A Guide To Travel Money Comparison
If you are travelling to a foreign country, you will need to exchange your money into that of the local currency. Leaving this until the last minute will more often than not cost you more money in charges, fees, commission and bad exchange rates.
It is now even easier to exchange your travel money and you can do so without actually leaving your home. The exchange rate of Foreign currency fluctuates on a daily basis and when you exchange your travel money, can make a significant difference in the loss or gain on how much you receive for the money you exchange. This is even more so if you intend exchanging large amounts of money and it really is worth your while spending a little time to compare travel money and trying to find the best deals on your foreign money exchange rate.
What Makes Foreign Currency Fluctuate
There are many factors that will determine how much you receive on your travel money exchange rate your on a certain day. The fact is that Foreign currency exchange rates fluctuate throughout the day and there are many factors that contribute to this. Here are just a few factors:
Terms Of Trade
Economic Performance and Stability
Do Your Own Travel Money Comparison
Obviously, you want to receive the best exchange rate possible at the time you exchange your travel money and this is why it is good to compare travel money rates . Even if it only works out at a couple of pounds, Euros, Dollars or Lira on your exchange, it is better in your pocket than someone elses. Doing your own travel money comparison research before you make the final decision, will ensure you receive the best rate of exchange for your travel money.
Using Travel Money Comparison Websites
Travel money comparison websites are a great way to help you find the best deals on your travel money. Travel money compare websites such as Money Supermarket or My Travel Money will allow you to enter the currencies and the amount of money you would like changing and will then search for the best deals and then return the result in seconds. You will then be shown a list of the companies offering the best rates of exchange for your money at that specific time. As well as offering the holiday money comparison tables, these websites will also provide travel money card comparison which is useful if you are looking to find the best travel money card to use whilst abroad.
Plan In Advance
If you know you will be travelling on a certain date or time of year, then you should begin to watch the exchange rates on a regular basis. This way, you will be able to get a good knowledge of how the foreign exchange rates have been performing and it will allow you to make your decision as to when to change your money much easier. If you do not have prior knowledge, you will most likely take the first offer and loose out.
It’s amazing just how much the currency exchange fluctuates from one company to the other and even on the high street you will see a significant difference between the banks, travel agents, supermarkets and currency exchange bureaus. If you have a look and do your own comparison for travel money and see how much the high street retailers offer and then go online, you will then see an even bigger fluctuation.
Get The Best Exchange Rates Online
It is no secret that you receive a much better exchange rate online than you do on the high street but so many people still do not take advantage of this fact. The majority of people leave exchanging their travel money until the last minute and then visit one of the high street retailers that offer foreign currency exchange. Even worse, they leave it until they get to the airport and then exchange their money at the there!
Note: NEVER EXCHANGE YOUR MONEY AT THE AITPORT!
If you exchange your money at the airport you will receive the worse exchange rate possible. The currency exchange bureaus at the airport are notorious for offering poor rates of exchange and this is simply because they can get away with it. They know that you are a captive market and have no other choice. However, if you can wait, you would be better exchanging your money once you have reached your final destination. Wait until you reach you the city, town or resort you are staying at to exchange your money but do not exchange your money at the airport upon your arrival .
Although many of the high street retailers do offer pretty good exchange rates, you can receive better online. The reason why the majority of people do not get the best rates from using online exchange is simply because you have to pre-order your money in advance. As we mentioned earlier, most people leave it until the last minute and have to resort to the high street retailers.
Watch For Commission Fees
More and more places are offering ‘Commission Free’ currency exchange than ever before but you still get certain places charging it. There are several ways that companies will charge the commission and normally they will either charge you a flat set fee or a percentage of the amount you wish to exchange. This means that if they charge you a minimal set fee for every currency exchange you make, it is worth your while exchanging a larger amount of money than exchanging several smaller amounts.
Ensuring You Get The Best Exchange Rate For Your Money
It can sometimes be a bit of a nightmare undertaking a travel money comparison campaign but in the long run it will hopefully be financially beneficial for you. Although some places will offer you ‘Commission Free’ exchange, others will not. However, just because they offer you ‘Commission Free’ money exchange, it does not mean that you will receive the best exchange rate for your money. This is because the companies that offer you a Commission Free’ exchange may not offer you the best exchange rate. It can sometimes work out a better deal to pay a flat fee when exchanging your money to receive a better rate of exchange on your money.
The bottom line is how much money will you receive?
Let’s say you wanted to exchange £500 British Sterling into Euros. You visit two exchange bureaus and one offers you an exchange rate of 1.28 commission free and the other offers you 1.29 but charges you a £2 or 2 euro commission fee. Many people would naturally assume that the ‘Commission Free’ exchange will be the better deal but that is not so as you will see below:
£500 @ 1.28 = 640 Euros
£500 @ 1.29 = 645 Euros – £2 Commission fee = 642.42 euros
£500 @ 1.29 = 645 Euros – 2 euros commission = 643 euros
As travel has become cheaper and much more accessible, the demand for Foreign currency exchange has certainly risen over the past decade and a little thought and forward planning will ensure you choose the right one.
For more information and related article to travel money comparison, please click on the following links. Best Travel Money Options
Always compare your options and make sure you do your own travel money comparison to find the best deals.