September 22, 2017

How to Save on Foreign Exchange when Travelling to the UK

Many Australians choose the United Kingdom as their holiday destination, and for good reasons. UK has so much to offer travelers, making it one of the most popular locations in Europe. Of course, you need to exchange currency when traveling to the UK. But how can you save money on foreign exchange? Here are some tips and things to consider to get the best currency exchange rates when going overseas:

Travel money cards:

You can save money when you spend on a currency that you’ve loaded on to your travel money card since you don’t have to pay the conversion fee.

Compare exchange rates and fees

The best way to exchange currency and get the best deal is by comparing exchange rates and charges of several banks and/or currency exchange outlets.

Know your options

Travel cards, credit cards, and debit cards are commonly used by travelers in the UK. While card payments are preferred in the country, it makes sense to still bring cash for certain transactions that don’t accept cards. This is also a wise move in case you encounter problems with ATMs.

Consider travel cards

A travel card enables you to have multiple currencies in one card. You can save money when you spend on a currency that you’ve loaded on to your travel money card since you don’t have to pay the conversion fee, unlike when you use a debit or credit card. Major travel card providers enable you to pre-load the card and spend Pound Sterling. Also, Visa and MasterCard travel cards are widely accepted in the country, while those from American Express and Diners Club may not be accepted in some establishments.

Be aware of card fees

In general, the use of a debit or credit card overseas comes with a fee. The charges vary depending on the bank so make sure to check with your card provider on currency conversion rates, ATM withdrawal fees, and other charges that you may encounter while in the UK.

To save money when traveling overseas, nothing beats careful planning. Since you’re going to use a different currency, do your research and look for the best way to exchange currency so you can get the most out of your money. It is also wise to have more than one way to spend money to avoid inconvenience later on. Ask your bank or card provider and inquire about the best currency exchange rates as well as the fees involved before leaving for the UK.

Do you know other tips on how to get the best currency exchange rates when travelling? Share your ideas in the comments section.

About the author  ⁄ Marxa Dillan

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