Holidays: What to never do when buying travel money as foreign holidays resume

Holidays are now finally back on the cards to a plethora of countries as UK travel restrictions ease. Travel money providers are once again providing services to help equip Britons for their trips abroad. However, it’s important to be savvy when it comes to purchasing holiday money and to make sure you’re getting the best pound exchange rate.


  • Holidays: Cheapest holiday destinations without quarantine revealed spoke exclusively to Karen Gee, Business Development Director for foreign currency provider Spendology, for travel advice her dos and don’ts of buying foreign currency at this uncertain time.

“With so much change in the world right now, it’s hard to predict when exchange rates will be at their best,” explained Gee.

“There’s unprecedented volatility in the markets.

“So for someone who likes to get involved and do the research you can track the market yourself, wait until exchange rates increase and buy your currency when you judge it’s the best time bearing in mind your departure date.”

However, if you don’t fancy doing the leg work yourself, there are tools available to help you navigate the exchange rate.

“You can use Travel Money Club’s suite of automated tools to help you get the best rate,” advised Gee.

“For example, ‘Rate Genie’ is an ingenious bot which works tirelessly to alert you when your required currency is at a high, helping you spend less on the travel cash for your next trip.

“With ‘Forward Order’ you set the exchange rate you’d like to buy at and it tracks the market by day and night for you whilst you get on with your life, automatically completing your purchase if the exchange rate reaches your target.”

She added: “These and other tools are available to Travel Money Club premium accounts.”

One mistake you should never make when buying foreign currency is to purchase it at the airport.

“The exchange rates are much less attractive,” said Gee.

You should also never withdraw the cash on a credit card.


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“You’ll pay interest on that withdrawal and possibly fees too,” Gee explained.”

Additionally, travellers should avoid paying in sterling.

“If you do use a card for payment and you’re offered a choice of paying in British pounds or in the local currency, always choose the local currency,” the expert recommended.

“If you choose British pounds, you’ll be subject to their bank’s exchange rate and possibly fees too so it’s always cheaper to pay in the local currency.”

For those who are eager to stick to a budget, using cash abroad can be helpful as it’s easier to track what you’ve spent.

“Currency is a great way to control your holiday spending so rather than paying by card, use currency to stick to a budget,” advised Gee.

“It’s particularly helpful in a year when household finances may be particularly under pressure.”

Lastly, holidaymakers need to take care when converting sums.

“Be accurate when working out the price of something converted into British pounds,” said Gee.

“Assumptions and rounding can be catastrophic to your budget.”

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