Planning a trip abroad for your summer holidays? It’s probably time you started thinking about how and where to purchase your travel money. With everything from Article 50 to the snap election affecting how much foreign currency you’ll get for your pounds, picking the right foreign exchange provider has never been more important.
So, before you start planning the finer details of your trip, CEO of International Currency Exchange (ICE), Koko Sarkari, has put together a list of top tips to bare in mind when considering where and how you should purchase your holiday money.
With more currency providers available than ever before you will never be short of choice, so ensuring you shop around to get the best deal is essential. Be sure you weigh up your options – do you want a convenient store location or do you want to take advantage of the best deals available online? Most foreign exchange (FX) providers offer a Click & Collect service, meaning you can take advantage of online rates with the convenience of collecting in store or at the airport, where exchange rates can be a lot higher.
Don’t get caught out by hidden fees
You might think you’re getting the best rate and being more cost effective buying your currency online, as varying operating costs, regional competition and other factors can mean that exchange rates are poorer in branches. However, some providers charge extra fees for handling and delivering – so be sure to check the fine print and factor them into your total cost. This will help you to work out if you are actually getting the great deal you think you are.
Keep an eye on the exchange rates
In order to get the best exchange rates, keep an eye out the week before you buy so you can see how volatile rates are with the foreign exchange provider you are considering using. That way you’ll know if you need to snap up a good deal straight away or can be a bit more laid back. It’s also best to be aware of any overnight rate changes. If you want a specific rate guaranteed, it’s always best to order the same day as you’ve spotted the deal.
Keep your money safe
To ensure maximum safety with your money, make sure to check how long a provider has been operating. Companies that have been dealing in foreign exchange for longer are much more likely to have security and customer service policies in place that will help you resolve any problems, should they come up. This is especially important if you are transferring money abroad or using a currency card.
Look for added value
When choosing where to purchase your travel money, consider the added value of each currency provider. Are you planning to sell remaining currency back after your trip? Will you need your currency sooner rather than later? If so, look for a FX provider with a free buyback guarantee, or free next-day delivery.
To make the most of your travel money with International Currency Exchange’s latest foreign currency offers, go to: https://www.iceplc.com/deals-and-offers/foreign-exchange-offers