Planning a foreign trip? Then of course you’ll have a hundred things on your to-do list, ranging from finding a comfortable hotel at the right price to remembering to pack your toothbrush when the day to leave finally comes.
Of course, in addition to all these things to check off your list, there’s also the important task of changing currencies. Taking the Eurostar from London to Paris? Then you won’t want to be caught without euros! Hopping on a plane to the States? Then changing your pounds sterling into dollars is essential.
But where do you change currencies exactly? What’s the best time to do it, and how do you get the best exchange rate? To help with these questions and more, I’ve compiled some helpful tips below!
Choose The Right Place!Â
Without a doubt the worst step you can take is to decide to change currencies in the wrong place. You might for instance be tempted to change your pounds into euros at the airport. If you do this though, you’ll be stuck with some of the poorest exchange rates available, as airport bureau de changes take advantage of the fact that people are changing currencies at the last minute to take the biggest percentage possible. Not the way to get you foreign holiday off to a sunshine start!
Instead then, seize the moment when you think you might need to change currencies. Head onto Google and find out what bureau de changes are available in you local area. (You might be surprised: even supermarkets like Tesco and M&S let you change holiday money these days, while the Post Office is a good-but-sometimes-overlooked option.) Take down the numbers of your local branches, and get ringing. You want to find out who’s offering the best rate, and how much foreign currency you’ll have when all is said and done.
Check The Rates BeforehandÂ
If you’re not travelling for some months, another great tip is to look where the exchange rates are at beforehand. This is because the rates can change dramatically inside a few months, meaning the rate available today might be better (or worse!) than that available in a few months.
So how do you make sure you change at the right time? Once again, look up the numbers of some local bureau de changes and get calling. You want to find out where the exchange rate has been in recent weeks, and whether what’s available today is better or worse. You might even ask if they think the exchange rate is going to improve or not although – be careful! – no one can know this for certain and so any predictions should be taken with a pinch of salt.
Once you know here the rates have been, you’re in a position to decide if the one available today is good or not. Has the pound been stronger against the euro in the past six weeks? Then perhaps it could be worthwhile holding off before you change. Is the pound at an eight month high against the US dollar? Then get changing, before it comes down again! This way you can get a much better deal when you change currencies.
If you’re not just taking a holiday but in fact emigrating abroad, visit us at foreign exchange specialist Pure FX for a great deal when you change currencies. We’d be delighted to help.
