Travel expert shares worst place for exchange rates and if it's worth buying Euros online
Simon Phillips, a managing director at No1 Currency, has shared what you need to know.
Going on holiday this year?
Well, if you’re like us and tend to get your holiday spending last minute you might want to make note as an expert has shared where to get the best exchange rate for your holiday.
While we are looking at different ways to make our money go further, Simon Phillips, a managing director at No1 Currency has shared what you need to know.
Even if you rarely use it in the UK, cash is your friend when you go on holiday. Not only is it great for keeping track of spending but you can also avoid any unexpected card charges.
Phillips said: “The price you see is the price you’ll pay, and cash is still king in many countries – so you can be sure it will be accepted everywhere.
“You can also make each pound you take on holiday go further by being canny about when and where you buy your travel money. Exchange rates fluctuate so picking the ‘perfect’ time to exchange your Pounds is tricky, but leaving it all to the last minute is seldom a good idea.
“Airport bureaux de change typically gives the worst exchange rates, so picking up your foreign currency before you travel is usually the best option.
“Exchange rates (including Euros and dollars) can differ a lot between different travel money providers, so do shop around online for the most competitive quotes.
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“Good providers charge no commission and offer a range of convenient ways to get your cash, such as click and collect from a high street location or home delivery.”
Phillips also shared a hack which all the pros do to get the best exchange rate.
He added: “If you’re not travelling for a few weeks, you can give yourself the best chance of getting the most favourable exchange rate by doing something that currency pros call hedging.
“Once you’ve chosen your destination, start by exchanging half the spending money you want to take on your trip. That way you can be sure that you won’t miss the best rate for this half of your budget if the exchange rate moves against you in the coming weeks.
“Then keep an eye on the exchange rate of your chosen currency over the weeks leading up to your trip. If you see the pound strengthening, that could be a good time to exchange the second half of your spending money.
“That way, if rates improve between now and the day you exchange the second half of your money, you’ll pocket the difference. Equally, if the pound weakens between now and then, you’ll have limited your exposure by exchanging the first half of your spending money at today’s more favourable rate.”
