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Money exchange rates

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Choosing the right bank or bureau de change and money exchange rate is one of those small but more-important-than-you-think things which sometimes get overlooked whilst you are abroad.

If you make enough trips to the bank during your holiday, you could find that you have run up a rather large bill of additional charges in withdrawing money. This is often two separate payments: one, a transaction charge (if the bank is different from your account holder. See below for more.); and two a “commission fee” for currency exchange. It varies from bank to bank and country to country, but this could amount to 2-4% of your overall withdrawal. That’s, like, just giving the bank your cash!

Get money before you leave

A good decision before you leave is to obtain some foreign currency in your home country. Visit banks, bureau de changes, post offices, travel agents - anywhere you can change cash- and get a variety of quotations. Some might offer “commission free” exchanges- like the British Post Office- and there is usually a sliding scale of costs the more money you withdraw. Shop around and see what you can get!

This piece of advice is especially important with regard to travel to countries with volatile political systems or currencies. In Europe, obtaining currency for Serbia is nigh on impossible even from its neighbours; and a country like Zimbabwe would, currently be blacklisted with inflation going through the roof there. Most currency exchanges would be able to exchange euros, pounds, US dollars and possibly some more- but don’t expect to walk into a British bank and stock up on Bolivian “Bolivianos” for example. Many institutions will be able to order them for you and this could take time. Consult the branches near you for advice and in good time, is our recommendation.

Get information from your bank

Banks are global institutions these days, so it would be useful to check to see if they have any branches in your destination- they should offer commission free exchange there. Some banks also have reciprocal links with other banks too - meaning that you could visit a branch of another bank and receive preferential commission there also. Ask about this at your branch.

Make sure your card has an international symbol of VISA or Mastercard on it too- these offer near universal acceptance today across the world and will help pay for the odd meal out or ten… and see if your credit or current account cards offer protection overseas. (Make sure you tell your bank you are leaving too to stop your card being barred!)

It's all about the Dollar

The US Dollar underpins the world’s trade like no other, so if you are going to a region with a fluctuating currency some shop keepers may request dollars instead of the local currency- rather like a dual currency. Other reliable “hard” currencies like the Euro or Pound may work just as well also.

The travellers cheque, now becoming more obsolete due to the proliferation of bank machines throughout the world, can also be of use. They can be refunded if lost- unlike cash- and can often be cashed in commission free too- which should save you some pennies.