When you’re planning a trip abroad, it’s tempting to swipe your card without thinking too much about how much it costs to convert.
But currency conversion rates can change day to day, so knowing how to get the best deal will help you stretch your holiday budget.
With a bit of planning, you can save yourself a chunk of change. Here are some practical ways to get the best rates without all the stress.
Shop around
Exchange rates can vary a lot from one place to another, and some providers might charge hidden fees. You can usually find good deals if you order travel money from an online provider, and they’ll often give you the best deals if you order in advance. On the other hand, if you change money at the airport or at the last minute, expect to pay more for convenience.
Check online comparison sites to see what different places are offering. Look at the total amount you’re getting and what the exchange rate is, rather than focusing on any upfront fees.
Be ahead of the game
Don’t leave ordering your travel money until the last minute. If you know when you’re travelling, start keeping an eye on currency values a few weeks before your trip. Currency rates can change quite a bit, and if you spot a good deal, jump on it quickly.
Booking early gives you time to check out different options and makes sure you’re getting a good rate. Some providers even let you lock in a rate ahead of time, so you know exactly how much you’ll receive.
Avoid DCC
When you use your card abroad, you might get offered the choice to pay in pounds instead of the local currency. This is called dynamic currency conversion (DCC), and while it might seem easier, it’s not a great deal. You’ll usually end up with a worse rate and end up paying more in hidden fees.
To avoid this, always pay in the local currency. It might feel like a small thing, but you’ll receive a much better rate and avoid extra charges that add up quickly.
Make the most of your money
Getting the best exchange rate doesn’t have to be hard. By following these suggestions, you can save yourself a lot of cash.
A bit of planning goes a long way and can help you make more out of your holiday budget. So next time you’re getting ready for a trip abroad, take a little extra time to sort your travel money – it’ll be worth it!
