Where Is The Best/Cheapest Place to Exchange Foreign Currency?

When exchanging Pounds, you should always try to get them at the best exchange rate. There are many places to do this but where can you find the best rate?

First on your list should be any large bureaux de change, the local Post Office and even the many online exchangers. Travelex.co.uk, Tescofinance.com, iceplc.com, marksandspencer.com and fairfx.com and our very own thomascook.com should get you started quite nicely.

At The Airport?

Although convenient, buying currency at the airport can work out more costly. A recent study found that the commission charged at airport bureaux de change can have you paying up to 10 to 15% more than you need to in order to exchange money and that includes exchanging foreign money on your return.

FairFX.com, the currency card provider, also found that Luton, Newcastle, Liverpool and Leeds airports are the most expensive in the UK when it comes to converting your money.

What About Abroad?

Exchanging at the first bureau de change you encounter isn't always the best idea. Currencies constantly fluctuate in value and there's no guarantee you'll get as much for your Pounds as you would have if you exchanged your cash back home.

Another way to exchange your money is by using the ATM's of major banks. Be aware that you will pay for this service. Most credit and debit cards charges can be up to £3 for conversions and an additional £1.50 per transaction for using your card.

The High Street?

This is possibly the best place to exchange your money. Not only will you have more options available to you, but on average, the commission charged ranges between £1.25 and £3.00. This is much lower than at airports and hotels.

You should always be wary of places that offer "commission free" exchanges, as this might not always be the case. Some of them may be exchanging money at a higher exchange rate to make up for not charging the commission.

Always start with your own bank first as account holders often get a better commission rate than non-account holders. The only downside, however, is that this process is slow, so you will need a fair amount of time to get your foreign cash.