Travel by Journalist and Travel Editor
Edward Stephens
Exchange Rates Tip
If there is one near you check out The Money Shop when buying currency. They charge zero commission, you can check the rates on line before you visit and they say they will “beat any travel money quote on over 50+ currencies“.
WHICHEVER way you look at it going on holiday abroad this year is going to cost you more. Just two years ago if you changed £500 into euros for holiday spending money you would have received around €703. Today that figure is going to be around the €560 mark. The same thing applies to holidaymakers heading for the USA. That same £500 would have bought you around $785, today it ’s more likely to be around $637. Rates are always going to change so it
’s difficult to know whether to buy your overseas currency now or wait until you are about to travel. The only sensible advice if you are worried is to hedge your bets. Buy half your currency now and the other half just before you depart. At least that way you will at least get half of it at a better rate.
WHEN buying in shops abroad or at the airport just before you fly home you are often asked if you want to pay in pounds or euros. Always go for euros if you have some left. Otherwise it means the shop and the bank they use are doing the conversion and the rate you get is normally pretty poor.