Where To Buy Your Travel Money.

It's a question I get ask a lot. "Should I change my money here or wait until I get there?"

I wish I knew the 100% correct answer. But there isn't one. Because it largely depends on the individual circumstances. As a general rule if you are going to buy currency, it is almost always better to do so on arrival in the country you are visiting. In the UK in particular, there are all kinds of offers available with buy back guarantees and 'no fee.' But almost always they are at the expense of a non-favourable exchange rate.

But it's worth considering if you even need to get cash before you leave. International airports have ATM machines where you can withdraw money direct from you bank account. 9 times out of 10 this will be cheaper than exchanging first as you will get a better rate of exchange from a bank. But do check before you travel if you will also be charged a fee for a withdrawel abroad. If you do it'd better to limit the number of withdrawals you make. Don't be tempted to draw cash on your credit card. This is always a very expensive option because in addition to the fees, you will be charged interest from the moment that money reaches you. Some pre-paid 'cash account' cards can be very useful though. I personally use one issued in UK by Caxton FX. With these you pre-load the card with cash before you leave. A little like purchasing old fashioned travellers cheques. It's not possible to spend more than you have and they are accepted workwide as they carry the visa or mastercard symbol. Exchange rates are usually good and there is no risk to your bank account or credit card security should you lose it.