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Holiday money saved by buying foreign cash early

Posted on 12 Jul at 9 AM Tags:

As household budgets in the UK continue to be stretched many Brits will be hunting down bargains this summer for their holidays. However it is not just a good deal on flights and accommodation that will help cut down on the spending.

It is also important to think about exchanging money as early as possible. Leaving the buying of foreign currency to the last minute can literally add hundreds of pounds to the cost of a couple of weeks in the sun.

Foreign exchange expert Noel Goddard explains that many holiday-makers risk being hammered by extortionate transaction fees and poor exchange rates by not planning in advance. He said that one of the most notoriously expensive places to purchase foreign currency was at the airport where providers are well aware they have a captive audience.

Using foreign ATMs can also be a bad idea. Huge transaction charges may be imposed and the customer has no control over the exchange rate. Travellers also run the risk of having their cards declined if they haven’t told their bank in the UK that they will be abroad.

As well as getting the timing right to ensure the most competitive exchange rate it is also important to shop around. It is often significantly cheaper to purchase foreign currency over the internet than at a local bank, Post Office or travel agent.

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