If, like many travelers, you're tired of paying over the odds for travel currency, then check out these five top tips to make sure you bag the best deals - regardless of where you're traveling to:
1. Don't buy travel money at airport foreign exchange bureaux
Airport bureaux usually offer poor exchange rates and high commission - partly because they can. If you wait to change your currency when you hit the terminal, you'll be held 'captive' by what's on offer without the option to compare.
2. Shop around online
The cheapest way to order holiday money is online and, if you choose a comparison site, it'll give you the chance to compare near-live rates across all the major currency suppliers. Some online providers even offer free next day home delivery over a certain amount or, if it suits, airport pick-up. Bear in mind that online providers generally charge '0% commission' whereas smaller kiosks and bureaux will charge a fee.
3. Don't leave buying travel money till the last minute
If you hold off buying your holiday cash until the last minute, you're more likely to jump into a more expensive option - like the airport foreign exchange bureau, for example. Your options will be limited and you will have to take whatever deal you can get rather than buying when and where exchange rates are favourable.
4. Check exchange rates carefully
The exchange rate is the amount of foreign currency you will get per £1. Therefore, the general rule of thumb is that the higher the number, the better the exchange rate. For the best deal, go for the provider which is offering more money per pound provided you are happy with the rest of the terms, including commission and delivery.
5. Avoid debit and credit cards abroad
It might seem convenient to carry on using your normal debit or credit card abroad but beware of the additional fees! It can work out incredibly expensive between interest, commission fees and foreign exchange loading charges. If you do go down this route, however, be sure to warn your bank in advance to prevent them blocking your card on suspicion of fraud.
Travel tip shared by MyTravelMoney