Did you know that it is possible to get more for your money when it comes to changing your pounds into Euros, Dollars or Yen? There are certain pitfalls you can avoid when it comes to Forex. Here are just a few ways you can get the highest possible amounts.
Don’t buy at the airport
The simple act of planning ahead means you can achieve a more lucrative exchange rate than by buying at the last minute. The airport’s currency exchange bureaux are notorious for offering poor deals on your holiday cash, quite simply because they can get away with it.
Whether you are going on an unexpected trip or simply terribly disorganised, don’t leave buying your holiday money to the last minute. The Post Office has recently published a report stating that over 21 million is wasted every year on last minute airport purchases, meaning we are certainly not all getting the amount we should for out holiday spending. From ice creams to hotel upgrades; just think what that extra couple of pounds (or more) could buy you.
Withdrawing by card
When you are abroad, if you need to take out cash or pay using a card, be sensible. Understanding the charges associated with each transaction can help you avoid expensive outlays. For example, withdrawing cash by credit card is usually not a good idea as there are very expensive exchange rates associated with this. Withdrawing cash using a debit card may offer much more favourable rates but even so, you will more than likely see fees of 2 on average for every cash point withdrawal alongside a percentage of the transaction.
Prepaid debit cards are a good idea over taking bank notes abroad as they offer an increased level of security. You will likely have to pay a fee on cash machine withdrawals but some cards offer cash back deals on purchases, meaning you could potentially make a little extra money by spending using this piece of plastic.
Another interesting, and potentially costly, thing to look out for is an exchange fee when it comes to Forex. If you use your debit card at a counter when exchanging cash, you should check for these charges. It may make more sense to withdraw the cash from a cash point and then return to the currency counter.
If money matters and let’s face it, that is most the time for the average traveller it makes good sense to look at the rate of exchange when purchasing foreign currency. Not doing so could cost you in terms of a poor exchange rate on the Forex market.
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