Money tip #107 – How to secure the best exchange rate on foreign currency

2 min Read Published: 07 Oct 2010
Graeme Weatherston /

Get the best deal on your holiday money, or indeed on any unspent foreign currency.

We are all familiar with the story, our long anticipated holiday is upon yet we still haven’t sorted out any foreign currency. It’s a mind numbing task which involves trawling through an endless and confusing array of exchange rates and commission charges, from an innumerable number of companies. Usually a lot of people just settle for the exchange rate offered at the airport which is always poor.

However, through the wonder of the internet you can now not only source the best exchange rates but you can also order foreign currency online. Moneysupermarket’s website will find you best online deal for your holiday money at the click of button – saving you both time and money.

The site will also find you best deal if you return home with a fistful of foreign currency which you want to change back in sterling. I personally saved £20 when I exchanged 300 Euros back into sterling two weeks ago, which roughly equates to £250.

Further proof that I don't just talk about money and hand out advice but that I actually practice what I preach. Amen.

(A word of warning though - Foreign exchange is not a regulated service so there is no protection for your money if the online currency provider goes bust, meaning you might not get your money back - source which?)

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Alternatively, Hargreaves Lansdown, one of the UK’s largest firms providing restricted financial advice, is offering a £200 John Lewis voucher* to new clients.