Currency Conversions

So has foreign currency been surpassed in favour of cards? The answer is generally, yes. If you have the right card you will almost certainly save money when compared to exchanging your Sterling for foreign currency.

However, for some, any forms of cards, whether it is a credit card with charges or the new breed of prepaid cards, are off-putting and of course the wrong card can carry risks. Cash is also the easiest to use but, at the same time, is the easiest to lose or have stolen so don't take more than your travel insurance covers. In those cases, exchanging money is probably right for you – but still make sure you're getting the best deal.

Don't assume that a sign saying 'commission free' automatically means you're going to get a great rate. In actual fact you should be very wary of 'commission free' offers because the chances are that you will be offered a worse exchange rate than the bureau itself receives, allowing them to make profit that way. The only way to tell is to ask how many euros/dollars, etc, you will get in exchange for your pounds. Simple as that!

Some companies don't have commission charges – so if their exchange rate is competitive they are worth a look. However, don't rule out those that do charge commission, as their rates can still be more competitive.

Be wary however, of flat fees and minimum charges. Minimum charges make it difficult to change small amounts of money but flat fees can offer good value if you are changing larger sums of money. Watch out for handling fees too, which are normally about £3 but can be higher. Also consider your own bank or building society as they might have preferential rates for their account holders.

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