Avoid Awful exchange rates this summer – top five tips

Here’s our short guide for you, we’ve borrowed the best bits from the Money Advice Service guide

  • You’ll probably need some actual cash for taxis etc, even if you’re going all inclusive. There are some great rates online – they deliver it to you.  Check out the money saving expert site for rates.
  • To pay for a meal or to buy stuff when you’re away, your debit card is likely to give a better rate than (say) using your normal card in ATM then paying cash.
  • Using a credit card gives you the same protection against faulty goods, stolen cards as you get in the UK and sometimes the rate is good – but there might be a fee for the purchase overseas. Ask before you go and make sure you clear the balance before the interest kicks in.
  • Pre-paid cards also tend to give pretty good exchange rates – you get the rate from the UK when you load up the card. When you’re away, you use the card to buy stuff – similar to your normal debit card.  Pre-paid cards have been getting more popular than traveller’s cheques recently.  Traveller’s cheques don’t even get a place on our top 5 list!
  • Avoid using your UK credit card to withdraw cash, that’s generally the worst option. Avoid the airport or cash machines for that too – the exchange rate isn’t usually very good.

If you’re reading this in the departure lounge, just relax and make a plan for next time you go. Oh, and share this to help out your friends!

From all of us, have an excellent summer.  Like and Follow our facebook page for more like this when you need it.