You have four main options for travel money or foreign currency when travelling. By doing a little research before you travel you can get the best foreign exchange rates. You can buy holiday money and carry cash, carry travellers cheques, buy a prepaid travel card or simply take your own bank card. Your normal ATM card will often not offer you the best currency exchange rates.
It is always good to arrive in a new country with some cash in the local currency, but it can be risky to carry all of your holiday money in cash, so you will probably want to buy some currency and then use one of the other methods for the rest of your money. The best currency exchange rates are found online although with Travelex
you can buy online and then collect at the airport, before boarding Eurostar or at selected ferry ports.
Image: Samantha Marx
Travellers cheques can prove to be quite a costly way to carry your holiday money. Although they offer much more security than cash, you can find yourself receiving a very poor exchange rate when cashing them locally. You will almost always get a better deal from your own bank, even after you have paid their fees for using your card overseas. By far the best way to carry the bulk of your holiday money though is on a pre-paid travel card. These cards have been becoming increasingly popular recently and lots of companies offer them. Do a little research before you make a decision and remember to compare exchange rates and fees. Here are three recommended companies to choose from:
If you pick the right card for your needs you will get the best deal on your travel money, remember to supplement that with some local currency though so you don't have to start looking for an ATM as soon as you arrive!
