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Don’t miss out on the best currency rates!

Don’t miss out on the best currency rates!

Category: Travel

Updated: 27/07/2016
First Published: 27/07/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Getting ready for that all-important summer break requires a lot of planning, and once you've decided what to pack, have arranged travel insurance and organised your itinerary, your thoughts will probably turn to holiday money. But how can you make sure you get the best rates?

The key is to stay ahead of the game. This means you should look to exchange your currency well before you jet off, and absolutely never leave it until the last minute and dash to airport currency counters. Indeed, research from Sainsbury's Bank Travel Money shows that Euros are 7.3% more expensive when bought from an airport kiosk, so it's far more cost-effective to exchange money in advance.

Sorting things out at a local bureau, or even online, could quite literally give you more money in your pocket, with the research estimating that those planning to go to Europe during the summer could collectively miss out on €265m by failing to do so.

"As peak holiday season is here, we'd encourage anyone travelling to Europe this summer to plan ahead so they don't miss out on the best rates," said Simon Taylor, head of Travel Money at Sainsbury's Bank. ."Our analysis shows on average holidaymakers could save €42 per transaction by getting their money in advance – enough for a lunch for two in Spain, or perhaps a few drinks in France."

Advance planning is clearly the way forward when it comes to holiday cash, but what about when you set foot on foreign soil? It's important to think about debit and credit cards too, so you can ensure you're getting the best currency rates from every angle – and aren't paying too much for the privilege.

Traditional debit or credit cards will often charge extortionate fees for foreign use, whereas those designed to be used abroad won't. They'll often be fee-free and will boast favourable exchange rates, so it's worth packing one of these cards to make sure you're covered for every eventuality.

What next?

Got your holiday cash sorted? Make sure to pack a travel credit card or prepaid card for total holiday readiness

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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