currency?
One final piece of advice for those travelling overseas. When using ATM’s or card payment machines you may be asked whether you wish to pay in Sterling or the local currency. Always select local currency as the exchange rate for sterling is set by the merchant or retailer and is almost certainly going to be favourable to them and not you, and will not be as competitive as that provided by your own bank or financial institution.