Best Currency Exchange 2020 Guide

It’s a common misconception that it’s difficult and expensive to send or exchange money. Studies show that finding the right place to exchange your money for another currency is the key to success. The most obvious options for most people are to use a Bank or foreign exchange specialist, which you can find on your doorstep.  

It is important to be aware of the potential fees when going for one of these options. Banks generally offer low exchange rates and can charge you hefty fees for the transaction, whereas the foreign exchange specialists rarely ask for a transaction fee. 

Supermarkets are another high street option, however, there is not one ‘best’ option here, rates differ between countries, it’s generally thought that Sainsbury’s offers the best exchange rate for Euro’s whereas Asda is better in comparison for US Dollars. 

Across the board, exchange rates are constantly changing and it’s a good idea to keep on top of rates, otherwise you could end up paying a hefty transaction fee and be missing out on a good offer. 

Top tips whilst travelling and spending abroad 

1. The RIGHT cards will consistently beat travel cash rates 

2. Be aware of charges for using credit cards to purchase travel money, there may be extra charges.

3. Before using your debit card while you are away, check with your bank as some providers will charge you every time you use your card.

4. Don’t let bureau hold your cash for long, as you’ve got little protection. 

5. Avoid changing cash at the airport, the rates will be low and you will lose out on the conversion.

Some of our favorite trusted online providers include Currencies Direct and Currency Solutions. For queries related to International Bank transfers we recommend TorFx.