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Best Ways to Save on Currency Exchange

We show you how to Pre-order foreign cash online for better currency exchange rates and save money for your next trip.

It’s always reassuring to know as you board an overseas flight from Australia that you have some of the local currency of your destination, especially for that late night jet-lagged taxi ride from the airport or so you can hit the bars (or bed) right away.

But watch out, it’s a little-known fact that the closer you get to the departure gates the worst the currency exchange rates get! In fact, travellers can end up paying more than 10% extra if you load up on your overseas currency at an airport bureau de change outlet.

The closer you are to the departure gates the worst the currency exchange rates – So plan ahead!

Pre-ordering foreign cash online for better currency exchange rates

If you end up buying your travel money on departure day without pre-ordering online you are most likely wasting some of your money. Best Exchange Rates recommends Travelex Online for the best overall currency exchange rates, quality of service and with the largest network of outlets to pick up your orders and in some countries provide home delivery.

Avoid Airport Stress and Bad Currency Exchange Rates

If you make it part of your pre-departure preparations to Order your Foreign Cash Online you will probably end up extending your travel budget by a couple of precious days. Currency exchange vendors charge you by selling an exchange rate worse than the official mid-market rate exchange rate, and also by charging a per-deal commission, either a fixed amount or a percentage of the amount you’re exchanging, whichever is bigger.

We constantly monitor the exchange rates and commission fees of both banks and currency exchange providers which you check via our Travel Money Calculator to see how much you can save.

4 Steps to getting Cheaper Travel Money Online

  • Start thinking about your Travel Money options as least 3 days before departure
  • Use Best Exchange Rates to see how much you can save by Ordering Travel Money online
  • Visit the Travelex website and select the currency/s and amount
  • Take care to review the payment options as there may be extra fees for using credit cards

Other Travel Money Options: Prepaid travel cards and credit cards? Read our Best Exchange Rates articles on the best rates and features for prepaid travel cards and the costs of using credit cards for purchases in this article.

You can quickly compare Travel Money Exchange Rates and the vendor margins from the market mid-rate in the table below :

Provider Amount GBP(£) Exchange RateFee USDDeal Links
£786.55
1%
Best Overall
0.7905U$5.00
U.S. Bank Foreign Cash
U.S. Bank logo
£743.70
6.39%
£43 less
0.74370
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
£736.27
7.33%
£50 less
0.743715
Wells Fargo Bank logo
£728.83
8.27%
£58 less
0.7437U$20
Travelex Online logo
£723.60
8.92%
£63 less
0.72360^
 
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TransferWise: Travel Money USD→GBP
From Amount (USD)U$1,000
Fee:U$5.00 USD (0.5% + U$1)
Exchange Rate:0.7905 (-0.5% from mid-rate)
To Amount (GBP) £786.55
Total Cost:1%
Time:10:29 Local
Currency Services:Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:5-7 days
Rating:
 
: 4.6/5.0
Reviews:
 
U.S. Bank logo
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U.S. Bank: Travel Money USD→GBP
From Amount (USD)U$1,000
Fee:0
Exchange Rate:0.7437 (-6.39% from mid-rate)
To Amount (GBP) £743.70
Total Cost:6.39%
Time:10:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
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Travel Money USD→GBP
From Amount (USD)U$1,000
Fee:15
Exchange Rate:0.6952 (-12.5% from mid-rate)
To Amount (GBP) £736.27
Total Cost:7.33%
Currency Services:Branch
Delivery/Collect:-
 
Wells Fargo Bank logo
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Wells Fargo Bank: Travel Money USD→GBP
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:0.7437 (-6.39% from mid-rate)
To Amount (GBP) £728.83
Total Cost:8.27%
Time:10:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
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Travelex Online: Travel Money USD→GBP
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:0.7236 (-8.92% from mid-rate)
To Amount (GBP) £723.60
Total Cost:8.92%
Time:
Rate Fetched: Wed Jun 03 2020 10:15:03 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
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Snapshot 06/03/2020 - View live rates
 

 
Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.
 
 

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