How to get the best travel money rates

Travel money may be the last thing on your mind when preparing for a much-needed holiday – you might prioritise focusing on other things, like booking flights or making sure you have the right travel insurance.

However, leaving it too late to swap your cash could mean you get stung by high fees.

We look at how to secure better exchange rates and get the best deals on travel money.

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How to find the best travel money rates

1. Don’t exchange currency at the airport

The general rule when it comes to travel money is to avoid airport exchanges.

Airport bureaux de change have a captive audience, as once you’re in the airport, there isn’t much choice about where you get your cash. You will typically get poorer exchange rates at the airport, so sorting out your travel money and currency exchange before you reach the airport can therefore make your money go further.

2. Use the right travel money cards

It’s a good idea to use travel credit or debit cards when heading abroad, as they can help you lock in competitive exchange rates and manage your money better on holiday.

Alastair Douglas, CEO of TotallyMoney, says: “Don’t get burnt by bank charges this summer and take a fee-free card with you. Otherwise, if you pack the wrong one, you could find yourself paying £8.15 for £5 of cash when abroad.”

Check the small print, though, as while most of these cards can be used in European or American destinations, it’s unlikely you’ll be able to use them in more far-flung places.

Another option for travel money is to use a prepaid travel card or a currency card that links with your current account from providers such as Currensea, FairFX, and Revolut. The Post Office also launched a Travel Money Card that carries up to 22 currencies.

3. Supermarket loyalty programmes

Most savvy shoppers are familiar with supermarket loyalty schemes that give you discounts on your grocery shopping. But registered customers could also get lower exchange rates on travel money, whether it’s with a Sainsbury’s Nectar card or a Tesco Clubcard.

4. Find the best travel money providers

Comparison websites such as Go.Compare and Travel Money Max make it easy to search and find the best deals – but a lot depends on what’s available near you.

For instance, you might find it easier to visit your closest eurochange machine or go to the local Post Office.

We’ve put together a list of the top travel money providers to help you find the best deal. Note: this is based on withdrawals of £1,000 and the rates are correct at the time of writing.