It is the holiday season as we move well into summer, not that you would know by looking outside. And with holidays comes thoughts of picking up foreign currency, an extra worry this year with such a weak pound. Moolr looked at how you can get the most for your money. We examine the best currency deals this summer.
We will all be aware of a variety of comparison sites on the internet nowadays.Currency is no different, and you can find the place to get the best rate near you with a simple search. You may get a better rate if you are willing to have money sent to you, if not in a rush.
Many currency suppliers will deliver your currency for free too. But wherever you decide to get your currency from, do check what the total cost is for doing so. Not everyone provides the service for free.
Pre-paid cards offer competitive rates and low/no fees, and allow you to load money onto a card that you then use on holiday. This means not having to carry money around with you, and also prevents you spending more than you intend, as you will be compelled to stick to a budget more. See what offers are out there and whether such a card suits your needs,
With political turmoil a constant in the UK at the moment, there is always the dilemma as to when is the best time to buy currency. Generally the best time has been as soon as possible, as the pound has continued to weaken. However in the past week it has strengthened again as the chances of a no deal Brexit have receded slightly. It is up to you whether you want to take the gamble with exchange rates.
There is no real need anymore to set off on your holiday abroad weighed down with all the money you think you will need for your trip. If you use a cash machine abroad, you will often get a better rate, even after you factor in the bank charge that will accompany the transaction. Because of the transaction, this is only worth doing if getting quite a lot of cash out. Your card will also be protected against fraud.
In Turkey, the best rates when I am on holiday there can be found by simply going into a bank and exchanging currency there.
The only certainty is that you should NEVER get your currency at the airport. Their rates are atrocious.