How currency works
Market forces, supply and demand affect the exchange rates available. When there is greater demand for the pound, its value rises. This strength can come from an increase in interest rates or inflation lessening. (The US are employing these tactics to strengthen the dollar.)
UK travel money rates are normally termed as floating exchange rates.
You don’t give money away
If you were asked to tear up a £10 note for fun you’d be very reluctant to do so and yet currency purchasers cost themselves money without a moment’s hesitation or remorse every day. Single trip and multi trip travellers for business and leisure don’t even know that they’re doing it, sometimes repeatedly!
The solution is to use an exchange rates comparison website like Travel Money Rates to establish who is offering the best deal.
You purchase wisely
When you use your bank, building society or high street travel agent it is highly likely that you are costing yourself money via the travel money rates and the fees the company charges to facilitate the service. That money was, thanks to habit, time pressures or convenience, willingly given away.
It could have been used by you towards a car hire upgrade, a meal, a better accommodation choice, if a few minutes had been spent using an exchange rates comparison tool which told you that their deals were not the best.
Airports and ferry ports are frequently found to be the absolute worst places to carry out your currency transaction. You can’t shop around or compare travel money rates so you’re at a disadvantage.
Who does the fee and poorer rate benefit? The vendor. You’re paying their overheads and adding money to their profits. Lucky them!
Get more bang for your buck, euro, dinar or peso
Isn’t your holiday well deserved and meant to be wonderful or your business trip intended to increase revenue not cost the company dearly? Why should you not reap the rewards of excellent exchange rates and competitive fees?
When the pound is strong against another currency this is great news for travellers. Currently, the US Dollar is weak against the pound whilst the pounds to euros exchange is less attractive to UK travellers with some airports offering rates that have been criticised in the press and within the industry. It’s vital to do your research to secure the most spending money.
Five minutes or less research online could save you more money than you probably realise.
e.g. Travel Money Rates website pounds to euros exchange with collection on 2nd October 2017.
£650 exchange rates comparison.
The best deal was through No. 1 Currency, a 5* supplier.
Pounds to euros exchange rate: 1.1164.
Converts in to €725.66.
The least desirable deal was through HSBC, a 2* supplier.
Pounds to euros exchange rate: 1.0845.
Converts in to €704.92.
Opting for the high street bank could have cost you €20.74 in this example.
Congratulations! By using an exchange rates comparison website you’ve saved yourself money. Treat yourself.