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Where to get foreign currency
Banks
- Most of the larger branches of major UK banks
will offer a foreign exchange service for a range of currencies.
- Some
banks offer travellers’cheques as well.
- Usually a commission
will be charged, but certain banks can waive this if you
have an account with them.
- Banks in Europe tend to offer a much
better exchange rate than travel agencies, even after commission
has
been taken, but this
varies according to area.
Travel Agents
- Most travel agents offer their own
bureaux de change.
- Rates, commission charges and other benefits
vary from place to place.
- Changing money with the agency you
booked your holiday with is preferable to going to another
agency.
- Some companies offer additional benefits if you
change money with them as well as booking your holiday with
them.
Thomas
Cook
- Offers a comprehensive exchange service at each
of its branches.
- When booking certain flights or holidays with
Thomas Cook, you are entitled to exchange a certain amount
of cash
with no commission
charge.
- When booking with Thomas Cook, they also buy
back any unused currency leftover from your trip, with
no commission
charged.
- Thomas Cook also issues its own travellers’ cheques.
American
Express
- American Express offers currency exchange,
travellers’ cheques,
TravelFunds® and, of course, the American Express
card.
- American Express also allows you to order
its various products online for collection at
a later date,
as well as purchases
made at branches,
- Some online discounts are periodically
available, find out the details on the American Express website.
Post Offices
- Post Offices, especially in Europe
and the UK, offer decent exchange rates and low commission
on foreign currency exchanges.
- In the United States, this is
less the case, with banks and travel agencies offering a more
reliable service.
- Post Office in Britain offer a good range
of services: changing money either in person, by phone or over
the Internet
for pickup at a convenient time.
- No commission is taken on
any UK Post Office foreign currency exchange transaction.
- If
the exchange rate offered that day is favourable, big savings
can be made here.
- American Express travellers’cheques
are available at selected branches of the Post Office, with
no commission
charged.
- Travel Insurance is also available from the Post
Office, at competitive rates.
- Be sure to go
through any policy wording carefully.
Hotels
and Tourist Areas
- Major hotels and businesses in tourist
areas often have their own bureaux de change on site.
- In
these areas, exchange rates range from favourable to average-
this varies widely from place to place.
- Transactions here are
useful changing money in a hurry or getting some cash urgently.
- When
using this option, find out whether a service fee or commission
is charged as this is sometimes
waived for
hotel
guests.
- Remember to check the exchange rates
offered, as it can be less competitive than other establishments.
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