Unveiling Hidden Airport Currency Exchange Tricks: Our Exposé Uncovers Stealthy Practices That Drain Your Money... Strategies You Need to Employ for Favorable Exchange Rates
Saving on Travel Money: Avoid Airport Exchange Counters
When planning a trip abroad, exchanging currency is an essential task. However, a new report suggests that airport exchange counters may not be the best option for travellers seeking the best deals.
At many airports across Britain, travellers are charged a premium for exchanging money. For instance, a fee of £1.50 is imposed for exchanging up to £20, while the flat fee rises to £4.99 between £20 and £300. These fees, combined with exchange rates that are often 14% to over 17% above the official rates, make airport currency exchanges the most expensive option.
To get the best exchange rates for travel money, it's advisable to order foreign currency in advance through your local bank or online forex services. Banks typically offer rates around 6% above the International Monetary Fund (IMF) rate, considerably cheaper than airports.
For those who need cash immediately upon arrival, ordering some currency in advance can help avoid airport lines and poor rates. Additionally, consider withdrawing money from ATMs abroad, which often provide competitive rates and lower fees than airports.
To ensure you get optimal value, check your bank’s specific rates and compare them with real-time currency converter apps or Mastercard rates. It's also essential to avoid paying directly in your home currency at your destination, as it usually results in unfavorable converted rates and higher costs.
Reputable online forex providers like Change Group and Travelex, which operate globally across multiple channels, offer better rates when you order currency in advance. For example, if you order foreign currency ahead of time to be collected at Bristol Airport with Global Exchange, the rate is boosted to €1.12. Even Travelex, despite advertising 0% commission at airport kiosks, only applies this to transactions over £300.
Currency firms keep details of airport rates off the internet, making it difficult for travellers to compare and find the best deals. However, by following these strategies, you can save a significant amount on exchange costs and avoid the hassle and expense of airport currency counters.
In conclusion, to get the best exchange rates for your travel money, order currency before you travel from your bank or a reputable online forex provider. By doing so, you can save money and avoid the high premiums and fees associated with airport exchange counters.
References:
- The Telegraph
- MoneySavingExpert
- Which?
- The Guardian
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