The Best Way to Save Money on Foreign Currency Exchange Rates During Your Travels

The Best Way to Save Money on Foreign Currency Exchange Rates During Your Travels

When you’re traveling abroad and need to withdraw cash, it is easy to fall victim to the terrible currency exchange rates found at foreign banks and airports. These exchange rates are often inflated in order to rip off unsuspecting travelers who don’t know any better. It is even worse during the holiday season because banks know that it is when people travel the most. 

Before you travel overseas, check with your financial institution to see whether your credit cards and debit cards offer free withdrawals at foreign ATMs. If they do not waive the ATM fees, then you should think about purchasing a pre-paid currency card instead. 

Many of the bigger banks don’t waive the ATM fees when you travel overseas. But if you look around at various financial institutions, you may find a few that will offer generous deals.

For example, if you use a debit card that was issued to you by Nationwide Building Society FlexPlus, then you won’t be charged any fees for withdrawing cash or spending cash overseas. A lot of online financial service providers offer the same deal, such as Transferwise, Monese, and Revolut.

When you travel to most nations in Europe, a debit card from Metro Bank won’t have any withdrawal fees either. You can even enjoy generous currency exchange rates too. Some examples of no-fee credit card providers include Santander Zero, Aqua Reward, Tandem, and Halifax Clarity. 

Of course, you may not want to open a new account with a financial services provider if you’re only going to be traveling once in a while. That is why you should consider prepaid currency cards as a more convenient alternative. Most of them have no fees when you use them overseas, and you can access your account details online. 

If you’re at the airport and you don’t have a prepaid currency card, then you can find Travelex cards available at many of the airport stores. Once you purchased a card and activate your account over the internet, then you can start transferring money from your bank account to your new Travelex account at the cheaper online rates. 

Don’t purchase prepaid cards at the post office because they charge fees when you go to withdraw money overseas. If you’re in a hurry to get a good deal on the exchange of your currency, find a large store, visit its help bureau and ask if they can exchange currency there. If you have photo identification, then they should be able to exchange your currency if they have the currency available in their stock. 

Cheaper Rates are Online

There are several advantages to funding a prepaid card online rather than in-person at the airport. For starters, you won’t need to deal with the long lines and the expensive rates. This will save you time and money. 

And if you want your currency exchanged and delivered within one-day, then you can find a deal like that with Debenhams, Tesco, and Sainsbury’s as long as the value of your order is at least $500. 

Despite whether you plan to collect your currency by someone in person or not, you should still purchase your prepaid currency card online. That is the only place where you’ll get good deals on the rates. 

If you pay for your Travelex card online, it will be available at the airport within 4 hours following the time you placed your online order. Don’t wait until the airport to exchange your currency because you’ll be given the worst exchange rates imaginable. 

Sadly, most people don’t even realize the truth about the inflated exchange rates at airports. Because of this, so many people fall victim to these exchange rate rip-offs. 

Do you need cash in advance? That can also be a rip off if you don’t pay for it ahead of time online. When you arrive at the airport to collect the money, the cash will be converted into the desired currency at a lower exchange rate because you did the transaction online. 

The website “CompareHolidayMoney” shows you a map of the best locations for ordering prepaid cards or cash in advance services online. They’ll give you the names and addresses of department stores, supermarkets and more. 

If you order a prepaid currency card or credit card from them, it may take 2 weeks to receive it. Please be patient until it arrives. 

Also Read: Avoid Excessive Payment in Foreign Exchange Fees: TransferWise App Notifies Tourists