June 2-3, 2012 by John Collett
TRAVELLERS always need to have some foreign cash on them as a back-up just in case they are unable to use their credit card or withdraw cash from an ATM.
A check with the foreign-exchange comparison website bestexchangerates.com shows a big variation in the exchange rates available when buying cash. The website calculates what it calls the “international mid rate”.
It shows the rates on offer from seven providers, including most of the big banks, and how much in percentage terms the buyer of the foreign currency would receive below the mid rate.
For example, early this week, the best rate for US Dollars was about 3 per cent below the mid rate and the worst rate about 5 per cent below the mid rate.
While there will be fees when buying travel money, it is also important to check the actual exchange rates being quoted.