Foreign Currency – Save Yourself Money

You can buy foreign currency from a variety of places – the High Street, department stores, banks, bureaux de change, the internet and hole-in-the-walls. So how do you know where to get the best value If you're investing in property abroad, wanting to set up a regular payment to a bank account abroad or dealing in business on a small or large scale, it is best to opt for a foreign currency exchange specialist and brokerage. They can get wholesale rates and transfer money safely and securely, ensuring you get the most out of your money.

Foreign Currency for Holidaymakers

However, if you need foreign currency for a holiday abroad or brief business trip, you still want to benefit from good rates, no commission and no hidden fees. Money problems are one of the major anxieties you'll experiencing going on holiday. So where's the best place to get your foreign currency

Foreign Currency – Cash or Credit

Foreign currency in terms of cash is less necessary thanks to the rise of the credit and debit cards. It means the rush to get foreign currency and travellers cheques is not as pressing as it once was. Credit and debit cards account for 60% of how holidaymakers get their foreign currency.

ATMs Abroad

ATMs are increasingly available abroad to draw out foreign currency directly as and when you need it. But you should be wary; the majority of the High Street banks will charge you for using your debit cards and add commission for purchases on credit cards. And bank charges vary widely – you could be paying £5 more for example using one High Street bank on a withdrawal of $200 from an American cash machine then if you banked with another High Street bank. Cash withdrawals from ATMs abroad may be easy but they have been dubbed a ‘financial lottery'. This is mostly down to the foreign currency exchange rates, which will dictate how much you'll be charged.

Foreign Currency – Hard Cash

Credit and debit cards are also not always 100% reliable – they can be gobbled by the machine, or worse, stolen. A reserve of foreign currency in the form of hard cash or travellers cheques should always be part of a back-up plan. You can buy ‘travel cards' that are pre-paid and allow you to draw out foreign currency when you're abroad – without the risk of having to take your whole account details with you. But there is often a hefty fee for these cards.

Foreign Currency Exchange Rates

Around 30% of holidaymakers still exchange foreign currency and take cash with them abroad. Foreign currency exchange rates vary so it makes sense to shop around for the best rates, whether that's on the High Street or if you shop online. Be wary too that if you use a debit card to buy your foreign currency, your bank could charge you. It could be cheaper going to an ATM, drawing out the cash and buying your foreign currency with cash.

Don't leave your foreign currency to the last minute – you should shop around and get the best deal rather then be stung at the last minute by excessively high rates at the airport.

Foreign Currency Exchange Ltd is a commercial currency brokerage based in the UK. We help thousands of clients move hundreds of million pounds across the globe every day. From large businesses to private individuals who wish to send regular payments abroad, you can save money with us by getting better currency exchange rates than with your bank. The Foreign Currency Exchange buys currency at wholesale rates and can help you save money with our fast secure service. For more information contact us now, telephone +44 (0)20 7989 0000or email info@fcexchange.co.uk